4 Top Events That Should Trigger an Insurance Policy Review

It’s always important to stay current on your insurance coverage - what you presently have and what you should carry - in order to protect your home and family. At United Agencies, we are regularly asked the question, “how often should I review or shop my insurance”?  We have listed four events that should trigger a review of your policy:

1. When your policy comes up for renewal:

It’s a good idea to take a few minutes to review your coverage and call your agent with any questions or concerns you may have. Be sure to ask the following questions:

• Has the insurance company made any changes in coverage since last year?
• Does my policy now include a separate deductible for weather or disaster risks?
• Should I raise my deductible to save money?
• Am I taking advantage of all available discounts?
• Do I need to raise the amount of coverage for liability, personal possessions or the structure?
• Should I comparison shop for a cheaper rate?
• Should I bundle my home and auto insurance for best price and coverage?
• Do I need flood, earthquake or an umbrella policy?

2. When you’ve made major purchases or home improvements:

If you have made any major home or auto purchases, make sure you have the proper coverage. And don’t forget about personal items of value! For example, if you recently got engaged or got married, you most likely received valuable jewelry like a diamond ring. Maybe a family member has acquired expensive artwork. Perhaps you bought a computer, a new car or new appliances. Be sure to talk to your agent about coverage for all of these things.

If you have made major improvements to your home, such as adding a new room, enclosing a porch or expanding a kitchen or bathroom, be sure to discuss the extra square footage with your insurance agent. And don’t forget to mention new structures outside of your home. For example, if you’ve built a new gazebo, a tool shed or installed a pool or hot tub, speak to your agent about increasing your coverage. Be sure to keep all receipts and records, just in case you need to forward copies to the insurance company.

3. When you’ve made your home or cars safer:

If you have installed a state-of-the art fire/burglar alarm system or upgraded your heating, plumbing or electrical system, make sure that your insurance company knows about these improvements. You may qualify for a discount. If you have upgraded your car’s alarm system or security to the garage that houses your vehicles, that might also trigger a premium discount.

4. When you experience major lifestyle changes:

Marriage, divorce, or adult children who move in (or out) of the family home, can affect your home and auto insurance. When people move, they take their belongings (and/or cars) with them. You may need additional coverage if there is a sizable increase in the value of the belongings inside your home, or if children leave, you may be entitled to discounts. This is also a good time to consider videoing your home, vehicles and personal affects as a visual record of what you own.

Starting a home-based business is another major lifestyle change, which can trigger changes in your insurance coverage. If the business is your primary source of income, you will want to look into business insurance and/or professional liability coverage. There are in-home and outside-the-home insurance needs to consider, so don’t hesitate to talk to your representative about the proper coverage right for you.

These are just 4 reasons to review your policies, but don’t hesitate to reach out to a UA representative for assistance. We are happy to answer any questions you have. Our trained staff is standing by ready to help. Or click here to Request a Quote.

Article Source: 

Insurance Information Institute