New Year is just around the corner and it’s a good time to start doing things right. One simple way to do so is by scheduling an annual insurance review with an independent insurance agency like ours.
If this isn’t something that is high on your priority list in January, it should be. Here’s why.
Most People Automatically Renew
Do you automatically renew your insurance each time, because it’s quick and easy? Well, you’re not alone and, unfortunately, it’s often not the best way to start off the New Year.
You probably bought your homeowners, renters, or condo insurance some time ago, but things seldom remain the same. You might buy new furniture, computer, musical, or sporting equipment, a television, or jewelry. If your insurance doesn’t reflect these changes, it can lead to an insurance gap and you’ll pay out-of-pocket for losses.
Most professional insurance agents recommend homeowners and renters perform a home inventory. Can you imagine how difficult it would be to remember all the items you own after a loss? You’d be stressed, upset, and hardly in a position to think clearly.
A home inventory is a vital document should you ever need to file a claim. But it also helps your agent or broker tailor your policy to your precise needs during your insurance review. You won’t pay for unnecessary bells and whistles and your agent will eliminate insurance gaps.
Homeowners may not consider the impact of renovations and upgrades on the value of their home. Developing the basement, installing custom cabinets, adding a steam shower, landscaping, or building a new garage all increase value.
Your home normally increases in value each year, too. If you’re still relying on the same ‘ole policy you’re probably underinsured. Your insurance won’t provide sufficient coverage to rebuild or repair your home after a major loss.
Additionally, insurance policies limit the amount you can claim for items such as jewelry, antiques, and collections. If you’re relying on your policy’s overall contents coverage, it won’t provide proper protection. Plus, the value of these items can increase, too.
Your agent can provide coverage for these precious items and compensate for inflation and appreciation each year. If you don’t change your policy to reflect fluctuations, you’ll either pay too much or you’ll be underinsured.
Tap Into Discounts
Life changes and home improvements can lead to discounts that you’d miss out on if you automatically renew.
For example, most insurance companies offer discounts if you install a home security system, sump pump, backflow valve, or hail-resistant roof. You could also pay less when you reach a specific age, remain claims-free, or bundle your auto and home insurance.
When your agent reassesses your insurance annually, they should actively seek discounts which insurers may not apply automatically. They work for you, do the legwork, and obtain the best possible price, coverage, and discounts.
Don’t Forget Auto Insurance
An annual review of your auto insurance is important too. Insurance professionals have expertise and more resources than those available to you. They’re a great resource, especially when you’re adding a teen driver to your policy since your premium depends on so many factors. Other changes that can affect your insurance are a job change, better parking facilities, or a move.
Don’t shortchange yourself. Let our experts find you the coverage, rates, and discounts you deserve. Start the New Year off right and schedule an insurance review today!