3 Reasons Why You Need to Complete & Annual Review

Completing an Insurance review is often seen as a waste of time. You’re insurance agent calls. You’re at work. You tell yourself you will call back later but once you’re home the demands of life take over. Then you either forget or decide that it wasn’t important because you’re going to renew your policy. What do they need from you, anyhow?

Let us walk you through the value of an annual review. Insurance is designed to protect you from catastrophic financial loss. Your insurance advisor is trained on recognizing possible exposure and working with you to prevent financial harm due to that exposure. Your agent can’t advise you on what they don’t know. 

Your family has changed.

Families change over time. New people move in. Some people move out. Marriage. Divorce. Re-marriage. Driver’s license. College. All of these different stages of life have a bearing on your insurance policy. Insurance policies not only list what property is covered but they also define who is covered. It is possible that some of the changes that happened in the past year of your life have added coverage responsibility on your part or removed coverage responsibility from the insurance company without you even realizing it. You want to be sure that your policy stays up to date with your stage in life. Your agent can walk you through who and what is covered during your insurance review and guide you on whether changes need to be made.

You’ve made changes to your home.

A new roof likely means a discount for your home insurance! If you have added on to and expanded your home, then it is possible your replacement cost value on your home would not be adequate to cover the additions in a total loss. Not every update means you receive a discount and not every addition means more premium or coverage. But it is better to have the peace of mind knowing your policy is up to date with the coverage you need and that you’re getting the best value from your policy.

You’ve started a new venture.

Did you purchase or inherit land that you intend to farm or lease? Did you start a business venture from your home? Maybe you purchased a new toy to enjoy with your family. During the duration of a year, many things in your life can change. Some of those changes have absolutely no bearing whatsoever on your insurance or your coverage. Yet, some most certainly do. The key is communication. You may decide to self-insure the risk created by purchasing your new family toy, but you want to make that decision based on knowledge. Completing your insurance review ensures annual communication with your agent.

This article gives you a brief overview of how things, as incidental as they may seem to us at the time, can have a bearing on our insurance coverage. It is important that you connect with your agent at least once a year to complete your insurance review and ensure that your coverage is adequate and that you are receiving the best value.

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