How Much Does Car Insurance Cost For 17 Year Old The Importance of Insurance Reviews

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The Importance of Insurance Reviews

Most people contact their insurance brokers or underwriters when there is a major event in their lives that requires new or revised risk coverage, perhaps when they buy a new home or it’s time to change the old car However, far fewer remember to review their insurance at regular intervals or when more subtle changes occur to their coverage requirements.

Reviewing your insurance regularly helps ensure that your coverage is what you expect it to be in the unfortunate circumstance that you need to make a claim. It also helps you make informed decisions about coverage and be proactive about minimizing insurance costs.

There are many different circumstances that can change your coverage requirements and prompt a call to an insurance professional for a review. The following examples identify some of the cases where you may want to review your coverage:

  • Reforms – If you make renovations to your home, chances are you’re also increasing its value. Whether it’s a new kitchen, bathroom, pool or even expensive landscaping, remember to check your policy limits to make sure they’re still adequate in the event of an insured loss. If you’ve recently renovated your basement, also keep in mind that your water damage insurance will most likely need to be reviewed.
  • You have been accumulating possessions… Have you done a home inventory lately? Most people have more personal possessions than they realize. Estimating the total value of your content is vital to ensure your limits are appropriate.
  • You have purchased a great value item – Remember that some of your personal property needs to be programmed to be properly covered. Jewelry, antiques, collectibles, wine collections, and art are some examples of items that may require additional coverage.
  • New covers have been made available – The insurance industry often adapts to changing market conditions and offers coverage in areas it did not have in the past. For homeowners, insurance for ground water damage and home repair issues (such as broken furnaces) has recently become available from some insurers in some areas. In addition, there is legal expenses insurance, travel insurance and pet insurance from agents looking to further cover your risk and insurance needs.
  • Laws change to give you more or less choice – Changes to auto accident benefits make you review your options.
  • You are entitled to additional discounts – Changes in your personal circumstances may affect your eligibility for policy discounts. For example, if you install an alarm system, you’re probably entitled to a discount on your homeowners policy. If you use snow tires on your vehicle, many insurers offer a discount on your car insurance policy. If you are over the age of 50 to 55, you can get mature driver discounts.
  • If you change jobs and make a shorter commute – You should tell your insurance broker about this, as driving less usually correlates with lower risk and lower premiums. If you have a certain occupation, you may also be eligible for lower insurance rates.
  • You have started a home business – A different use of your home, other than strictly residential, may require commercial insurance to properly cover liability risks.
  • Your personal circumstances change – If you get married or have children, you may want to review your coverage to ensure your coverage levels are adequate to care for your dependents in the event of an accident.
  • Your child gets a driver’s license – Always check if your child can be added to your policy. It’s often the least expensive option to get them to drive. If they have their own car, you’re probably also entitled to a multi-car discount.
  • If your child is moving away for college or university – See if your homeowners coverage can be extended to protect your child’s assets while they’re away from school. It can be more cost-effective than buying a stand-alone renters insurance policy.
  • If you haven’t had an insurance review for more than a year, Your coverage levels may not be up to date. A key example of this is your home insurance. Property value and replacement costs can easily increase to the point where existing coverage limits do not allow for the full reconstruction of your home in the event of a total loss.

Taking the time to speak with your insurance professional is always time well spent. Even if you don’t save on insurance costs after the call, there’s no substitute for having the coverage you expect when a claim becomes necessary. Since most insurance policies are for one year, it’s a good idea to talk to your insurance professional before renewing your annual coverage.

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