January is always a great time of year for your annual insurance review. It is important to regularly look over your insurance policies to make sure that they still fits your needs properly. How do you know whether or not it is still meeting the needs of you and your lifestyle? Here are six questions you should ask to determine whether your current policy still works or whether you need a new one:
- Have we changed anything around the home? Have you made upgrades to the kitchen? Added on a room? Significantly changed the functions of one of the rooms? Finished your basement? These and other changes around the home can mean an increase in your home’s value, and therefore, in how much it would cost if you were to need to rebuild that home. Make sure that your policy covers the increased value due to home improvement projects.
- Have we made any large purchases? Did you buy a big, flat-screen television? A large, expensive couch? What about a nice piece of jewelry that would costly to replace? If you have made any of these large purchases, you might need to increase your insurance level to make sure that they are covered. While you might still be covered, large purchases often exceed the standard limits on homeowners’ policies.
- Have we changed our driving situation? Have you bought new cars? Added a new driver to the family? Had someone move out? If you have had a serious change to your driving situation (number of drivers, number of cars, amount of driving done, etc.) taking a look at your auto policy to make sure it still fits your needs is essential.
- Are there any new discounts that would apply to us? Many homeowners don’t know that if they buy a home security system, they can get a discount on their home insurance. There are lots of hidden discounts like this one that you might qualify for if you’ve made a change to your life/habits/home.
- Do I need any coverage options? If you haven’t looked over the options on your policies since the policies were purchased, it might be time to see if something that didn’t apply then might apply now.
- Have any other major changes been made? A child leaving for college, more drivers on your motorcycle, a new pet, etc. might all be things that affect your policy.
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