With the new year and tax season being in full swing, there is no better time to complete your annual review of your insurance coverage. We know that most people don’t enjoy thinking about insurance, but it is both necessary and important coverage; so, it is best to review your insurance policies at least once a year to ensure you are getting the right coverage at the best cost for your situation.
What to expect during your annual insurance review?
The main thing you should be prepared for during your annual insurance review is for your agent or broker to ask you questions about any life changes that have occurred for you within the past year.
- Did you get married or divorced?
- Did you have a baby?
- Did you make any new major purchases – such as an engagement ring?
- Have you had any renovations done to your home?
All of these questions are just a few examples of the many life changes that may have occurred throughout the year which have caused your current insurance policy to become out-of-date. Your agent should review your current coverage and consider any life changes you have had to ensure your coverage does not have any gaps in it. They should also help review the coverage with you to ensure you fully understand the coverage you have and answer any of your questions.
Once your broker has been able to confirm you have all the coverage you need, they can also do a price comparison to see if there are any policy discounts you are not currently taking advantage of or if there is another insurance provider offering the same coverage, or even additional coverage, at a lower cost. You never want to sacrifice proper coverage for price, but it is part of your broker’s responsibility to help you find the coverage you need at the best price available.
Keeping your policy updated and remaining compliant
Another reason it is important to complete an annual insurance review is to ensure both you and your policy are up-to-date and compliant. Laws and regulations governing insurance change frequently, so it is important to make sure your current coverage is compliant with any changes in these regulations that were made within the last year. But you also need to make sure you are remaining compliant with your policy’s underwriting contact to protect yourself from having a claim denied in the future because of an out-of-date policy.
It is better to call your insurance broker than to wait for your broker to call you. Call us today to schedule your annual insurance review with one of our licensed independent brokers.
Magruder Insurance Agency is proud to offer services in homeowners insurance, life insurance, automobile insurance, and business insurance to ensure we are able to care for all of our clients’ insurance needs. Our licensed brokers have the experience you can trust to ensure you have the right coverage, at the right cost, for your unique needs.