Importance of Reviewing Your Current Policies

In the hustle and bustle of daily life, it’s easy to overlook the importance of regularly reviewing our personal lines insurance policies. However, this seemingly mundane task can significantly affect your financial security and peace of mind.

Why Might I Need to Update My Insurance?

An individual’s insurance portfolio, which may often include auto, homeowners, renters and personal liability policies, is generally designed to protect individuals and families from financial losses due to unexpected events. These policies can provide critical financial stability, often stepping in to cover costs that could otherwise be financially devastating.

However, as policyholders’ lives evolve, so do their insurance needs. Changes in personal circumstances, such as buying a new car, moving to a new home, getting married or having a child, can all impact the adequacy of coverage. That’s why it’s crucial to review these policies regularly.

What Are the Benefits of Reviewing Coverage?

Consider the following possible advantages of regularly reassessing and potentially updating insurance policies:

• Maintain enough coverage. Regular reviews ensure adequate coverage limits within your policies. Over time, the value of your assets can change. For instance, home renovations can increase the value of your property, while depreciation can decrease the value of your car. Regularly reviewing your policies can ensure that your coverage limits align with the current value of your assets, preventing being underinsured or paying unnecessarily high rates.
• Find savings opportunities. Policy reviews can lead to premium savings. Many people set their insurance policies and forget them, potentially missing out on lower premiums. Insurance companies often offer discounts for bundled policies, safety features and claims-free periods. Reviewing your policies helps ensure you’re taking advantage of these discounts and not paying more than necessary.
• Avoid gaps in coverage. Reviewing your policies can help you identify gaps in your coverage. Life changes quickly, and coverage gaps may easily develop. For example, if you’ve started a home business, your homeowners’ policy may not cover business-related losses. Regular reviews can help identify these gaps, allowing you to adjust your coverage accordingly.
• Keep insurers up to date. Insurance reviews may allow you to update your information, ensuring your insurer has the most current details. This can be important, as outdated information can lead to denied claims. For example, if your insurer is unaware that you’ve moved, they may deny a claim based on the incorrect assumption that your property is vacant.

We’re Here to Help

At Bruni Insurance Agency, we work for you and with you to ensure you understand and secure ideal coverage options. Our knowledgeable and experienced agents can explore the offerings of many top carriers and will identify ideal policies tailored to your unique and evolving circumstances. Visit our website or call one of our offices today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.