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How Often Do You Need to Review Your Insurance Policies?

How Often Do You Need to Review Your Insurance Policies?

We often wish insurance was a “set it and forget it” type of deal. It can feel overwhelming to comb through policy documents, especially when you have multiple types of coverage — but it’s important to review your policies regularly to make sure you have the right protection.

Thankfully, evaluating your insurance policies doesn’t need to be difficult. In fact, it can be pretty simple!

Here’s the lowdown on how often you should review your policies, what questions you should ask, and how an independent insurance agent can make the whole process a breeze.

Review your insurance policies at least once a year

The general rule of thumb is that you should review your insurance policies at least once a year.

It can be helpful to set a date on your calendar when things aren’t too busy to commit to sitting down and going over your policies with your agent. Many people choose late winter after the holidays, since schedules are usually more open — and the chilly weather makes it easier to spend time indoors!

Review your insurance policies after any life changes

If you experience any major life changes between your annual policy reviews, it’s a good idea to evaluate your coverage again.

Here are some examples:

  • Getting married or divorced
  • Having a child
  • Sending a child off to college
  • Experiencing a significant health change
  • Caring for an aging parent
  • Buying a new home
  • Remodeling your home
  • Refinancing your home
  • Buying a new car
  • Buying any other “toy” (boat, snowmobile, etc.) that needs to be insured
  • Getting an inheritance
  • Starting a home-based business

All of these things can affect how your current insurance policies work and what coverage you need to be fully protected. Get in touch with your agent to discuss your next steps!

Review your insurance policies when they’re up for renewal

Don’t just mindlessly renew your policies at the end of your insurance period. Instead, take the opportunity to ask yourself if you really have the coverage you need.

Is your insurance carrier right for you? How do you feel about your policy limitations? Are you taking advantage of all possible discounts?

Your independent insurance agent can help you answer these questions with confidence each time you renew your policies.

Here’s what to think about when reviewing your policies:

Each time you review your insurance policies, ask yourself the following questions.

  • Do your deductible and premium amounts make sense for you? A higher deductible means a lower premium, and vice versa. You should work with your agent to pick the best ratio for your unique situation.
  • Are you satisfied with your insurance provider and their customer service? These are the people you’ll be working with if something goes wrong and you need to file a claim — it’s important that you trust them.
  • Can you take advantage of any available discounts? Sometimes switching carriers or adjusting your policies slightly can open the door to save money without sacrificing your necessary coverage.
  • Do you need to raise or lower your coverage amounts? Things like children going off to college, adult parents moving in with you, home renovations, and more can all change the amount of protection you need. Your agent will help you understand what’s right for you.

An independent insurance agent can help you stay on top of your coverage

At Lindow, we’re an independent insurance agency — in short, we aren’t biased towards any one insurance provider. This means we can work with you transparently to review your policies and make sure you’re getting the right coverage at a price that makes sense!

If you have questions about your coverage, don’t hesitate to reach out to one of our helpful hometown agents. We’re here to make your insurance process as simple, straightforward, and easy as possible.

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