The Importance of Insurance Reviews

Most people reach out to their insurance brokers or underwriters when there is a significant event in their lives that necessitates new or revised risk coverage - perhaps when they purchase a new home or it's time to trade-in the old car. However, far fewer remember to review their insurance at regular intervals or when more subtle changes to their coverage requirements occur. Reviewing your insurance regularly helps ensure your coverage is what you expect it to be in the unfortunate circumstance that you need to file a claim. It also aids in making informed decisions regarding coverage and being proactive about minimizing your insurance costs. There are many different circumstances that could possibly change your coverage requirements and prompt a call to an insurance professional for a review. The examples below identify some of the instances in which you might want to review your coverage: Renovations - If you perform renovations to your house, it is likely that you are also increasing its value. Whether it's a new kitchen, bathroom, pool, or even expensive landscaping, remember to check your policy limits to ensure they remain adequate in case of an insured loss. If you've recently renovated your basement, also note it is quite likely that your water damage insurance needs to be reviewed. You've been accumulating possessions - Have you done a home inventory lately?