Start the Year Off Right with an Annual Insurance Review

Written By Charlotte Insurance on December 17, 2019. It has 0 comments.

a person reviewing their insurance as part of their annual insurance review

It might not be as glamorous or exciting as setting New Year’s resolutions and posting progress pictures on Instagram, but there’s one thing you need to add to your “new year, new you list”: an annual insurance review. No, it won’t take up too much time, and yes, it will help you at some point this year.

Here’s what an annual insurance review does for you and your insurance coverage.

Changes in Your Personal Life

When you’re going through big life changes — marriage, divorce, teenagers getting their driver’s license — you might not think to call your insurance agent right away. That’s where an annual review comes in handy. Now is a great time to update your insurance policies with information that may change your coverage or your premium amount.

  • Marriage or divorce
  • Changes in health which may impact life insurance needs
  • Kids finishing college and moving out on their own
  • Preparing for a young driver later in the year
  • Renovations made to your home

Update Your Home Inventory

Throughout the year you’ve purchased and received many items — some more valuable than others. You may even receive jewelry, collectibles, or high-priced technology over the holidays. To make sure you have enough home insurance to cover your personal possessions, you need to update your home inventory at least once a year. You don’t want to find out after damage or theft that all of your jewelry or collectibles won’t be covered. A quick update with your independent insurance agent can make sure you have the coverage you need, when you need it.

Adjust Your Home Value

When you bought your home, it was worth one amount. Now a few years later, your home value has surely changed and likely increased. Your homeowners insurance policy should be enough to cover the costs to rebuild your home. That’s why it’s important that your insurance coverage adjusts as your home value increases. Any gaps between the actual value and what your insurance provides will have to be paid by you. In the middle of a devastating loss, you don’t want to worry about a $50,000 or $100,000 gap in coverage.

Find New Discounts

Now that you’re updating your coverage, you may be eligible for new discounts. Did you add a home security system last year? You might save on your homeowners insurance. Did your teenager complete education courses for new drivers? You may get a discount on your auto insurance. Are you bundling different coverages together? That could be another discount. Without the annual insurance review, you might miss out on big savings.

Understand Your Coverage

Taking a little time to talk about your insurance coverage will teach you new things about it. Have a college student living in a dorm for the first time? Ask about how your homeowners policy covers their possessions. Bought an expensive home theater system? Make sure it’s covered and what the process is if it’s damaged. Trying to get ready for a teenage driver? You’ll have an idea of how your auto insurance premiums may change and what your options are. Annual reviews keep your insurance on track and make sure you know how it works when it’s needed most.

An annual insurance review doesn’t need to be something to dread, and it doesn’t have to take all day. Bring in, or give us a call with, an updated list of your personal inventory and be ready for a quick chat about your home and family. From there, we can help you navigate changes to your existing coverage and recommend new insurance policies you may need in the future. Contact Charlotte Insurance today to schedule your review!

 

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