New Year, New Coverage? Why the New Year is an Ideal Time for an Insurance Review

It is a good time to review your policy and reassess the coverage you require. You may require less or more coverage depending on your current situation and the changes that have occurred in the past year. 

A review of your insurance policy is a good way to see how lifestyle changes may affect your insurance. Your insurance advisor can help you review your policy and compare new rates and coverages. 

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Let’s look at some examples of certain milestones that can affect your insurance premiums.

Insurance Reviews

What is a review of insurance? This is a review of all your current insurance policies that protect you, your family and your valuable assets. 

You can also find out more about us on our website. Insurance advisorCan help you review your home and auto insurance policies to ensure that the coverage is still adequate, and meets the changing needs of the individual or family.

Why conduct an Insurance Review

It’s important to look back on things that happened to you over the last 12 months because certain lifestyle changes can impact the amount and type of coverage you have. Let’s look at these events as well as other things to consider when reviewing your policies.

Milestones and Lifestyle ChangesMarriage, having a child, buying a home or starting a new career are all important events. These events may affect the amount and type coverage needed.

Retirement and AgingIf you retire, and no longer commute, or downsize your home from an owned one to a rented one, then you would need to adjust your coverage.

Changes to your living situationIf you’re moving, selling your property, remodeling it, or renting out the property through a platform for short-term rentals, you should review your insurance.

Property Value and Homeowner Insurance It’s important for homeowners to reassess the value of their property and update their home insurance accordingly. Renovations and improvements to your home may also require a change in coverage.

Auto Insurance ConsiderationsChanges in driving patterns, such as an extended commute, a purchase of a new car, or a change in household drivers, should be addressed. These factors can affect the type and amount auto insurance needed.

Other Things to Consider

Reviewing the coverage limits and deductibles: It’s important also to review policy deductibles and coverage limits. These factors can have an impact on premiums, and how they align with the risk tolerance of the customer and their financial situation.

Reevaluation and Liability CoverageReview the importance of having liability coverage, particularly if your income or assets have changed. It may be necessary to increase liability coverage in order to protect your financial well-being if you are sued.

Insurance Bundling:Explore the benefits Bundling insurance policies, particularly if the provider changes. Bundling your home, auto and other insurance with the same provider will often result in cost savings and simplified management.

Other Times That Require Insurance Review

You may also want to ask your advisor for advice on other topics or to review your policy.

• Addition of expensive and high-value items such as jewelry or electronics to your property
• Installing an alarm will increase the security of your property.
• Upgrade your electrical system, roof or other infrastructure, such as plumbing, heating or heating.
• You may want to update your insurance policy to reflect the increased risks in your area.

Benefits of an Insurance Review

Doing an annual review for your peace of mind is always encouraged even if you don’t have any big life events that year that would alter your coverage. You may find that you qualify for discounts, or need less coverage than the previous year. You’ll never know unless you shop around to compare! 

We are friends with Surex are a great source of information, and they allow you to compare the market with the help of a licensed insurance advisor who’s with you every step of the way. 

Are you ready to enter the spring markets? Call us today! The experienced real estate agents at Zoocasa are happy to guide you to the driveway of your new home!