Assessing your insurance policies regularly is as important as a good financial review, and here are the top five reasons why you should make it a priority:
1) CHANGES TO YOUR PROPERTY COULD MAKE A DIFFERENCE IN THE EVENT OF A CLAIM
Have you added a room to your home? Added a workshop to your property? There are so many simple changes you can make that are more significant than you realize when it comes to filing a claim. For instance, if you spend $10,000 on an addition but fail to inform your insurer to increase your coverage and incur a total loss later, the addition will not be included in your payout and can cause problems by delaying claim processing. Be sure to mention any updates you’ve made to your home regardless of how significant you think they are.
2) LIFESTYLE CHANGES MAY CALL FOR MORE OR LESS COVERAGE.
Do you have any new household members? Changes to your employment? Differences in your daily commute? These changes and many others may necessitate important adjustments to your coverage. In some cases, marriage, a safer job, a new home security system and so many other changes can be beneficial to your insurance and reduce your rate. Make a list of changes in your life to review with your insurance agent today.
3) YOU COULD HAVE TOO MUCH OR TOO LITTLE COVERAGE
Most people purchase an insurance policy when they buy their home, but never review
the policy again after years of ownership. Changes in building supply costs, to your home design or even to your home contents are just a few things that should be discussed with your insurance agent. Does your home or wind or flood policy provide an inflation guard? Are your coverages consistent on all your policies? In some cases, you may even have more coverage than necessary.
4) YOUR BUSINESS MAY NOT BE ACCURATELY PROTECTED
In business, owners are very focused on day-to-day activities, and small business changes could impact insurance rates. Have you purchased new equipment? Have your sales increased significantly? Have you downsized in some way? If you have made any changes during the year, be sure to discuss these with your insurance advisor.
5) ADDITIONAL DISCOUNTS MAY BE AVAILABLE TO YOU
Insurance products change, and so do you. You may qualify for new discounts if a child moves out of your household, if you are reach an age where you are considered mature, if you fortify your home and for many other reasons.
Can your policies be bundled? Ask about discounts.
Angelyn Treutel Zeringue is president of SouthGroup Insurance Services, a CPA, PWCAM, CBIA and licensed Trusted Choice Insurance Agent. Reach her at www.southgroupgulfcoast.com, (228) 385-1177 or azeringue@southgroup.net.
