Start Your New Year With an Insurance Review

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Don’t wait until it’s too late – kick off your new year with an annual policy review!

A new year brings new beginnings, full of possibilities and adventures yet to come. But, the new year is also the best time to look back at all of the changes that happened in those last 365 days. While it’s not usually at the top of everyone’s to-do lists, the new year is a great time to perform an annual policy review! 

If, over the course of the last year, you’ve gotten married, grew your family (with people or pets), sent a kid off to college, replaced your roof, finished your basement, or made a big purchase, your insurance coverage is likely out of date and in need of a review. A review both helps ensure you’re covered in the event of a loss and gives you an opportunity to meet with your agent to discuss specific policy details to ensure your needs are met. Here are a few tips to keep in mind before you start your insurance review. 

1) Show up prepared

To help your review move smoothly and efficiently, it’s wise to come prepared. Bring details on all of your cars, including the make, model, year, drivers, and primary use. For your home, know the age of the salient features, like roof and furnace, along with notes on any major remodeling or reconstruction that’s been done.

It also doesn’t hurt to bring a home inventory – be sure to make a note of valuable items, like fine jewelry or instruments, that may not be fully covered by a typical homeowners or renters policy. By having current and accurate information on these details, your insurance agent can help set you up with a good idea of what your needs are and what policy is right for you. 

2) Ask questions

Insurance lingo can be confusing, so don’t be afraid to speak up if you don’t understand your policy or language used by your representative. At the end of the day, they just want you to be aware of your needs and know what is and is not covered by your policy. You should understand what you’re paying for – and your rep can help you by answering any questions you may have.

3) Think about potential scenarios

Insurance is there to offer protection if/when you face your “what-if” scenarios. What if my tree falls on a neighbor’s property? What if a visitor hurts themselves  in our hottub?What if my newly-renovated basement floods? Present these scenarios to your agent to learn more about your insurance policy so you can be confident in knowing what risks are covered.

4) Have a coverage-first mindset

Of course, cost is a huge factor when it comes to purchasing anything, but you don’t want to sacrifice adequate coverage for a cheaper policy, as this has the potential to really hurt your finances in the long run. To get the best results, go into your review with a quality-over-quantity mindset. Determine your needs/coverage first and then work on finding the best price.

5) Ask for discounts

After you’ve found the coverage that’s best for you, why not try to get a few extra perks or a discount? Oftentimes, insurance companies will provide incentives for renewing your policy with them or offer accident forgiveness to good drivers who have been customers for a set number of years.

Discounts are a  great way to save on your premium. From having a good student with a great driving record to bundling multiple policies from the same carrier, there may be discounts for reasons you wouldn’t initially expect. Always ask your representative about additional ways to save.

There you have it! Part of the value of your insurance policies is that they come with an insurance agent, so you may as well take advantage and review your policies for proper coverage. When you finish your review, you will be in a better position because your insurance will reflect your current needs, you’ll have a better understanding of your policies, and you may even save some cash along the way. 

If you’re a customer of The Feltner Group, we encourage you to reach out to your agent today to schedule your annual policy review.