When a change occurs in your life such as getting married, having a baby, getting a pet, or even major renovations to your home such as adding a new floor or changing the roof, it is important to reconsider your insurance policy.
Since these changes may impact the protection you need, reviewing your insurance annually helps ensure your assets are fully protected based on your new needs.
Why review insurance?
There are several benefits to an annual insurance review:
First, in the event of a loss, your policy must be current to ensure full coverage. During the review, your agent examines specific details about your life or business and insurance policies to make sure all your needs are met.
Second, you may discover new insurance options that work better for you, such as discounts or additional coverages without an increase in cost. Finally, an insurance agent helps you understand your current coverages and keeps track of any changes in your policy costs.
Annual insurance checklist
An independent agent is a valuable resource and will be able to guide you through the process. However, there are some steps you can take to ensure you make the most of your upcoming insurance review.
1. be ready
To ensure an effective and useful review, it is wise to be prepared. When you review auto insurance, collect information about all the cars you own, such as model, year, and primary use.
As for reviewing your home insurance, determine the age of key features like the roof and furnace, and go over the details of any major remodeling efforts. It's also a good idea to bring a household inventory and record valuable items such as jewelry or tools that may require additional coverage.
The task of taking a home inventory can be stressful, but there are several apps that can make the preparation process easier. Providing accurate information about these details can help an insurance agent understand your needs and choose the right policy for you.
If you're working with an agent to review your business insurance, be sure to ask them what documents you need before the meeting to be prepared and organized to collaborate effectively.
2. Ask questions
When talking about insurance, the topic can be confusing, so don't hesitate to ask questions if you're unsure about your insurance policy. Your insurance agent wants you to be fully aware of the coverage your policy offers and also what it does not cover. It is crucial to understand what you are paying and what you are getting in return. Of course, your insurance agent can help you by answering any questions you may have.
3. Have an over-cover mentality
Yes, price matters, and it is a major factor when considering purchasing any product, including insurance. However, it is essential not to sacrifice adequate coverage for a cheaper policy. Rushing to choose the cheapest insurance may lead to financial losses in the long run. For best results, you should consider quality over quantity while reviewing your insurance policy. Start by identifying your needs, then find the best balance between coverage and cost.
4. Ask about discounts
After finding the perfect coverage, why not seek out some additional perks or discounts? Often, insurance companies offer discounts to their loyal customers or drivers with good records, as well as many other options that can save you more money along the way. Ask your insurance agent about available discounts that may be available to you.
5. Don't be afraid to contact your agent to review
Part of the value of your policy is having an insurance agent who can help you understand the details and make sure your insurance coverage meets your needs. After the review is complete, you will be better informed about your current policies and needs, which can help save money in the future.
If you are a Grange client, you can organize an annual review of your insurance with your independent agent by logging into your My Grange account and submitting a request for an annual insurance review.
Please note that coverage details and deductibles may vary based on geographic region and policy terms. Please contact your local independent Grange agent for more details about coverage available in your area.
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