When was the last time you reviewed your insurance?
Since then, if you’ve gotten married, had a baby, added a four-legged friend to your family, sent a kid off to college, bought a trampoline, replaced your roof or made a big purchase like a diamond ring or a set of golf clubs, your insurance is most likely out-of-date and it is time for a review. As a good rule of thumb, when there’s a change in your life, more likely than not, your insurance will need to change, too.
Many Sarasota homeowners insurance holders purchase an insurance policy when they first move in, but they may not understand the importance of periodically reviewing it or reassessing their needs. It’s an oversight that can ultimately lead to a gap in their coverage.
For instance, you may have insured your home for $200,000 when you first bought it. A decade later, your home may cost $300,000 to rebuild. That’s a $100,000 gap in coverage—which could leave you without the proper resources to rebuild in the event of a loss.
There are many benefits to an annual insurance review. First of all, in the instance of a loss, you’ll want your policy to be up-to-date to ensure that you’re covered. During an insurance review, your agent will go over specific details about your life and insurance policies to make sure that all your needs are met. Secondly, you may find something that you don’t currently have covered, a discount that you aren’t taking advantage of or an extra coverage to add at no additional cost. Finally, your agent can help you understand your current coverages and go over any changes in your premium cost.
Tip: One way to evaluate your needs is to conduct a home inventory, a detailed catalog of all your possessions. Here’s a walk through and template on creating a home inventory.
Despite what you might think, though, an insurance review doesn’t have to be an involved, time-consuming endeavor. A single conversation or a visit with your agent can help make sure that you’re knowledgeable about your coverage and comfortable that your limits are meeting your current needs.
Here’s what you need to keep in mind for your annual insurance review:
Come to your meeting prepared
To ensure both an efficient and beneficial review, it is wise to come prepared. Bring information on all of your cars, including make, model, year, drivers and primary use. When it comes to your home, know the age of features, like your roof and furnace, along with details of any major remodeling efforts.
Also, bring a home inventory with you and be sure to make note of valuable items, like jewelry or instruments, that may not be fully covered by a typical homeowners or renters policy.
Ask Questions
Don’t be afraid to ask anything that is on your mind. It’s better to be in the know than unprepared, so keep these questions on the top of your head or written down somewhere:
- Does my policy provide enough coverage?
- Does my home addition (pool, extra room, garage) affect the policy?
- Do I qualify for discounts?
- Do I need coverage for my valuables?
Think About “What If” Scenarios”
Insurance is there to protect you during the “what-ifs.” What if my tree falls on a neighbor’s fence? What if one of my kid’s friends gets hurt on our trampoline? What if my newly-finished basement floods? Present these scenarios to your agent to learn more about your insurance and be confident in what risks your policy covers.
Conclusion
Like home maintenance, an annual insurance review is something that can go a long way to protecting what is likely your biggest investment. Your local Venice FL insurance agent will know the details of coverage for your neighborhood, and can help make sure this is a New Year’s resolution you actually cross off your list.