questions to ask during annual insurance review

5 Questions to Ask During Your Annual Insurance Review

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Ask Yourself These Important Insurance Review Questions

Insurance policy reviews are incredibly important. They may not sound exciting, but an annual review could potentially save you hundreds of dollars. If your family, home, or career status has changed since you last reviewed or took out the policies, then it’s time to update your coverage so it meets your current needs. Here are some questions you should consider every year to make sure you’re adequately protected.

  1. Has your family grown or shrunk? You may have gotten married, had a baby, adopted a child, lost a relative, or gotten divorced. When you combine households, you may be able to get lower auto insurance rates by combining drivers and vehicles. You should also look at life insurance if your family has grown. If you’re divorced, you will need to make sure you change your beneficiary/beneficiaries.
  2. Have you made any significant purchases, such as jewelry or fine art? Your home insurance provides limited coverage for highly valuable objects. You may need to consider adding a floater or endorsement to your home policy for these items.
  3. Has there been a significant change in your income? If they have increased, you may want to consider adding an inexpensive umbrella policy to your insurance portfolio to better protect yourself.
  4. Have you added to or updated your home? If you make minor renovations, you can alter the value of the property, warranting more coverage,
  5. Are there any discounts for which you now qualify? Did you add a burglar alarm to your house? Ask your insurer if you’re eligible for any discounts.

If you have more questions about insurance coverage and how to stay protected, contact the team at Hoffman Brown Company. We are happy to help.

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