Insurance policies are living documents. They can, and should be, changed periodically to accommodate changes in circumstances and needs of the policyholder. At Clement Insurance Agency in Houma, Louisiana, our agents can assist you with an annual review of your home, auto, and life insurance policies to help ensure you have the coverage you need without paying more than you need to.
Reasons to Review Your Insurance Policies Annually
Certain factors should be checked with your insurance agent yearly, as regularly as you would have an annual checkup with your doctor. There are several reasons why this is an important process.
Changes in Your Circumstances
Your insurance policies need to be kept up-to-date to ensure that changes in your circumstances are factored into your risk. This may include a change of address, acquiring an additional vehicle, or adding a driver. Failing to update your policies could result in nonrenewal or, at worst, a claim not being covered.
A home renovation or upgrade can affect the value of your home and the coverage you need, and may qualify you for additional discounts. Furthermore, if you insured your home for a certain amount when you bought it, the home may have increased in value significantly over the years, even without renovations. This could leave you with a gap in coverage, making it difficult to rebuild if the home is lost through fire or other disaster.
Certain changes in circumstances can also have a significant impact on life insurance needs. If you get married, have a child, or buy a new home, for example, it is important to review your life insurance policies with your agent.
Finding Available Discounts
Ensuring you have adequate coverage is not the only reason to review your insurance policies at least once a year. It is worth doing to make sure you benefit from any available discounts. For example, you may qualify for a discount on your homeowners insurance if you have installed a security system, or a roof that is resistant to hail. Many people save more than 20 percent on premiums by bundling insurance – buying their auto, home, and life insurance policies from one insurance provider.
Discovering New Features and Services
Insurance companies are constantly creating new products and services to stand out and attract customers from other insurance companies. For those who qualify, some of these new features can save policyholders money in the long run.
Finding Out if Your Insurance Premiums Have Increased
Insurance rates may go up for many reasons, some of which are legitimate and some of which are not. Many people pay their homeowners insurance through an escrow account and have insurance premiums automatically deducted from their bank account, so they may not even notice when premiums are increased. During an annual review of your insurance policies, our agent at Clement Insurance Agency in Houma, Louisiana can tell you if your insurance premiums went up and why, and help you catch unacceptable rate increases.Filed Under: Auto Insurance, Home Insurance | Tagged With: Houma, Insurance Agent, Louisiana