5 Things to Consider in Your Annual Insurance Review Checklist
Heading into the new year, you’ll likely plan to start fresh with some resolutions. Perhaps you plan to accomplish a significant goal such as losing weight, buying a home, or purchasing a car. Whatever new goals and ideas you may have in mind, make sure you take some time to perform an annual insurance review. This will allow you to cover you and your family’s most important assets. There are several benefits to performing a yearly review.
Once you buy a new policy, it’s essential to review it occasionally to see if you have to amend your policy based on your needs. If you don’t review your policy every year, you risk exposing yourself to a gap in your coverage. If your assets suffer serious damages, such a gap may leave you unable to cover the damages. If you plan to amend your policy, an insurance review allows you to ensure that the coverage continues to meet your needs. Be aware that you may qualify for some discounts based on the renovations that you plan to make. As you figure out your next steps, talk to your insurance agent, and make an annual insurance review checklist.
Here are the 5 things that you need to consider in your annual insurance review checklist.
Does My Policy Cover Emergency Damage?
As you are performing your annual insurance review, check to see if your policy is outdated. Your policy should provide coverage to help you deal with emergencies. You also want to ensure that your policy includes coverage if you’re going to upgrade your appliances or add new equipment to your property. If you plan to repair your kitchen or bathroom, make sure that you get an estimate of how much replacing everything will cost. This should give you a clearer idea of how to amend your coverage.
What About Outdoor Repairs?
If you plan to install a new hot tub or sprinkler system, or if you plan to put a trampoline in your backyard, you’ll have to amend your policy. Adding significant new investments comes with an increased level of risk. Hot tubs and trampolines are considered huge liability risks, so you’ll have to review your coverage.
Insuring My Valuables
As you perform your annual insurance review, conduct an inventory of all your belongings. Check your policy to see if you need to make any changes. In many cases, traditional policies do not adequately cover all of your personal items. This is especially true for luxury items such as antiques, special jewelry, and artwork. If you are working from home due to the ongoing pandemic, you’ll have to amend your commercial insurance policy.
Look for Discounts
Part of your annual insurance review checklist should include looking for discounts. Check to see if you have all of the discounts that you qualify for. You can receive discounts for driving safely, using environmentally friendly products, staying healthy, or adding special equipment to your home. Check your policy to see which new discounts you can apply for.
If you have made significant repairs to your home or vehicle, check to see what new coverages you should inquire about. For example, if you are making changes to your basement, you may need to add flood insurance to cover the unit if a pipe bursts and damages your personal items. If you add new items to your vehicle, adjust your comprehensive policy to protect you if the items are stolen or vandalized.
An annual insurance review can help you protect your most prized possessions. If you need help with any kind of insurance, contact the experts at Remland Insurance in Orange, California. Our team is available to provide guidance even during the pandemic.