Insurance is designed to protect you, your family, and your property. It’s there to help you feel safe and secure. However, your insurance can only do it’s job if it’s up to date.
So, what’s new with you?
As things change and life happens, you want to make sure you are adequately insured. A lot can happen in a year that can have huge effects on your insurance costs, coverage options, limitations, and more. We understand that reviewing insurance policies is not likely at the top of your to-do list, but there are several reasons to take the time to talk to an experienced insurance professional, like one of the Family Insurance team members at Peel & Holland.
Even if you are currently insured through another agency, we would be happy to provide a no-cost review for you, especially if it’s been a while since you’ve re-visited your personal insurance. There could be new options available for you to consider. Or you may longer need the level of insurance you once had. We will take a look at what policies you currently have in place and ask questions about your current situation so we can provide you with sound advice.
Feel free to reach out to us to be sure:
- your coverage is aligned with your current needs.
- you policies contain the latest improvements in coverage.
- you are getting the best protection at a fair price.
If these aren’t reason enough to review your policies, here are some times when you should review your personal insurance needs:
When your policy is about to come up for renewal
Don’t just pay the premium when the renewal invoice arrives. Take the time to review your coverage, and call us with any questions or concerns you may have. As an example, homeowners should ask questions such as these:
- Has my insurance carrier made any changes in coverage since last year?
- Does my policy include a separate deductible for risks such as earthquake or hail?
- Am I taking advantage of all available discounts?
- Do I need to raise or lower the amount of coverage for liability, personal possessions, or the structure?
- Do I need flood, earthquake, or an umbrella policy?
When you have new assets
If you have made any major purchases, make sure you have the proper coverage. And, don’t forget about gifts. If you have received valuable jewelry, acquired artwork, or been gifted any item of significant value, be sure to let us know. Either increasing the amount of insurance you have for your personal possessions or purchasing a floater/endorsement for these items could be advisable. You may need higher and broader coverage than you have under your homeowners policy.
We should mention, the same goes for assets you no longer have in your possession. Adjustments in coverage could reduce the premium you pay.
When you make improvements to your home
If you have made major improvements to your home such as adding a new room, enclosing a porch, or expanding a kitchen or bathroom, you could now be under-insured. You’ll need to report any increase in square footage to your insurance company, and don’t forget about new structures outside of your home. If you have added an outdoor structure such as a gazebo, a new shed for your tools, or installed a pool or hot tub, we need to know. Keep receipts and records in case you need to forward copies to your company.
There could be savings in store for you as well. If you have installed a security system or upgraded your heating, plumbing or electrical system, make sure that your insurance company knows about these improvements. You may qualify for a discount.
When family changes happen
Getting married or adding a child to your family are exciting times. You’ll want to protect your growing family’s future with adequate insurance. Also, marriage, divorce, or adult children who move back into the family home can all affect your homeowners insurance. If someone moves in or moves out, they likely have belongings to consider.Losing a family member through death or divorce also should prompt a policy review. Remember to update your beneficiary designations on your existing policies, as needed.
Finally, when you have a new driver in the family, adequate auto coverage is paramount. If a dependent moves out, they may need their own renters insurance to protect property and provide proper liability coverage.
If you are thinking about starting a home-based business
Starting a home-based business can also trigger changes in your coverage. You may require additional coverage for business liability and equipment. If the business is your primary source of income, you may need a Business Owners Package Policy (BOP). You may also need professional liability coverage, which is excluded under in-home business and business owners policies. The Peel & Holland team can help make sense of the choices for you.
If you’ve decided to retire
In preparing to retire, make sure you understand how your health insurance needs will transition. Peel & Holland has Medicare experts if the time is right for that, or can guide your decisions until you get there.
If it’s been a while, we encourage you to review your coverage with us. We promise that it will be time well spent. To conduct a thorough insurance review of your personal policies, contact our Family Insurance team today. We are here to help you protect what matters most to you!
