4 Reasons Why You Should Annually Review Your Policies

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4 Reasons Why You Should Annually Review Your Policies

Insurance advertisements are now very similar to broken records. Repeatedly delivering the same message while attempting to cover it up with humor. Switch to save money! In an effort to win you as a client, billions of dollars are pushed into this message, and it’s wildly successful. Saving money is fantastic, and any insurance expert would concur that overpaying for insurance is detrimental to your budget and future financial goals. However, understanding your own specific life situations is where many advertisements fall short. Saving money is only a piece of the insurance puzzle and working with an experienced agent can be beneficial in seeing the complete picture.

An insurance professional will take this into account not just when signing you up for a policy initially, but also in the future to make sure you have the right protections in place that are applicable to you. Annual policy evaluations are essential in this circumstance. A yearly policy review with your agent will not only ensure that you are not paying too much for your coverages, but also that they are appropriate for you going forward. Here are four excellent reasons to examine your insurance with your agent every year. 

  1. An annual review will allow you to manage the changes in your life.

We can all agree that a lot can happen in a year. Large life transitions bring forth many needs for additional protections. Having a baby? It might be a great idea to research life insurance. Planning to get married? Consolidating your insurance coverage is a must, as is making sure your engagement jewelry is insured. Here are a few instances where your life might alter and your insurance portfolio should be structured differently. 

  • Getting married. 
  • Having a baby. 
  • Starting a new career. 
  • Your kids going off to college. 
  • Getting divorced. 
  • Paying off your vehicles. 
  • Paying off your mortgage. 
  • Death in the family. 

Every one of these life events will present a different coverage requirement. A regular evaluation of your portfolio will keep you current and adequately protected. 

2. Changes in the Insurance Industry. 

It currently feels like the only constant in the insurance industry is change. Insurers are changing their rates, launching new product lines, offering discounts, and incorporating new technology regularly. Due to these frequent changes in the insurance industry, conducting an annual review with a professional will keep you informed of any impending changes or market opportunities. As experts in the field, it is our mission to actively monitor these trends so that, when we assess client portfolios, we are aware of any potential opportunities to reduce your costs or provide coverage combinations more effectively. Any way you look at it we are here to help you get the best value available in the market.  

3, Changes in the Economy. 

 This is a significant one given the state of the economy today. Economic conditions have a significant impact on the insurance industry as a whole. Insurance is impacted by a variety of factors, including supply chain problems, commodity costs, etc. If you think about it, insurance was created to replace or restore stolen or damaged property. If the price of lumber or copper is up 200% and you have a house fire, Your insurance carrier is paying the inflated price for that lumber to have your home rebuilt. On a mass scale, this can equate to huge numbers.   

It is our duty to stay informed of these economic conditions so we can accurately give you advice during your reviews as to what is going on and how to mitigate these potential risks. 

4. Home Renovations/Improvements. 

 Many homeowners have been remodeling and enhancing their properties in recent years. adding rooms, upgrading the roofing, and installing new kitchens. All of these will change your needs for insurance. Some might even provide large savings. Every time you make a change to your home, it is a great idea to review your coverage with your agent to make sure you have enough coverage in place. 

There are numerous reasons why you ought to have a professional analyze your insurance portfolio on a routine basis. Contact The Staples Agency if you’re looking for a professional agency that performs regular annual reviews. Our team is dedicated to completing client reviews on a daily basis and offering insightful advice on how to optimize your insurance portfolio looking ahead.

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