Insurance Coverages Checkup Why It’s Important To Review Your Options

Insurance Coverages Checkup: Why It’s Important To Review Your Options

We do a pretty good job at getting ourselves to the doctor every year and the dentist every six months or so, but how often do you check up on your insurance coverage options?

Whether your insurance bill rolls in once a year or it’s paired with your mortgage/rent, it’s a great idea to do an annual insurance review. This helps you understand your coverage options and seek out opportunities to save while still providing you with adequate coverage. In this blog, we will discuss the importance of an annual insurance checkup. 

What an Insurance Review is All About

To no surprise, many people are under the impression that an insurance review is a tedious chore. However, it’s essential as drastic changes can occur within a year that impacts your insurance, and you may not even realize it. 

Your homeowner’s insurance, for example, should have initially been made large enough to cover the cost of rebuilding or potential claims. But, if you’ve made renovations to your home, like upgrading the bathroom or remodeling the kitchen, the value of your home may have changed. 

It’s also important to keep in mind if you’ve recently purchased any valuable assets or jewelry. These assets, such as jewelry, recreational vehicles, or expensive collectibles, have limitations on your policy. Moreover, if you’ve sold assets that were previously covered, you should take those off your policy to cut down costs. 

Reasons To Review Insurance Options Yearly

Insurance coverage is one of the most crucial aspects of financial planning and security. Yearly checkups with your insurance provider are essential to ensure you’re still getting the protection you need. 

The following are some reasons why it’s imperative to review your insurance coverage options:

  • Life changes: Your life circumstances can change greatly over the course of a year. You might get married, have a child, or start a new business. These changes can have a significant impact on your insurance needs and coverage requirements. 
  • New options: Insurance companies are always offering new coverage options, some of which can benefit you, so it’s important to be aware of them. New insurance products could offer more extensive coverage, lower rates, or better benefits.
  • Cost savings: Insurance premiums can fluctuate on a yearly basis, and you may be able to find more affordable coverage by shopping around and comparing policies. 
  • Legal requirements: Certain insurance coverage options may be required by law, so it’s vital to make sure you are in compliance with possible legal requirements. This can include liability insurance for a new car or worker’s compensation for a new employee. 

By reviewing your insurance options at least once a year, you are making a responsible financial planning decision. You don’t want to wait until a claim is made to find out your insurance coverage is inadequate. Take the time to review your options and make informed decisions. 

Identify Opportunities for Cost Savings and Stay Protected 

Although reviewing insurance coverage options doesn’t sound like a whole lot of fun, our team of experts at COBIA Insurance can make the process easier. No matter what your insurance needs may be, we can help you explore your options, identify opportunities for cost savings, and provide adequate coverage. For more information on our services and how we can help, please contact us today to set up an appointment.

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