What to look for when reviewing your insurance.
The end of the year is a great time to review and update your various insurance policies. Updating your coverage now ensures that you are ready for whatever the new year throws your way. Ready to conduct an insurance review but not sure what you should look for? Here are some of the important things to look at when looking over your personal insurance policies.
- If You Can Increase Your Deductibles
By now, you probably know that your insurance deductibles and your premiums have an inverse relationship. This means that the higher your deductibles, the lower your premiums will be. Policyholders are encouraged to assume a higher deductible as a means of saving money on their coverage. So, during your review, look at your deductibles and decide if you can afford to raise them. Keep in mind that you should never raise your deductibles to an amount that’s higher than you can comfortably afford, as this could prevent you from accessing your insurance when you need it the most.
- If Life Changes are Reflected in Your Policies
Another reason to conduct a year-end review is to ensure that all your insurance policies are updated and accurately reflect your circumstances. If you moved, got a new car, had a child, or made any other major life change, then it’s important to make sure that your policies reflect these changes. Keep in mind that if your insurance provider does not have accurate information, then they can refuse to renew your policy and can even refuse to cover a claim.
- If All Discounts are Applied
Finally, you should conduct a year-end insurance review to check to make sure you are getting all the discounts and reduced rates that you qualify for. Changes in your circumstances often mean that you now qualify for discounts that you did not qualify for previously. Make sure that all your discounts are applied to your policy to save a significant amount of money during the coming year.
These are some of the important things to look at when reviewing your insurance. Do you need help managing your insurance review? If so, then contact the experts at The Schwab Agency in Colleyville, Texas. Our dedicated team is eager to assist you with all your personal insurance needs today.