Smarter Insurance Choices: How to Upgrade Your Coverage Today
Performing an annual review of your insurance policies is a great way to ensure that the policies protecting your family, possessions and vehicles align with your current needs. It's also a great time to find out if you're eligible for any discounts that may apply to your coverage.
Start by looking at the Declarations Page(s) in your
policy packet or online. This is where you'll find information such as your
policy number, coverage period, coverage types and limits, deductibles,
premium, agent contact information and more.
If you notice a section labeled "Definitions"
(often in bold or italics) or a reference to a particular section of the
policy, flip to that section and read it. Insurance policies are often
definition intensive, and it's important to understand what coverage you're
paying for.
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You'll also want to look for any Exclusions. A policy's
exclusions are the parts of the coverage that the insurer is not obligated to
pay for under the terms of the contract. Exclusions are typically listed in the
policy's body or, in the case of auto and property policies, in their own
separate section.
Changes in your personal situation or profession can
warrant an adjustment in your coverage, too. For example, significant life
events like getting married or divorced, buying a new home or car, or starting
or ending a job might call for a review of your coverage. Likewise, major
milestones in your children's lives or your retirement and aging could affect
your insurance needs and open the door to opportunities for savings through
policy bundling or other adjustments.
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If you're unsure whether your current coverage matches up
with your needs, talk to an independent agent. They can help you identify gaps
and make recommendations for new or enhanced coverage. Moreover, they can
provide guidance on which coverages are most appropriate for your unique
lifestyle and budget. They can even help you find ways to cut your costs by
finding coverage discounts you might be missing. So don't wait until it's too
late—talk to your agent about scheduling an insurance review today.
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