How often should I review my insurance policies?

Why Should I Review My Insurance Policies Annually?  

Insurance policies for every line of business (Home, Auto, Motorcycle, Landlord, Commercial, Life, Health, etc…) are issued for a specific term, usually 6-month or 12-month terms. After that specified term, the policy expires. Before the expiration date, insurance companies will send notice whether they will renew or non-renew the policy. If they choose to renew, a renewal offer is sent, and there could be changes to coverages, deductibles, terms, or premiums.  

How do insurance companies evaluate policies at renewal? 

Some of the ways companies will reevaluate a person’s risk profile based on market conditions, claims history, and the insured’s circumstances. This reevaluation can alter coverages and the premium for the upcoming policy term. In today’s market, we are seeing a trend for increasing premiums. Therefore, it is important to review your renewal offer and make sure the information is up to date, and you understand and know about any changes to your offer.  

What kind of updates do I need to tell my agent about?  

You should be updating your agent about major changes as they happen, like adding or removing drivers or vehicles, or repairing/replacing your roof, or making renovations to your home to make it custom. But sometimes we forget, so it is always good practice to contact your agent at renewal to make sure they have all of your life changes up to date!  

                                                  

Reviewing your renewal offer with your agent can ensure that your coverages, limits, and deductibles are exactly where they need to be. The renew period is also a good time to make sure your payment methods are correct, in case you have any card, banking, or mortgage changes. This will ensure that your policies are paid on time, that way your policy does not cancel because of non-payment and cause surcharges or a lapse in coverage!  

As an Independent Agency, Ryan Everet Insurance can quote through many different companies. If you are unhappy with your renewal offer, we can shop around with our various markets to see what other options we have for you! Just give us a call or schedule a time and we are always more than happy to find the best coverage for you!