Each year, you should do a quick check of your existing insurance policies to see if they still match your needs. This includes auto insurance, home insurance and other policies you may have. Doing so can ensure you are fully protected, including your personal belongings.
Why Review Your Policy Each Year?
Annual insurance reviews are important. After all, when you initially start a policy, what you needed at that time will change as the months or years go by. For example, you insured your home’s personal belongings for just $50,000. However, three years later you have updated to more expensive furniture, computers, home comfort systems, home entertainment, etc. All of these additions will put you over the threshold of $50,000.
Anytime you make a substantial change to your home, including home renovations or additions, you should review your insurance policy. Also, any life changes, such as a new baby, new car purchase, and relatives moving in, etc. should warrant a policy review to ensure you are still adequately covered.
Tips for Reviewing Insurance in Jackson, MS
When you sit down to review your existing insurance policies, there are some things you should discuss with your broker to ensure you are not overpaying for coverage or worse, paying for too little coverage.
- Home Rebuilding Costs – When you start a homeowner’s insurance policy, you are insuring the cost to rebuild the home. Most homeowners are shocked to see how under-covered they are, especially as home prices and costs start to rise. If you have special additions or custom remodels, these also need to be factored into your rebuilding cost.
- Finished Basements – Finished basements also increase the rebuilding costs, but may require additional coverage for water damage.
- Personal Valuables – You may need extra coverage for things like sports equipment, cameras and jewelry.
- Discounts – The biggest thing to discuss with your broker is your discounts and any applicable discounts you may be neglecting to add. Sometimes adding a simple policy will offer more potential discounts. For instance, if you have installed a home security system, you could save a little extra each year.
Each year, take the time to discuss your insurance policies with your broker. The Nowell Agency offers insurance assessments to Jackson residents looking to ensure they are not only fully covered, but that they are receiving the best premium for that coverage.