Most people talk to their insurance broker when they move, or start driving a new car, but few remember to review their insurance when those 'not-so-major' events happen. We think there are at least four major events that require an insurance review.
The Four Major Events that Require an Insurance Review
1) When you've made major improvements to your house or major purchases.
Reporting major improvements like adding a new sunroom, renovating a kitchen or bathroom and finishing a basement to your insurance company ensures you are properly insured. Keep receipts and take photos in case you need to forward that information to your broker. If you've recently purchased a new home theatre, art or expensive furniture, talk to your broker about increasing the amount of coverage for your personal possessions or purchase an additional endorsement to cover these new items.
2) When you've installed a home security system or improved your home's systems.
If you have installed a state-of-the art fire and theft alarm system or upgraded your furnace or HVAC system, or replaced the plumbing or electrical heating in your home, call your VIP Broker because these improvements could qualify for even greater discounts.
3) When your life changes.
Your family life can impact your insurance rates. Did you get married? Are you now divorced? Did you have a baby or have your adult children moved out of your home (or did they move back in)? So, when you get married, you are most likely combining two households and increasing your personal possessions or making new purchases as a couple. In a divorce, there is likely a decrease in your personal possessions. When people move in or move out of your house, they bring/take their belongings with them. You also need to let your insurance broker know when your child starts driving your car so you are all protected.Beyond life changes like these, you may decide to start your own business out of your home, so getting the right business insurance with professional liability coverage is also something you'll need. Your InsureGo VIP Broker can help you with all your commercial insurance needs too!
4) 60 days before your insurance is up for renewal.
Reviewing your insurance policy prior to your renewal also allows you to customize your insurance even further. You can make changes to your coverages, adjust your deductible, review all available discounts, raise your coverage amounts and shop for lower rates. Fortunately, Insurego automatically shops your insurance renewal for you so you never have to shop your renewal again! In some cases, we'll suggest staying with your current insurance carrier but in other cases, we'll find better coverage for a better rate and we'll suggest you switch insurance carriers. The choice is always yours!We're here for you whenever you need us and it never hurts to ask for our professional advice. As insurance brokers, we are your advocate and work for you.
*Please note, this article is not intended to be advice. The best advice this blog will give is to call your Broker for advice.