Insurance isn’t something you buy, shove in a drawer, and never think about again. No matter what types of policies you have – home, auto, life, etc. – it’s important to review them every year to make sure you have the coverages you need. Who knows, you may even save some money with updated information!
When Should I Revisit My Insurance?
Revisiting your insurance to make sure your coverage still fits your lifestyle is something you should get used to. “Setting and forgetting” can mean you’re missing out on crucial coverage you may need later, or savings you could use now! Making a habit of reviewing your insurance plans in the new year, for example, could be a simple way to make sure your coverage is reviewed regularly. Additionally, any time you experience a “life-changing event” – such as getting married, having children, and experiencing career changes – it is best to review all your plans and add any additional coverages necessary. While many insurance agents offer annual insurance reviews, you can get ahead by conducting a review yourself or contacting your MetzWood representative directly.
What Should I Look For in My Review?
One of the main things you should look at is whether your policy still adequately covers what you’re insuring. For example, if you’ve recently had new additions to your family, will your life insurance provide for them in case of a tragedy? Similarly, are all licensed drivers listed on your auto insurance policy to ensure the proper protection? If you made improvements that increased the value of your home in 2022, will your current homeowner’s plan cover the new cost of damage when a storm hits?
Reviews can help you discover small things that can make a big impact down the road. You may realize the date your policy was issued is coming up, and you do not want to discover a lapsed policy when you’re going to file a claim. A review may bring to light that you never changed your beneficiary when you meant to and need to update to include a friend or family member. We also recommend reviewing deductible options to balance the cost of your ongoing premiums with any out-of-pocket costs when you file a claim.
These are just some examples of things you may overlook if your insurance is on autopilot. If this is your first time reviewing your policies, loop in your insurance agent at MetzWood to conduct a thorough review and to hear suggestions on what you can add or remove to benefit your current lifestyle. Talk to a MetzWood agent today about looking over your current policy.
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