6 On Your Side Answers: How often should you review your insurance policies?

KNOXVILLE (WATE) – Whether it is car, home, health or life, everybody at some point needs insurance. If you already have a policy, how often should you review it?

Julia in Maryville asks: “Our insurance policies are bundled. Is it a good idea to talk with our agent on the anniversary of those policies?”

It’s easy to fall into complacency when it comes to your insurance coverage. If you don’t feel you are being raked over the coals, many people ignore their policies and rarely look at them.

Even if you are happy with the price, it is important to go through an annual review of all your insurance policies.

To get in the habit of an annual checkup, schedule it for the same time every year to make sure you are getting the best rate

Start your check up by reviewing your coverage.

Did you acquire any new valuables like jewelry, home electronics or furniture over the last year?

You might be eligible for discounts. A new roof could find you a discount on your home owners policy, or if you kicked the smoking habit, it might reduce your premiums on life insurance

If you have a new addition to your family, make sure your life insurance policy is enough to take care of your expanded family should something happen.

Ask your agent about any discounts you are missing out on and how you might work to qualify for a discount.

There are lots of companies today that give you a discount for staying with them. You might get a “longevity” discount and possibly a “claim forgiven” discount, meaning you won’t be charged for a claim if you have been with a company for a long time.

It’s also a good time to take stock of how much insurance you need. Ask yourself if you are adequately insured to cover your residence, or to replace your residence and its contents.

If you have paying your insurance faithfully, the worst thing that can happen is you haven’t taken adequate steps to protect yourself by making sure you have enough insurance to cover a big loss.

In short, an annual review is a good idea.

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