What Are Annual Insurance Reviews, And Are They Important?

What are Annual Insurance Reviews?  Annual Insurance Reviews are simply that, reviewing your insurance policies each year.
Are AIRs important?  Absolutely!  There are different reasons why you should review your policies each year.  Here are just a few:

• Did you get engaged/married in the past year?  The average amount of the engagement ring and wedding rings is around $5,000- $10,000.  Sure your homeowners policy probably has coverage for jewelry, but the amount is limited and is normally for theft only.  It does not cost very much to schedule your jewelry on your policy.  Also, with all the new wedding gifts, you want to make sure that your home/renter's insurance properly covers your personal contents.
• Did you have a baby?  We understand that insurance is not the top items on your list, that is why we are here!  Do you have a life insurance policy?  If so, you may want to talk to your agent about adding on your baby as a child rider, or purchase their own policy.  If you don't have a life insurance policy, now is the time to consider it!  
• Have you made any alterations to your home?  Believe it or not, when you enhance your home, the replacement cost may increase as well.  By reviewing your policy with your agent, you can have peace of mind that you are covered.
• New driver in your household?  Whether your child just got their driver's license, or you have a new member in your household that drives, you want to make sure that they are listed and covered on your auto policy.  
• Have you recently retired or work from home?  Your auto rates can decrease by updating your occupation and vehicle usage.  
• Has your premium increased more and more each year?  This is when it is beneficial to do business with an Independent Insurance Agent.  We can shop several different companies for you, and let you know which ones have the best rates/coverage for you.

There are many changes that can happen in a year's time.  So, it is important to review your policies!  We do our best to keep in contact with our clients and stay up to date with their policies.  However, if you aren't sure, or have questions, please don't hesitate to contact us so we can make sure you are well protected!