Insurance is an essential part of protecting yourself, your family, your home, your car, and your property from the unexpected. However, it can only do its job if the coverage is up to date. That's why it's important to review your insurance coverage every few years to make sure it's available when you need it. At certain times of the year, it's a good idea to review your home, renters and car insurance.
This is also a great opportunity to assess your need for products such as life insurance or supplemental insurance. If you're working from home, make sure to review your housing plan to ensure that your business and equipment are covered. It's also important to adjust your coverage if you have sold expensive possessions that were covered by a scheduled or variable-option item insurance policy. Or if you've purchased new items that aren't protected by your standard housing policy.
An annual review of your policies helps you stay up to date on what your coverages are protecting and what potential gaps you would like to cover with supplementary coverage or additional policies. Before renewing your policy, it's essential that you review your coverages to make sure that all the data from the previous year is still accurate and that you have the best coverage at the best price. This can help ensure that your home and belongings are fully protected and that your coverage is up to your current needs. Everything from new furniture to kitchen improvements can affect the value of your family's home and may even allow you to get additional discounts on your insurance policy.