How many times have you just let your current policy roll over into the next period without shopping around? You aren’t alone. However, you may be costing yourself money or lacking in coverage. When renewal time comes around whether it’s for home, auto, or business, this is the best time to shop around. Life changes happen quickly and without us thinking that our insurance policies possibly need to be changed. Here are some tips for renewing insurance that you need to be aware of before shopping around.
Have you had any life changes within the year?
If you have gotten married, had a baby, or any other life changes, it is time to update your policy. Even your age can have an impact on your coverage. Get in touch with your independent agent to see where your current coverage is lacking and possibly save money by changing policies or carriers.
Have Add-Ons? Now’s a good time to review them.
If you have add-ons on your policy, such as your auto policy or home policy, now is a good time to review them to ensure you either still need them or need to increase coverage.
Review your Changes in Risk
Start a riskier job? You may need to change the coverage on your insurance policies to ensure you have the proper coverage. Have you had an increase in your credit score? Now is a time to shop around as well. You may qualify for a better rate since you are considered less risky.
Always expect an Increase
An insurance increase in your premium may not always happen from year to year, but always expect it may especially if something has happened within the last year. For example, if you had a minor car accident or a small homeowners insurance claim, it may raise your rates for the following year. This is a great time to shop around to see if another carrier can offer you the same or better coverage for a better price.
Change Coverage if you are Unhappy
Now is a perfect time to change your policy/carrier if you are unhappy with your coverage. Your independent agent can go over any new changes, your current policies and shop around for new ones all for you. You will be able to take out the guess work and ensure you are getting the proper coverage you will be happy with.
Cheapest isn’t always best
When shopping around for a new policy, keep in mind the cheapest policy may not be the best option for you. You can speak with your independent agent to make sure you get the right policy for the right price.
Look over Beneficiaries
This is especially for Life Insurance policies. This is something that may not change year to year, but it is always important to review. Some things that may affect your beneficiaries are a new baby, marital status change, adoption, etc.
Renewal periods are the best time to review your current insurance policies to ensure they are properly covering your needs. If you find that your current policies are not offering you the proper coverage, you are unhappy with the policy, or just want to see what else is out there, your independent agent can help you get the perfect policies for your current needs. We hope these tips for renewing insurance will help you during your renewal time.
