Benefits of Annual Reviews for Insurance

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You might be familiar with annual reviews, especially if you've worked with a local insurance agency.  Annual reviews are a period of time when you can review your current policy and see if any changes need to be made with your insurance.  It's a personal touch given by local agents which offers tremendous benefits.  Let's review the reasons why you should make it a priority to get an annual review scheduled each year.

Shopping for Better Rates 

One of the benefits people like most about annual reviews is the potential for savings.  A local, independent agency is able to shop multiple carriers and see if better rates are available elsewhere.  Instead of continuing with an auto-renewal and paying the same premium on your insurance, an annual review provides you with the opportunity for your agency to explore the market for savings.  This simple review could lead to hundreds in savings.  Of course, there’s always the chance you are getting the best deal already, but the little time needed to review is well worth the potential savings.

Getting The Necessary Discounts 

Shopping for better rates in the insurance marketplace is one thing, but getting the proper discounts is another thing entirely.  Life can change a lot in a year.  You might not qualify for a discount one year, and then qualify the next.  Because discounts can greatly reduce your insurance cost, an annual review is important for ensuring you aren't overpaying on insurance.  Some common examples of discounts include:

  • Commuting distance.  If you change jobs to a closer location or perhaps switch to a remote position, this means your driving likely will be reduced.  You could qualify for low mileage discounts.

  • Security system.  If you have added a security system, you can qualify for discounts on your home insurance.  If a third-party monitors the system, you can get more savings.  If they also monitor for fires, even more savings!

  • New roof.  It might be surprising to hear, but the age of your roof plays a factor in your insurance cost.  If you have a newer roof, your costs will be lower.  So if you replace your roof, a discount could be right around the corner.

Updating Coverage 

Just as qualification for discounts can change over time, coverage can too.  The $200,000 policy on your home might not be enough to cover the rising costs of lumber.  If reproducing your home would be more than $200,000, updating your policy to a higher amount is needed to properly cover the risk.  Likewise, you might have made some changes to your home.  If you've gotten a pool, trampoline, or dog, your current policy might not cover these additions.  You might need to get a new policy.  An annual review can ensure any gap is covered.  

And in case you were concerned this review would lead to higher costs, there are updates which might mean better pricing.  For instance, you might want to lower your deductible if the value of your car has decreased.  You might have forgotten to remove your teenager who has left for college.  Both of these are examples where updating a policy from an annual can lead to lower costs.

Schedule A Time Today

The benefit of having a local insurance agent is that you can reach us any time.  We aren't an 800 number where you get a new person every time.  We are local, and we are here to provide you with personal service.  We can do a review with you each year to see if better rates are available, which new discounts you might qualify for, and look for any gaps in your coverage.  If you haven't reviewed your policy in over a year, don't hesitate.  Call today to schedule an annual review.