As life changes, so should your insurance policy. The following are indications it may be time to take a look at your policy:
Is your policy up for renewal? This is a great time to re-assess your current policy and review any changes in coverage that have occurred. Rather than just sending your payment and forgetting about your insurance for another year, take some time to visit with your insurance agent to ensure you are taking advantage of all available discounts and to make sure you have the right amount of coverage.
Have you made any major purchases? Take inventory of major purchases you have made or gifts you have received recently. You may need to increase the amount of insurance you have for your personal possessions or consider purchasing an endorsement to cover high-value items such as jewelry, fine art, electronics, or hunting and sports equipment.
Have you made any improvements to your home or added additional safety features? Major home improvements increase the value of your home. Reporting these changes to your agent will allow your agent to review the replacement cost of your home and make sure you still have the right amount of coverage. You may qualify for discounts on your insurance premium if you install eligible safety features, such as an alarm system.
Have you experienced a major lifestyle change? This may include marriage, divorce, or adult children moving back into your home. You may need to adjust your coverage to account for a sizeable increase or decrease in the value of belongings in your home that occurs as people move in and out. If you start a home-based business, you may need additional coverage for liability and your equipment.