5 Steps to Ensuring Your Personal Insurance Is Up to Date

We all need insurance for our homes, vehicles and personal belongings. But over time, insurance companies may change their rates or guidelines, yet most people leave their insurance coverage unchanged. This can potentially lead to overpaying for insurance or lacking coverage that your current lifestyle requires. This five-step insurance analysis can help determine whether you are underinsured or overpaying.

1. Review Your Current Insurance Option(s) For Strengths and Weaknesses

Have an insurance professional review your current policy to explain strengths of the policy and identify areas where you may be underinsured by current standards. For this review, it is important to find a client-focused insurance agent, rather than a process-oriented agent, to help you “know what you don’t know” about your coverage.

2. Compare Your Policy Against Multiple Insurance Quotes

The only way to know how strong your policy is in relation to the current market will be to compare it against multiple carrier options in terms of coverage and cost.

3. Recognize Changes to Your Lifestyle That May Adjust Your Insurance Needs

Reflect on any recent lifestyle changes such as a child getting a driving permit or purchasing an engagement ring, as different life events may require adjustments to your insurance coverage.

4. Make Sure the Timing Is Right Before You Make a Change

Be aware of any potential costs or penalties associated with changing insurance carriers, such as cancellation fees or the removal of bundling discounts.

5. Repeat Every Three to Five Years

The insurance market is constantly changing so you should repeat these steps every three to five years to make sure your current insurance is still the best option in the market.

This month’s expert:

Todd Taori
Sales Manager, Personal Lines
Atlas Insurance Agency