Annual Insurance Review

It’s a great idea to review your insurance coverage with your insurance agent once a year. Life events happen and life changes throughout the years. The insurance agents at Denver Insurance understand that you’re busy and insurance isn’t the most exciting topic but a quick conversation can ensure that you have the correct insurance coverage. If nothing else, it’s a good refresher on your coverage.

Here are some questions to get you started on the process:

  1. What Was Updated On My Home?
    Did you add an addition or a detached garage? Did you finish your basement or remodel your kitchen? These are examples that could increase the rebuild cost of your home. You should update your insurance coverage to reflect these improvements.
     
  2. Has Anything Changed With My Vehicles Or Drivers?
    Do you drive a shorter distance to work? Do you work from home? Are you taking public transportation now? Did you make any expensive additions to your vehicle? Is your child now driving or has a driver moved out of the home? It’s a great idea to review your auto insurance coverage on an annual basis. A review is a good reminder of the coverage you have for windshield repair, roadside assistance and rental reimbursement.
     
  3. Have I Made Any Significant Purchases?
    Have you added any expensive jewelry or art? Did you inherit heirlooms or purchase a new computer? If the value of your personal possession has increased significantly, check to make sure you have sufficient coverage. For specific items, you can add special coverage, which will give you a lower deductible and coverage for broader types of losses. 
     
  4. Is Anything New With My Family?
    Did you add a family dog? Did you get engaged? Have you introduced a bundle of joy into the world? These are all examples of what to discuss with your insurance agent.
     
  5. Are There Any Discounts for Which I Now Qualify?
    Adding a burglar alarm in your home can give you a discount on your homeowner’s insurance. Driving less miles could improve your auto insurance premium. You should get every discount that you qualify for on your insurance. An annual conversation of recent changes in your life and around your home can help.
     
  6. Should I Add Or Remove Any Coverage Options?
    New coverage options might be available like new car replacement, GAP coverage, windshield replacement, guaranteed home replacement and more. Maybe can save money on your auto insurance because you have good health insurance now. Your insurance agent can advise you on what you might be missing out on.

Some other questions you might consider before your annual insurance review include:

  • Do I have an updated home inventory?
  • Would it be worth increasing your insurance deductible?
  • Do I have sufficient liability limits to protect myself from an at-fault accident?
  • Should I get a personal liability umbrella?

It’s better to review your coverage before a claim to help assess if you have any coverage gaps. Talk with Denver Insurance today to ensure you are properly covered.