It’s a new year and time to review your insurance policies. A new year may mean you need new insurance.
Reviewing your existing insurance against your current needs to make sure you insurance coverage is appropriate will save you major headaches in the future. An annual review doesn’t necessarily mean that your premiums may go up. It may lead to a reduction in coverage
Marilyn Randazzo owner of TWFG Insurance in Pflugerville, Texas can search multiple companies to get you the best rates. She gave the following tips to make the best out of your annual review.
Why you need an annual review
We often buy insurance for our homes when we move in but our homes increase in value. If your home needed to be rebuilt would you have the coverage for a rebuild today?
If you have made any additions to your home or major improvements this may increase the value of your home and you may need more coverage.
Documents you will need for your annual review
For a proper review of your insurance be sure to supply the following documents to your agent:
• Existing Insurance policies
• Names and drivers licenses for new drivers
• New Vehicle registration documents
• Odometer readings
Having these documents in hand will help the agency determine what kind of coverage you need or if there is a way to decrease your premiums. If you are not sure if you should bring a document call your agent or broker. They want to help you get the best rates and coverage for your needs.
What to discuss with your agent?
You’ll want to discuss any major life changes with your agent. Some life changes to discuss include, but definitely aren’t limited to:
• New Baby
• New Drivers
• Home Improvements that affect value
• New Recreational vehicles
• Rental Units
• Change in Job
• Change in residence
Some of these changes will require more coverage, but others may get you a discount.
Speaking of discounts are you reaching retirement age. Many companies offer retirement discounts. You can also get discount from motor clubs and if your new driver is a good student they may be able to save you money.
Questions to ask
Your agent wants you to ask questions and these are the perfect ones to get the conversation started:
• Does my policy give me enough coverage to rebuild my home today?
• Does my policy provide enough coverage for landscaping or outdoor appliances?
• Do I need to coverage for valuables?
• Are there any discounts that I qualify for?
Agents are out to build relationships with their clients. Be sure to ask lots of questions and make sure your agent listens to your needs so they can help you get the best coverage possible.