insurance 12thaugust

How Often Should I Review My Policy?

Reviewing your insurance policy can help you get the best plan for your coverage. However, seeking an insurance review at least once a year is recommended to keep your policy information updated before renewal. By frequently reviewing your insurance, you will be in a much better position to find the right policy.

Homeowners Insurance
Having home insurance is crucial if you own a house. Reviewing your insurance policy is essential because your needs can change. What does your insurance policy not cover? What are your limits? What changes do you wish to make? Depending on your area, you may need an additional policy for flooding, hurricanes, earthquakes, or other natural events.

Renters Insurance
You need to protect your belongings if you rent a home. Your landlord’s insurance doesn’t protect your belongings. It only covers the building. After getting renters insurance, you must review your policy at least once a year to ensure that any new additions are covered.

Health Insurance
Almost everyone has the opportunity to review their health insurance coverage once a year. If you get health insurance from work, you will only be permitted to make changes during an open enrollment period. You may also be allowed to change due to specific life changes, such as a new child or marriage. If you get insurance through Marketplace, you need to review your eligibility and make changes through your insurer

Life Insurance
You need life insurance to provide financial security for persons who depend on your income. However, you need to review coverage as your needs change because your need for life insurance grows as your family grows.

Auto Insurance
An auto insurance policy includes coverage for property damage, bodily injury, personal injury protection, uninsured motorist, collision, and comprehensive. Also, some states in the US require specific coverage with minimum amounts. Review each coverage to ensure you select the best policy for yourself.

As you can see, reviewing your insurance coverage regularly will ensure that you have the right coverage that fits your budget.