Many insurance policies renew in the New Year, making it the perfect time to sit down and review your policy with your local agent. Most individuals allow their policy to renew year over year without checking to make sure their current plan appropriately covers any changes they’ve recently had. This January, set aside some time to review your policy with an expert — your independent agent. They’ll be able to help guide you to the right policy and may even be able to find some areas to save you money.
At Quincy Mutual, we know the unexpected happens and we want you and your family to feel protected all year long and confident in your insurance policy. Before you sit down to review your plan, here are a few questions you may want to consider discussing with your agent:
- What are your deductibles and is it an option for you to change them and adjust your premium?
- Did you have a life change recently? Getting married, having a baby, buying a home, or getting a new job may have created a lifestyle change for you. Do these changes affect your coverage needs or the possibility for you to bundle your policies?
- Does your auto insurance reflect the correct information such as safety features and miles on your vehicle?
- Have you moved into a newly rented apartment and now require a renters policy?
- If you’ve made a high-value purchase, does your homeowners policy cover the cost of damage or loss? A good way to make sure you have adequate coverage is to conduct an annual home inventory. You can learn more about how to do that in our blog: Tips to Create a Home Inventory.
- In 2020, we all worked out of our homes much more, did you start a business or create a DIY home-work space that needs insurance?
- Some safety features, such as an alarm system, can earn you deductibles. Check with your agent to see if you have one that might qualify.
- What other discounts might you qualify for?
- What type of liability coverage do you have and is it enough to protect you if someone files a lawsuit against you? You may want to explore your options for umbrella insurance if you are at higher risk for a lawsuit.
- Are you driving your car far less these days? If so, you may be eligible for a discount or may want to consider a higher deductible to lower your premium.
- Do you have different insurance policies with different insurance companies? Bundling your insurance policies with one company may result in additional discounts. Explore the options with each to see where you can get the best coverage option.
- Some insurance companies offer credits if you live close to a fire station, have an alarm system, or take driver safety training — check to see if yours does.
If reviewing your insurance policy isn’t already at the top of your list of things to get done in the New Year, it should be. Not only will you have peace of mind knowing you’re fully covered, but you may also end up spending hundreds or even thousands of dollars in the long run in the event of a loss. Asking the right questions is the first step in making sure your policy is the best fit for your needs.
At Quincy Mutual, we partner with over 500 local agents who are happy to help you review your policy. Visit our website to find one today.