June 28 Is National Insurance Awareness Day
While you won’t see a parade or fireworks in celebration of National Insurance Awareness Day, there is one thing you should add to your calendar: an annual insurance review. It’s true that thinking about your insurance coverage isn’t exciting, but it’s time well spent. If it’s been over a year since you reviewed your policies, we offer five reasons you should make it a priority.
5 Reasons for an Insurance Review
- Changes in your family’s drivers or vehicles. Adding a new teen driver or removing an adult child from your auto policy, getting a new car or getting rid of an old car, purchasing a motorcycle or recreational vehicle can all have an impact on your insurance policies.
- Fluctuations to your family. If you’ve had a baby or adopted a child, you may want to add or increase your life insurance. If your children are now independent, or your home is paid for, it may make sense to reduce your coverage.
- Welcoming a new dog to the family, especially if it’s considered a “high-risk breed,” may require an update to your homeowners policy or the addition of umbrella coverage, as injuries caused by your new furry friend may not be covered by your current policy.
- Renovations or additions to your home. An addition or extensive renovations to your home may require updates to your homeowners insurance. The same is true if you’ve added expensive items to your home, like TVs, computers, appliances or artwork.
- Property additions. If you’ve added features considered to be an “attractive nuisance” by the insurance industry, like a pool or hot tub, trampoline, tree house or water feature, it’s important to talk to your insurance agent. Not doing so could invalidate your homeowners coverage and leave you exposed to tremendous risk.
Beyond the reasons above, it makes sense to walk through your policies with your agent every year or so to account for things like appreciation and depreciation of property, changes in insurance laws, gaps in coverage and other modifications that might make sense based on your current circumstances. You can also talk about ways to reduce costs, such as bundling and other discounts.
We pride ourselves on the personal service we provide to all our clients. Let National Insurance Awareness Day serve as your reminder to schedule an insurance review of your policies.