When was the last time your reviewed your homeowners and auto insurance policies? If you’re like most of us, the answer is “when you purchased the policy.”
Most of the time, these policies are not being reviewed for a simple reason: you don’t have time. These insurance coverages are ones that we don’t think about until we need them. Life can be so busy with work, school, family, holidays, etc. so unfortunately these coverages get swept under the rug, out of sight, out of mind and until a loss happens. Chances are, reviewing these policies are the furthest thing from your mind. So, why do we need to review these policies?
You might find a better rate! Insurance premiums can frequently change for several reasons. The crime rate, for example, could go up or down, changing your rates. You may have purchased your homeowners insurance policy after recent storms inflated rates, and perhaps your rates haven’t come back down but competitors’ rates have. So only by comparing different policies can consumers ensure they’re getting the best deal on the right coverage.
You have more assets. Your life doesn’t just change, what you cover does as well. For instance, maybe you bought all new furniture in your home, built a new deck or storage shed out back, purchased a boat, RV, ATV or motorcycle. Discuss these changes with your insurance agent. Sure, you may see your rates increase by reporting these additional assets, which is painful, but if a disaster occurs, we want you to be covered for what you own now, not 10 years ago.
You may decide it’s time to bundle. If you have four different policies with four different carriers, you might want to bundle a few. That is, have your homeowners and car insurance with one company, for example. You can often get discounts of at least 10 percent when you start bundling.
You may get some additional discounts. Homeowners can earn credits on premiums by installing safety devices like burglar alarms, water leak detection systems, battery backups for sump pumps and automatic standby generators. When combined, these credits can reduce homeowners’ premiums by 30 percent or more. Think about that. If you bought a security system months ago, or years ago, and you didn’t tell your homeowners insurance agent, you have probably been overpaying on your homeowners insurance for some time.
Your life has probably changed. Maybe you got a new family pet or put a trampoline in the backyard for the kids. Maybe you renovated your kitchen or replaced your carpet for hardwood flooring, maybe you traded in your family station wagon for that new convertible you always wanted.
Whatever life throws at you, let the agents at Benefit Logic Inc. / Crest Insurance Group help you in ensuring that you are protected for all of life’s ups and downs. Call us today to schedule a free insurance review. FBN
By Amy Hammond