As we begin each New Year, many of us make New Year’s resolutions that we may (or may not) keep. Eating healthy. Exercising more. Spending more time with loved ones seem to be some of the most popular resolutions. As your trusted insurance advisor, I would like to offer up another New Year’s resolution that is just as beneficial and important: An Annual Insurance Review.
As we enter into 2019, this is the perfect time to set up a meeting with me to review all your insurance coverage. Some of the benefits of reviewing your insurance on an annual basis include the following:
We Can Reassess Your Home’s Value
Most people take out an insurance policy when they buy their home and then renew that policy each year. Unfortunately, automatically renewing your insurance policy does not ensure you have sufficient coverage.
Your home value may have increased over the years. For example, if you bought your house for $250k and now it’s worth $300k, you have a $50k coverage gap. If you experience a total loss and need to rebuild, your policy may not be sufficient due to this $50K coverage gap. Therefore, it is always important to reassess your home’s value periodically to ensure proper protection.
Updated Home Inventory
I love this tip!
Did you know that most homeowners underestimate the value of their possessions? Therefore, preparing an inventory of all the possessions in your home before your annual insurance review is an excellent way to approximate value.
There are many mobile and desktop “apps” that allow you to photograph, record, and find items of comparable value. Personally, what I do, is take my iPhone and walk around my home and garage “videoing” all of my possessions. Save it to the cloud. Done.
Providing your inventory during your annual insurance review ensures sufficient, appropriate coverage, especially for specialty high value items. For example, you may need additional coverage for expensive musical instruments, collectible artwork, fine jewelry, antiques, high-end sports equipment, or audio/computer equipment – so make sure to tell your us know if you have any high value items in your dwelling.
Make Certain Your Life Insurance Policies are Adequate
Life Insurance is so important to ensure that you and your loved ones are properly protected. And, I strongly believe that your life insurance should be reviewed yearly to make certain that adequate protection is in place.
It is very understandable that, when looking into investing in insurance, you don’t want it to cost you an arm and leg. While the coverage is important to have, you want it to fit comfortably into your budget. One of the main reasons people turn down life insurance is this belief that it’s too expensive, but that is not necessarily the case. According to a study performed by Life Happens, approximately 80% of people misjudge how costly life insurance truly is. In fact, plans such as term life insurance are more affordable than you might think. Plus, you can always change or add coverages to your plan over time. If you’re on a budget, please give anyone at Langlois Insurance Agency a call to see what plan works best for you.
Qualify for Discounts
Discounts – one of my customers favorite words!
Many home improvements can reduce your insurance premium. Therefore, it is important to tell me about these home improvements. For instance, a roof replacement, security system, sprinkler system, and other additions often reduce your insurance premium.
Often times, during an annual insurance review, I discover many ways to reduce premiums. Or, we can look for ways to bundle your coverage for an overall lower cost.
Discover Unknown Benefits
During an annual review, we can review your insurance coverage, limits, and exclusions. From here, I can recommend what’s best for your particular needs and budget. Tailoring your insurance policy boosts coverage where you need it, and reduces it where you don’t. It can lower costs, because you’re not paying for unnecessary coverage.
And, your policy may also include benefits you didn’t even realize you have. For instance, some policies cover a child’s possessions while they’re living in a dorm room or replacing the food in your freezer after a power outage. It may protect you if your dog bites someone on your property. It could also protect belongings while traveling. It’s always good to review exactly what is covered in your policy!
If you are interested in an annual review, please don’t hesitate to give any of us a call at Langlois Insurance Agency #815-485-2106. We always love to hear from our customers!