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Should I Review My Insurance Annually?

Here are 3 reasons why you should.

One thing most people generally do not put down as a New Year’s resolution is to review their insurance.  Whether you consider an insurance review a resolution or not, you should consider it annually! Below are 3 reasons why you should do so.


There are many factors that can increase your premiums, whether they are triggered by something on your part, or not. Most people understand that premiums will increase as they purchase new vehicles, add a young driver, or buy that bigger house.  Business owners understand revenue growth, new employees, new facilities, and new product lines can increase exposure, and as a result, premiums.

However, premiums go up for other factors as well.  One is inflation, the cost to repair or replace.  The insurance company might be taking a regional increase because they’ve sustained higher than normal loses in your particular part of the country. It could also be a change in corporate leadership or underwriting philosophy. Or, perhaps your credit score changed.  There are literally hundreds of reasons your premiums could rise.  Many impacted by you, the insured, and many completely outside of your control.


Keeping your protection current is very critical, and is the foremost reason for the annual review. Many times, an insured will call their agent to ask a question, and the agent will discover that that their client has a new vehicle, or other new exposure that hasn’t been protected yet.  One example would be the time that one of my clients had a one million dollar building built, and had forgotten to call me to get the building listed on their policy!  Your annual coverage review acts as safety check to make sure you are completely covered.


Needless to say, when you take the time to learn and understand something better, you often feel more satisfied. The same is true for your insurance – especially when you save money and reassure yourself you’re not over insured or underinsured.  The next time you hear a horror story, or have a major loss, you won’t be worrying about your coverage

Don’t wait for your agent to contact you.  Contact them now! It’s better to ask what you feel is a dumb question, than to not ask at all, and regret it later.  For many years, our agency has been reviewing insurance policies, and reaching out to our clients via mail, email, a call, or in person.  This is one way we attempt to help you review your insurance.

I once had a business prospect who was asking several good legitimate questions.  He paused and apologized by saying, “I’m sorry, but I’d rather be surprised now, instead of after a claim!” at which time I said, “Me too!” You should have the same perspective.  Contact your agent and review your options!