New Year, New Plan: The Importance of Having the Right Policy for You

Personal Insurance | 1/20/2022

Written By: Emilie Temple

As the calendar turns to 2022, it’s a common practice to look ahead to what the new year holds. Whether it is an upcoming personal vacation or exciting work projects, there is an anticipation that awaits. While looking forward to the new year, it is also vital that you review your current personal insurance policies. There may be events that are coming up, or have just occurred, that effect what your exact coverage needs are. What are some of the reasons for you to evaluate your personal insurance policy?

  • Review for personal life changes.
    • Many life changes can happen in a year that can impact your coverage, limitations, and rates, such as getting married or divorced, death, new drivers, a new job, etc.
    • Reviewing your policies annually allows you to explore and customize coverage to prevent any gaps in coverage.
  • Review for new coverages that may benefit your insurance needs.
    • As times change, new threats emerge that can impact you, and insurance companies are adapting to meet these needs. For example, due to the increased risk of cyber fraud, some insurance companies  now offer cyber protection on their homeowner’s policies. Service line and equipment breakdown are additional coverages that are newer and may be an option to add at renewal.
  • At renewal, insurance providers may change coverages or deductibles, so it’s important to review the policy notices and disclosures thoroughly upon receipt.
    • As roofs age, companies  may amend their coverage from replacement cost to actual cash value (depreciated coverage). 
    • Many insurance companies are moving to a separate wind/hail deductibles.    
    • Reviewing at renewal can help prevent an undesirable conversation should a loss occur.
  • A review can uncover additional savings.
    • Bundling home and auto on a package policy often results in a generous discount.
    • Many companies offer credits for smart home features, paying off loans/mortgages, installing alarms, updating roofs, youthful drivers with good grades and completion of driver’s ed, as well as financial responsibility.
    • Additionally, you may be driving less due to the pandemic, which may reduce your auto premium.
  • Annual reviews help ensure you have the protection you need for the best price. Insurance is more than just a piece of paper; it’s a promise of protection when you need it most.
    • There are those that purchase coverage but may know very little about what they are paying for. Reviewing renewals can help insureds understand what may or may not be covered if they should experience a loss.
    • These reviews also help build rapport and trust with your AssuredPartners insurance advisor. 

These are a few vital reasons to look at what your policy entails. Having the proper personal insurance policy is something that can’t be overstated. Our team of personal insurance specialists can help navigate your coverage solutions throughout life’s changes. Contact us today to start the conversation.