How Do I Review an Insurance Policy at the End of the Year?

An insurance policy review will provide you with up to date coverage you can rely upon without breaking your budget or putting your home at risk. Going over your existing policy gives you an idea of the changes around your home and can save you money in the long run. While some changes are subtle and barely noticeable during the year, taking a good look at your insurance policy can show you just how dramatic they really are.

Here are some tips for conducting an effective insurance policy review.

Are You Eligible for New Discounts?

New discounts for homeowners become available from time to time. Whether you are bundling your home and auto policy or have a teenage driver who is an honor roll student, discounts can be applied that will save you money over the course of the year. Anytime you schedule an insurance policy review for your home or auto, ask your agent about potential discounts. You may be surprised to find that you are eligible for a few.

Did Your Home's Value Change?

The appraisal value of your home can vary from year to year. There are times when it may depreciate, while other times, it may rise in value. Even making small repairs to your home or putting in new landscaping can add value. Proper home maintenance is also essential when it comes to keeping your home's value stable. You will not need to hire an appraiser every year, but it's a good idea to have your home appraised to find out its estimated worth when planning an insurance review.

Do You Need Additional Coverage for Valuable Items?

Purchasing valuable jewelry or collectibles is one of the most important reasons for an insurance policy review. While your insurance will cover many things at face value, it will not compensate you for any additional value an item holds. You do not want to insure a $10,000 diamond ring for $500. Valuable items should be appropriately appraised and insured for their actual worth. This ensures that if they are lost, damaged, or stolen, you will be sufficiently compensated.

Has Your Income Changed?

Another factor to consider is your household income. Has it changed dramatically? If you have a life insurance policy, you may need to consider increasing the coverage. This is especially true if you want to make sure your family is cared for if you face any eventuality or mishap in the future and your income was no longer available. An increase in coverage will ensure that your family has no financial worries after you pass away. Alternatively, if your income is reduced, you may not be able to afford your current policy. Discuss with your agent to adjust your coverage accordingly.

Has Your Household Changed?

Retirement, a marriage, a child's birth, or a new driver can make your old insurance policies obsolete. There are many ways a household can change. You can note these changes and bring them to the attention of your insurance agent at the end of the year. Adjusting your coverage will save you money in the long run and ensures you have the protection you need for your home and family.

A year-end insurance policy review is the best way for you to make sure your home, vehicles, and family are fully protected if an emergency occurs. Do not let your insurance coverage become obsolete. Contact the experts at the Scavone Insurance Agency Center LLC in White Plains, New York today! Our team is looking forward to answering all your questions.