According to the Insurance Information Institute, four events should necessitate a review of your insurance policies; during policy renewal, when you’ve made major purchases, carried out home improvements, and after a major lifestyle change.
At Tillman Insurance Advisors, we believe you should review your insurance policies yearly. It’s pertinent that you include reviewing your insurance policies as part of the financial decisions yearly.
Please take a deep look at every policy with your name and talk to insurance professionals about what kinds of changes you can make to your policies. While it might seem tedious, a review of your insurance policies will put you in a better financial position in the future.
Start by downloading our Policy Review Checklist. You can then follow this step to review your insurance policies;
While it might seem that it’s a lot of “overhead,” this is the best place to start your policy review process.
This exercise will allow you to be more aware of how much coverage you have and how much you may want or need. You’ll also be aware of who is there for you when the insurance company becomes difficult to reach.
While it might be easy to throw all of your insurance policies into a drawer, it’s worth it to pull everything out and make sure that you can read through the fine prints.
You might not even notice the amount of time you spend trying to understand how your coverage works or exactly how much money you are paying for the coverage you have.
Another way to review your insurance policies is to know precisely what you have and your coverage limits. For example, if you purchase a homeowner’s policy, you will want to know how much money your policy will cover (the limits), what types of damage or losses it covers (what is and isn’t covered), and whether or not there are any other options that you can consider purchasing to improve your coverage.
There are various choices for you to consider regarding a homeowner’s policy. The key is being sure that you understand what each option does for the policy as a whole.
If you have a business, don’t neglect the importance of knowing the basics. From understanding unemployment to workers’ compensation, your business insurance policy will have different limits depending on what it covers. And while you might think that you know everything there is to know about your business, it’s always a good idea to review these things to ensure that you are purchasing the proper coverage.
As with everything else in life, there are many factors to consider regarding your insurance policies. In addition, each type of coverage has different rules and regulations, and each one will have its own set of exclusions that might not apply to other policies. So it’s worth your time to get educated about the different types of policies you can purchase.
One of the biggest hindrances for individuals when reviewing their insurance policies is their agent. While you might be convinced that you will have a great relationship with your agent, the chances are that it is not always going to be the case. If your insurance agent is not willing or able to help you, it’s time that you look elsewhere to find someone who can assist you.
It’s never too early – or too late. Take the steps you need to make the most informed decision possible regarding insurance policies.
By understanding your policies, you can ensure that you get everything you need out of your coverage. You’re going to have a great time reviewing for the new year!
Don’t put yourself in a tight corner, reach out to our expert insurance advisors. They are better equipped to have a sit down with you and review your insurance policies.