Home Insurance Annual Check-Up: Ensure You Still Have the Best Coverage
Massachusetts Home Insurance Annual Check-Up
Insurance coverage should never be considered a “set it and forget it” purchase. Insurance companies offer a variety of policies designed to fit the unique lifestyles of the customers who need them. Your home, your family, your possessions, and your lifestyle are always changing. To ensure you have sufficient coverage, your home insurance should evolve to keep up with these changes. Indeed, a home insurance annual check-up is a bit like your yearly physical. It’s a chance to check on the coverage you have. Then, make changes to ensure you’ll be safe and protected if an issue arises in the year ahead. Your yearly home insurance check-up ensures you enough coverage without paying for what you don’t need.
Why Do I Need a Yearly Home Insurance Review?
At first glance, a home insurance review can seem like a hassle that’s best avoided at all costs. Why bother when you already have coverage? It’s important to remember that your home insurance is designed to protect your home at its current value, not the amount it was worth when you purchased it. Additionally, insurance companies make changes all the time. You could be eligible for better programs and discounts you aren’t aware of. These are a few reasons you may be overdue for a home insurance review.
- Home Upgrades: Kitchen and bathroom renovations are some of the most common home improvement projects. They increase the value of your home, but they also increase the cost of rebuilding in the event of a catastrophic loss. Your insurance agent should know about any additions or improvements you make to your home.
- Expensive Possessions: The possessions you acquire change regularly. If you purchase or inherit expensive items, your home insurance policy should reflect the changes.
- Self-employment: Starting a home-based business is more common than ever. Still, a typical home insurance policy does not protect this. An in-home business policy will protect your business related assets in your home.
- Changing Family: Marriage, divorce, and a new baby are all events that change things within your home. These events might mean your home is growing, you have more possessions, or you need to change beneficiaries on your existing insurance policies.
- Potential Disasters: A typical home insurance policy may not cover perils associated with high-risk areas. As the climate and environment continue to change, you may need to reassess your risk factors and reconsider a flood or earthquake policy.
Is My Insurance Agent Trying to Up-Sell?
It may seem like you’re simply walking into a meeting that ends with you spending more money on insurance. However, it’s actually a great opportunity to upgrade your insurance and even potentially save money. When you work with an independent insurance agent, your annual home insurance check-up provides you with a chance to check the coverage you have and the rates you’re currently paying. Prices and companies occasionally change within the insurance industry. Your agent has the professional knowledge to help you decide if you should change your coverage. Alternatively, you might be able to pay cheaper premiums or lower your deductible.
LoPriore is an independent insurance agency that works with a variety of insurance companies to provide our customers with insurance that fits your lifestyle. This means our agents are in a position to help you find the policy that provides the coverage you need at a price you can afford. We don’t believe in one-size-fits-all insurance solutions. Your insurance coverage should be as unique as you are. That’s why we take the time to learn about the changes in your lifestyle.
Making the Most of Your Home Insurance Review
Your home insurance policy is designed to provide coverage that meets your needs at the best prices possible. When you meet your insurance agent for a home insurance review, take advantage of the opportunity to get the best results possible. Ask questions to determine how to get the best coverage available and maybe even save a little money in the process.
- Ask about discounts. Life changes may mean you need more insurance coverage, but they can also mean you’re eligible for discounts you couldn’t get in the past. Ask your agent if you can get any additional discounts to lower the price of your policies.
- Learn the details of your coverage. Your home insurance policy is designed to replace your home and its contents in the event of a disaster. Take the time to discuss exactly what types of coverage you have. Thus, avoiding any surprise expenses if you experience a loss.
- Evaluate your choices about deductibles. A higher deductible often means a lower premium. Your insurance agent can help you weigh the pros and cons of choosing a high deductible based on your current income, location, and potential risk factors.
- Seek expert advice from your insurance agent. An independent agent can help you understand your existing coverage and also help you explore options that might help you get additional coverage with add-on policies or a different insurance company. Taking the time to ask for advice may help you learn about policies you didn’t know were available like umbrella coverage, liability insurance, and pet or boat insurance.
Learn More About a Home Insurance Annual Check-Up
Understanding your home insurance policy is an important part of having the right coverage for your unique lifestyle. Life is busy. Years creep by, and accomplishments can add up without you realizing how much your financial situation is changing. A yearly home insurance check-up is a way to ensure you have the coverage you need to replace your possessions in the event of a devastating loss. Get in touch today to learn more about how a home insurance check-up can help you protect your assets and maybe even save money in the process. Our agents are always available to answer your questions, provide a quick quote, or share information about the personal and commercial insurance policies we have available.
Home Insurance Annual Check-Up FAQs
Even if your home hasn't changed, your lifestyle or insurance company may have evolved in ways that can improve your coverage or make you eligible for discounts that can decrease your monthly premiums. Additionally, a coverage review can help you better understand your current coverage.
No. Our agents are always available to discuss your insurance policies and changes you need to make. If you upgrade your home or purchase expensive possessions, it's a great idea to call your insurance agent right away to discuss additional coverage.
- New home – A discount is available for more modern homes.
- Mature homeowners – A discount for policyholders who are 55 years of age or older and retired. For married couples, one spouse must be at least 55.
- Multi-policy discount – Available if you have both homeowners and automobile insurance with us.
- Protective Devices – Available for an automatic sprinkler system, a central fire alarm system, a central burglar alarm system, and a combination of smoke detectors (one per living level), deadbolt locks (on all exterior doors), and fire extinguisher(s).
- Claim free discount – Available only to those who have been our customers for several years.
- Non–smoker discount
- Renewal credit
Our independent agents work with a variety of companies to provide you with the coverage you need to fit your lifestyle. Your agent can help you explore your options to change policies or companies if you're not satisfied with your current situation.
The amount of insurance coverage you want is up to you. If your needs haven't changed and you're happy with your current policy, we're glad to leave everything exactly the same as it was before your annual review.
Possibly. It's common for insurance companies to make changes that lead to cheaper premiums. Your agent can help you look for additional discounts, compare different companies, and seek different combinations of insurance policies to find a lower-priced option. Additionally, you may be able to get a higher deductible within your current policy to get cheaper monthly premiums.