With a new year right around the corner, it’s the perfect time to perform an annual check on your insurance policy.
Making this kind of review a yearly occurrence will help you stay on top of your insurance policies, could save you money, and will ensure that you are always fully covered.
Here are five details that you should really review when checking your insurance policy.
1. Re-evaluate the Contents of Your Home
If it has been a year or more since you last took inventory of your belongings, it’s time to re-evaluate. Most homeowner policies also protect the contents in a home, in addition to the house itself. As you’ve most likely purchased new items since your last recorded tally of personal belongings, you should take note of anything that should be added to your list. If you’ve made home improvements, such as kitchen or bathroom upgrades, these additions to your home’s total value should also be mentioned in your policy updates.
2. Are You Paying Too Much?
It is a good idea to check into any discounts or savings that you may be eligible for at the beginning of every year. Don’t assume that you’re getting the best price, just because the amount you’re currently paying was the lowest you could find when you first purchased your insurance policy. You can potentially save yourself some money by looking into bundle discounts on your auto, business, life, or home insurance. Factors like a good driving record, your age, or full-time student status can have an effect on your policies. Sometimes even raising your deductibles can lower your monthly insurance rates.
3. Bundle Your Insurance Policies
If you haven’t done so already, you may want to consider bundling your current insurance policies. Do you have a different provider on each of these policies? Most insurance companies offer more than one type of insurance, and for this reason, many of them offer discounts to customers who choose to purchase multiple forms of insurance from the same provider. By simply asking your insurance providers what your potential savings may be, you can save money by bundling two or more policies, like your home and car insurance.
4. Consider Alternate Insurance Providers
Have your insurance rates skyrocketed since last year, through no fault of your own? It may be time to consider some alternatives to your current provider. Whether due to an increase in claim activity over the past year, or a company experiencing a financial loss for the year, there may be other providers that can offer you a better price for the insurance policies that you require. Saving some serious dollar bills is only one reason why doing an annual check on your insurance policy is such an important routine to build.
5. Account for Any Changes from the Past Year
Keeping your policies updated is the best way to ensure that you are fully covered, in every aspect of your life. People change too, so make sure to reflect any changes in your health or situation within your life insurance coverage. If you’ve recently had a baby, stopped smoking, gotten married, or retired from your job, these changes may affect your policy. Similarly, your auto insurance coverage could change if you now travel a shorter distance to work, or if you’ve decided to finally put winter tires on your vehicle.
Contact Us Today!
The professional team at Sadler Insurance has been serving Albertans for over 80 years.
We understand that insurance choices can be overwhelming. As a full-service independent Edmonton insurance broker, we aim to make the “fine print” clear for you.
No matter what you are looking for – from auto, business, life, or home insurance – our insurance professionals are ready and willing to help you.
We strongly believe in fostering relationships with our clients and insurance partners.
If you would like to check your insurance policy today, one of our team members would be happy to help you.
Request a quote from one of our insurance brokers today to find out how we can help.