a happy male insurance advisor talks with clients after going through Gate City Bank’s annual insurance coverage checklist

4 Types of Insurance Coverage to Review Annually.

Insufficient insurance coverage can prove costly if the unexpected happens. Fortunately, we’ve compiled a convenient checklist to help you evaluate your evolving policy needs each year!

Whether for personal or business purposes, reviewing your insurance portfolio at least once a year is incredibly important. Not only is it an opportunity to potentially save money on premiums – it also saves your investments in the event life happens and you need to be protected, financially.

Getting a regular pulse check on insurance is also necessary to make sure your coverage aligns with certain life changes, such as moving into a new home, welcoming a newborn and everything in between. Even a seemingly insignificant life change – such as getting a raise at work or receiving a modest inheritance – could be a factor, potentially opening the door to optimal coverage. 

Partnering With a Pro.

First and foremost, when reviewing insurance coverage, it’s crucial to work with a knowledgeable advisor who can provide a detailed analysis that will help you make informed decisions. Any professional worth their salt will scan your policies to narrow down risk gaps, address any overlaps in the fine print and identify opportunities to save your hard-earned money.

Ultimately, the right insurance advisor will be there to answer your questions and guide you through next steps. There are five main types of insurance to discuss together during your recurring meeting, which we’ve outlined below.

Pro Tip:

By packaging multiple policies together at the same time through one insurance provider (otherwise known as “bundling”), you could potentially receive a discount on your premiums.

Key Types of Insurance to Review Annually:

  1. Life insurance
  2. Property insurance
  3. Auto insurance
  4. Miscellaneous insurance
  1. Life insurance

    By revisiting the topic of life insurance each year, you can be better informed about options to meet the future needs of those you care about most. For example, if new policy benefits become available, such as those involving long-term care insurance, your insurance advisor can update you on them and help you decide if they’re the right fit for your unique situation.

    As a side note, always be prepared to provide your insurance provider with relative personal information, such as Social Security numbers and medical records. You’ll also want to think about who to designate as beneficiaries, as well as consider any lifestyle changes – all so that you can ensure the preferred policy features are in place.

  2. Property insurance

    Whether it’s for a home, apartment, business facility or anything else, property insurance is also worth examining on an annual basis. For one, the property’s value might have changed during the year, especially if you added new features, such as a pool, additional room, etc. To that point, you might have also obtained jewelry, expensive electronics or other valuable assets that are worth covering.

    Plus, there might be opportunities for policy discounts! Like if you recently updated security devices or installed a new sprinkler system. At the very least, a yearly look at property insurance is an opportunity for you to get a refresher on coverage terms and decide whether or not deductibles, limits, exclusions and other variables are still appropriate with your current circumstances.

  3. Auto insurance

    When it comes to auto insurance, people are often tempted to automatically renew their policies each year without thinking. While this mindset of setting and forgetting might sound easy and convenient, it’s potentially a missed opportunity! One that’s definitely worth talking with your insurance advisor about.

    Did you maintain a good driving record for the past year? Ding! Ding! Ding! You may have access to better terms. Experienced a bump in your credit score? Hello, potentially lower premiums. The point is, there are multiple benefits that can come from staying on top of auto insurance.

    If anything else, cruising through an annual discussion with your insurance advisor means getting a chance to freshen up on liability, collision and comprehensive details. And any new driving habits – such as a change in commute, increased miles or new drivers – may also be worth touching on.

  4. Miscellaneous insurance

    It seems like there’s insurance for just about anything these days, and depending on how life changes throughout a given year, certain additional options may make sense for you. From disability to Medicare to pets and more, it’s important to consult with your advisor on any additional insurance needs that may be relevant.

    One type of insurance, however, is worth taking an extra close look at – liability umbrella insurance. Discussing this option with your advisor is especially key because life is filled with moments that are out of your control. More specifically, liability umbrella insurance is coverage that extends beyond the parameters of a regular underlying policy, giving you an opportunity to pay less out of pocket if faced with a lawsuit pertaining to injury or property damage involving someone else.

Protect What Matters Most.

Scheduling an annual insurance review may not sound glamorous, but it’s worth it! By following the checklist we’ve outlined above, you can seamlessly adapt to evolving circumstances from year to year, ensuring that you have the right amount of coverage – and peace of mind. Contact a helpful insurance advisor to get started today.

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