Information to help you protect your family, cars, home and future
Everyone should do an insurance review at least once per year. Here’s what you need to know.
Ready to schedule yours? Call us at 865-922-3111 or click here to use our contact form.
Doing an annual review of your policies could be as simple as sitting down with your agent and going over your policies. However, a little preparation can go a long way. It’s always a good idea to do a review on your own time so that you can manage your coverage and come up with a list of questions to ask during your one-on-one with an agent.
Here is a step-by-step guide of what to do to review all of your insurance policies.
Even if you have all of your insurance from a single provider, it’s necessary to compile each policy in a separate category. The critical items to pay attention to are:
We recommend that you create a summary of each policy so that you can have it for easy reference.
Although you will do an in-depth review with your agent, it’s best to get an understanding of what to expect so that your interaction is more streamlined. If your agent has to explain everything to you from scratch, the whole process will take a lot longer.
When reading through each policy, mark any areas where you have questions. Use colored sticky notes (instead of a highlighting pen) so that you can stay organized during your meeting.
It never hurts to have extra copies of your policies. One should be on file, and another is what you’re going to take with you. Having a duplicate means that you can make notes and write on the margins without affecting anything.
Once you have a summary sheet and a list of questions regarding your policies, then it’s time to make an appointment. To help you stay organized during the meeting, you should write all of your queries down in a list.
If you are a BJI customer, give us a call or fill out our contact form to schedule a review of your policies. It doesn’t take long and can help you have the peace of mind knowing that your coverage is sufficient, and it might even save you a little money.
If you are not a BJI customer, we can help you as well. Because we are an independent agency, we can compare your current policies with the rates of multiple insurance companies so that you get the best rate for the coverage that you want. Give us a call or fill out our contact form to schedule a review of your policies.
For most of us, insurance is a necessary part of life. Whether it’s protecting our homes, our cars, or ourselves, having the right insurance can ensure that you aren’t put in a precarious position when something happens.
However, is your current insurance policy providing you with the best coverage? When was the last time you checked on it to see what is covered and what isn’t? According to experts, you should be conducting an insurance review every year, which most of us don’t do.
As such, today we’re going to be discussing the benefits of doing an insurance review, what it entails and what to pay attention to the most. Don’t wait until something happens to find out if you’re fully covered or not.
Simply put, this is when you sit down with your insurance agent and go over the specific details outlined in your policy. It’s best to do this with all of your insurance so that you can catch any gaps in coverage and solve that issue immediately.
The goal of an insurance review is to make sure that the policy you have is the one that’s going to provide you with the best protection. For example, if you have a homeowner’s policy for your house that hasn’t been updated in ten years, you could have a significant gap in coverage.
Fortunately, your insurance agent(s) will be more than happy to sit down with you and discuss your changing needs and see how you can adjust your policy to reflect any recent updates. This process is relatively quick and painless, and it can save you a lot of time, money, and headaches in the future.
Chances are that you haven’t thought about reviewing your policy since you started it. However, if there have been any significant changes in your life since then (i.e., marriage, divorce, family changes, income level, home improvements, etc.), it’s imperative that you look at your insurance to see if there is anything that needs to be updated.
Here are a few reasons why doing an annual insurance review is right for you and your family.
This problem is most common with homeowner’s insurance since the market can appreciate in value over time. For example, if your house was worth $350K when you bought it and now it’s worth $500K, your policy needs to reflect that. If your payout is still based on the first figure, that’s a huge discrepancy that will come out of your pocket.
You may have signed up with several different insurance companies, which means that you have various agents looking over and securing your policies. However, it is usually beneficial to combine services with one insurance company so that you can either save money or get more comprehensive benefits. In addition, an independent agency such as Bob Johnson Insurance can let you compare the savings between multiple insurance companies instead of just one.
Although it’s more likely that your policy will have to be updated to reflect a higher payout (which may mean higher premiums), a review may enable you to save more money in the long term. Car insurance especially can be reduced if you’ve gone years without an accident or moving violation. Doing an annual review can help you make the most of your monthly payments.
Do you know what you’re covered for right now? Does that account for everything that could happen? For example, does your policy cover everything from fire to floods? If not, then now is the time to add it. Even if you’re not sure what could happen to your property (or yourself) in the future, it’s better to be safe than sorry.
When doing an annual insurance review, it’s best to look at any and all policies that you have. These can include life, homeowner’s, renter’s, and auto insurance, among others. It’s best to look at and take care of everything all at once so that no surprises are lurking in your coverage.
Even if you think that everything should be the same, it’s better to do a full review of all of your policies, just in case. You never know what other services you can qualify for that can improve your coverage and your monthly payments.
There is no “right” answer here, but there are some guidelines that you should follow to be safe. Based on expert recommendations, this is when you should review each kind of policy (beyond an annual checkup).
If you are a BJI customer, give us a call or fill out our contact form to schedule a review of your policies. It doesn’t take long and can help you have the peace of mind knowing that your coverage is sufficient, and it might even save you a little money.
If you are not a BJI customer, we can help you as well. Because we are an independent agency, we can compare your current policies with the rates of multiple insurance companies so that you get the best rate for the coverage that you want. Give us a call or fill out our contact form to schedule a review of your policies.
Everyone should do an insurance review at least once per year. It’s not complicated. An insurance review is when you sit down with your insurance agent and go over the specific details outlined in your policy. The goal is to consider any changes you have made over the last year and make sure that your insurance coverage still the correct amount. You may also find some discounts or lower rates that you previously did not know were available.
Here’s what you need to know:
Ready to schedule your insurance review? Call us at 865-922-3111 or click here to use our contact form.