Time For Your Renewal? Why You Should Review Your Policies With Your Agent

Your insurance policy is not a set-it-and-forget-it document. Life changes, financial situations evolve, and insurance providers update their policies regularly. That’s why reviewing your insurance policy annually is crucial. An annual review ensures that you have adequate coverage, up-to-date information, and the opportunity to potentially save on premiums. Here’s why you should make it a habit:

1. Ensure You Have Adequate Coverage

Over the course of a year, your circumstances may change. You may have purchased a new home, added a family member, or made significant upgrades to your property. Failing to update your policy can leave you underinsured, which could lead to financial difficulties in the event of a claim. Regularly reviewing your policy allows you to adjust coverage based on your current needs.

2. Keep Your Information Accurate

Incorrect or outdated information can lead to problems when filing a claim. Whether it’s a change in address, new assets, or updated beneficiaries, ensuring that all your details are correct helps avoid complications down the line. An annual review allows you to update your policy with any relevant changes, ensuring a smoother claims process if the need arises.

3. Take Advantage of Discounts and Savings

Insurance companies often adjust their rates and offer new discounts based on changes in risk factors or competitive pricing. By reviewing your policy each year, you might discover that you qualify for new discounts—such as bundling policies, installing security systems, or maintaining a good driving record. Comparing your current policy with other available options may also reveal opportunities to save money.

4. Adapt to Policy Changes

Insurance providers frequently update their terms and conditions, which could impact your coverage. By reviewing your policy annually, you can stay informed about any modifications, exclusions, or added benefits that could affect your protection. Staying proactive helps you make informed decisions about whether to adjust or switch your policy.

5. Prepare for Life’s Changes

Marriage, having children, starting a business, or retiring—these life events significantly impact your insurance needs. Ensuring that your policy reflects these changes can provide peace of mind and financial security for you and your loved ones.

Here's A Quick Breakdown: When To Review Your Policies With An Agent

	Schedule that review!	Maybe just an email will work...
Had a new baby?	✔️	❌
Curious what water-backup coverage is and why you have it?	✔️	❌
Get a new car that isn't showing on your policy?	✔️	❌
Move into a different apartment?	✔️	❌
Start collecting antique clocks?	✔️	❌
Purchased a home out of state?	✔️	❌
New job as a realtor?	✔️	❌
Built a 2-story tree house in your backyard complete with trampoline entrance for your kids?	✔️	❌
Adopted a new family of huskies?	✔️	❌
Don't mind that your coverage may not fit your needs since you initially got the policy and want to forget you have to put money into an insurance policy in the first place?	❌	✔️

Takeaway? Always schedule that review! Who knows what you could uncover 🔍. Give us a call today to review your policy. Whether it's with us or another carrier, we're happy to discuss your options.

(207) 363-7894 | www.tapleyagency.com | 300 York St . PO Box 808 . York, Maine 03909