A yearly insurance assessment allows you to revisit your existing policies in light of any significant life changes over the past year, potentially affecting your coverage needs. Use this checklist to dive deep into your policies and pinpoint any coverage discrepancies.
Group examining documents.
Evolving Home Value. If you own a house, reflect on whether your current insurance adequately reflects its value. Consider any renovations since the purchase that might necessitate adjustments in coverage. Even without any modifications, your home’s worth could rise due to factors like its location or recent neighborhood sales.
Don’t forget to factor in the worth of your home’s contents. Recent acquisitions or upgrades, especially bespoke ones, might necessitate an insurance update.
Outdoor Additions. Remember that enhancements outside your house, like landscaping, can influence its overall value. Perhaps you’ve introduced a modern irrigation system, constructed a spacious toolshed, or set up a jacuzzi on your terrace.
Treasured Family Items. Evaluate if your current policy offers ample protection for prized items, such as art pieces, jewelry, or musical instruments. Acquiring or inheriting items like family relics or antiques in the past year might require specific insurance provisions.
Shifts in Daily Travel. A job transition doesn’t just alter your daily commute but can also influence your car insurance premiums. A reduced commute or secured parking facility could bring down your insurance costs. If both you and your partner have transitioned to working remotely, your changed driving routine might be grounds for a reduced rate. Inform your insurance representative of any such professional shifts.
Marital Status Changes. Entering or exiting marital bonds can necessitate insurance adjustments. Newlyweds might want to consolidate their auto insurance. Irrespective of whether you’re renting or have bought a house, updating the inventory of joint belongings might be on the cards post-marriage or after a divorce.
A regular insurance review doesn’t need to be a cumbersome affair. Much like your vehicle’s annual service or periodic home upkeep, this review ensures optimal coverage benefits for you and your loved ones. Prepare a list of modifications or queries for your consultation with your Bolder Insurance advisor.