If you haven’t already looked over your various insurance policies this year, then time is of the essence. It’s important to review your insurance policies on an annual basis to ensure that they accurately reflect your coverage needs. But what should you look for during your reviews? Asking yourself these questions will help you update your policies as needed.
Has my life changed this year? Are these changes represented in my policy?
When reviewing your insurance, you should check for any policy changes. For instance, you might notice that your policy is showing premium increases. While many increases are legitimate and can be explained by your agent, some increases can also be mistakes. Make sure you understand every change in your policy before renewing to ensure that you are not overpaying for your insurance.
Can I afford to increase my deductibles?
By now, you probably know that your insurance deductibles and your premiums have an inverse relationship. This means that the higher your deductibles, the lower your premiums will be. Policyholders are encouraged to assume a higher deductible as a means of saving money on their coverage. So, during your review, look at your deductibles and decide if you can afford to raise them. Keep in mind that you should never raise your deductibles to an amount that’s higher than you can comfortably afford, as this could prevent you from accessing your insurance when you need it the most.
Do I qualify for new discounts?
Finally, you should conduct a year-end insurance review to check to make sure you are getting all the discounts and reduced rates that you qualify for. Changes in your circumstances often mean that you now qualify for discounts that you did not qualify for previously. Make sure that all your discounts are applied to your policy to save a significant amount of money during the coming year.
Ask yourself these questions when reviewing your insurance policies. Are you looking for assistance with your personal insurance? If so, then contact the experts at Phocus Insurance in Phoenix, Arizona. Our dedicated team is eager to assist you with all your coverage needs today.
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