Reviewing your insurance coverages every year is important for several key reasons:

1. Life Changes May Require Updates

Your insurance needs evolve as your life changes. For example:

• You bought a new car, home, or expensive items (jewelry, electronics, etc.).

• You renovated your house, increasing its replacement value.

• You had a child or someone moved in/out of your household.

• Your driving habits or commute changed.

2. Avoid Gaps in Coverage

Over time, you might unintentionally become underinsured. For example:

• Inflation increases rebuilding costs on your home.

• You may exceed your liability limits as your assets grow.

• Your old policy may not include newer risks (e.g., cyber liability, identity theft).

3. Take Advantage of Discounts or Better Rates

Insurance companies regularly update rates and discount offerings. A review can help you:

• Apply new discounts (bundling, telematics, home safety upgrades).

• Compare other carriers to ensure you're getting the best value.

• Adjust deductibles for potential savings.

4. Coverage Terms or Company Policies May Have Changed

Insurance companies may change:

• Coverage definitions or exclusions.

• Policy limits or deductible structures.

• Claims handling procedures.

These changes may affect your protection without you realizing it unless you review.

5. Ensure Compliance and Peace of Mind

• For businesses or HOAs, a yearly review ensures regulatory and legal compliance.

• For individuals, it brings peace of mind knowing you're protected from financial risk.

A yearly insurance review ensures your policy still matches your current needs, helps avoid costly surprises, and can even save you money. It's a small time investment with big potential benefits.

Contact our office today.

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