Rising inflation is causing prices to fluctuate on everything from gas to groceries. In a volatile marketplace, it's important to maintain the best insurance coverage for your needs-while keeping costs affordable. Plus, life changes both big and small can impact your insurance coverage needs.
Rising inflation is causing prices to fluctuate on everything from gas to groceries. In a volatile marketplace, it's important to maintain the best insurance coverage for your needs-while keeping costs affordable. Plus, life changes both big and small can impact your insurance coverage needs. The Keller-Brown Insurance team is taking proactive steps to review client accounts for coverage gaps, so current customers can expect a call from us soon! If you've experienced any of the following changes recently, now is a great time to review your insurance coverage.
1. Major life events
Annual insurance reviews are important to keeping you adequately covered. In 2020, Bankrate found that nearly half of all homeowners didn't review their insurance coverage. And nearly half of those people would likely have benefited from an insurance review-whether because they could have saved money through newly applicable discounts or acquired coverage better suited to their changing circumstances.
If you've recently moved, gotten married, or experienced some other life changes, you're likely due for a change in coverage.
These are just a few of the changes that can affect your insurance:
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Marriage or divorce
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Having children
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Selling, buying, or renovating a home
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Signing a new lease
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Changing jobs
2. Seemingly minor life changes
It may come as no surprise to you that it's important to review your insurance after buying a new house. However, did you know that getting a dog could impact your insurance coverage? Or installing a home security system?
Even life events that seem minor to you can affect your insurance premiums and coverage needs. Installing a new home security system could make you eligible for a discount, while getting a dog may push your rates higher.
In fact, the same Bankrate survey discovered that 7% of people could have leveraged discounts thanks to the added protection offered by their home security system-if they conducted an insurance review.
3. Market volatility
In a volatile market, it's especially important for homeowners to maintain a current policy. As inflation rises, costs of repairs do as well-not to mention the value of your home. Consumer Affairs reporter, Mark Huffman, points out that many homeowners would be left underinsured without a policy review.
Without an update to your coverage, you could be in danger of major gaps. If something were to happen to your home, you might not be entitled to necessary coverage like a total reconstruction without an up-to-date insurance policy.
4. Matching your coverage to your comfort level
It's not only life changes that can affect your insurance needs, but also your personal outlook on vulnerabilities and loss. Over time, your priorities and budget have likely changed. Reviewing your insurance policy helps ensure your coverage aligns not only with your needs, but also with your individual coverage priorities.
5. Planning for the future
Similarly, if you haven't recently experienced any of the life events we mentioned above, you might be planning for them in the future. By factoring your future goals into your insurance plan, you'll be better prepared to take on unexpected challenges. With the right insurance policy, you're less likely to need to dip into your savings account should unexpected emergencies arise.
Review your insurance policy with Keller-Brown Insurance
Whether you've gone through a major life change or not, it's likely that your insurance needs have changed over the past year. Reviewing your coverage enables you to identify potential gaps, ensuring you're properly covered should you need to file a claim.
We're working through our client list to identify potential coverage gaps and cost savings, and current customers can expect to hear from us about an insurance review soon.
You can also reach out to us if you don't want to wait! If you've experienced any of the changes we mentioned in the list, we encourage you to contact us today for an insurance review. We'll connect you with the best insurance coverage for your budget and needs.