Your insurance policies aren’t “set it and forget it” documents. They’re living contracts that need to be reviewed at least once a year or any time a major life or business change occurs. Failing to update your coverage can leave you underinsured or paying too much.
Here are key reasons you should contact your agent to discuss potential updates to your policies.
Auto Policy Updates
When reviewing your auto coverage, consider these common life changes that could impact your rates and necessary coverage:
- You moved. A change in your garaging address is one of the most significant factors in your premium.
- Your driving habits changed. You may be eligible for a lower rate if you drive fewer miles than you used to or have recently taken a safe driver course.
- Your personal status changed. Getting married or turning 25 (often a key age for lower rates) can lead to potential savings.
- Your driving record is better. If your driving record has been clean for three years, you may qualify for a good driver discount.
- You improved your credit score. A better score can sometimes translate into a better rate.
- You started a side hustle. If you now drive for a rideshare service, you need specific commercial coverage that your personal policy won’t provide.
Homeowners Policy Updates
Make sure you aren’t underinsured! Contact your agent if you have made or are planning any of these changes to your home or its contents:
- Home improvements or renovations. Any major change that increases the value of your home (e.g., a kitchen remodel, new roof or finished basement) requires an adjustment to your dwelling coverage.
- Added structures. Building a detached garage, shed or greenhouse means you need to increase your “Other Structures” coverage.
- New security measures. Installing a home security system or fire sprinklers can often qualify you for a discount.
- Started a business or rental. If you started a home-based business or began renting your home out (long-term or short-term), you need a policy rider or separate commercial policy to protect you from business-related liability and losses.
- New personal property. Purchasing new high-value items (e.g., expensive jewelry, art, designer clothing or electronics) may require you to add a separate “floater” or endorsement to properly cover them, as standard policies often have low limits for these categories.
Business Policy Updates
Your business is constantly evolving, and your insurance needs to keep pace. Contact your agent to update your commercial policies if you have experienced any of the following changes:
- Growth and staffing. You have hired more employees or your business grew significantly.
- Physical location changes. You have moved to a new location, renovated the property or installed a security system.
- Asset and equipment changes. You have purchased new equipment or had an increase in the value of your property.
- Operational shifts. You have started offering different products or services, implemented digital operations or started working with third parties (which may require specific liability coverage).
- Structural and regulatory changes. You have formed a board of directors or there have been changes to your state’s Workers’ Compensation requirements.
- Vehicle changes. You have added vehicles to your business fleet.
The Value of a Regular Review
Don’t wait for a claim to discover a gap in your coverage. Your annual review is a simple, proactive step to ensure your assets are fully protected and you aren’t leaving money on the table through missed discounts.
Your next move? Pull out your current policies and give your agent a call. A quick conversation today can provide you with peace of mind tomorrow.
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