When did you last review your insurance policies?

If you can’t answer that question don’t be ashamed! Most people won’t – they may compare the price, but not much more. We all get complacent, and it can be tempting to just renew the policy. If you own a home, and several automobiles your premium is likely in the thousands of dollars each year. Is there any other product where we spend so much and know so little?

Now is a good time to review your insurance protection with your agent. Here are a few reasons why:

You likely have more things - and more valuables to protect. Perhaps you have updated the home office, installed home gym equipment, remodeled a room, added an addition, purchased recreational toys, bought a second home, started a hobby or part time business – had a baby.  Reviewing your risk exposures with the protection offered in your insurance contracts is wise and anytime is a good time to review the protection you need.

You could be insuring things you don’t have any longer or they have lost value and it’s less expensive to self-insure: If it’s been a while since you last reviewed your policy, chances are you’re covering things that you may not have or might have upgraded. You may want to increase your deductibles to realize premium savings to purchase greater liability coverage.

Reviewing can eliminate unpleasant surprises. Kids home from school? Participating in or hosting a remote schooling ‘pod’ with a few other parents? You might need to update your umbrella policy to make sure that you are protected if a friend’s child slips and falls while at your home during class. A conversation with your insurance agent can address this uncertainty in minutes!

Running your business or working out of your house rather than your business office presents new liabilities. If your home network is now your work network and your home computer has become your work computer, your insurance needs and exposures have changed. You may need to update your business liability and cybersecurity coverage to address the increased security risk of working in a less secure home network.

If any of these reasons resonate, contact one of our insurance professionals to review your current your situation, policies and make recommendations on how best to reduce your long term cost of risk!