Have you ever had a life-changing event? If so, then it's time to check your current insurance plans and make sure they best fit your needs. A yearly review of your insurance policies gives you the opportunity to explore how these changes affect your coverage and your insurance rates.
Take advantage of IST’s Insurance Policy Review Checklist below. For a more thorough review and update regarding your policy you can call us at 763.244.3735.
Recent renovations and purchases may have affected your homeowners or renters insurance. It’s important to update this documentation so that you can maintain the coverage needed on all of your property, including new items.Get in touch with the Insurance Specialists Team to update your home insurance policy.
REVIEW YOUR HOME INVENTORY CHECKLIST
Did you purchase any valuable items since your last policy updates like jewelry, furniture, electronics,etc.?
Tip: when adding new items to your inventory include important details such as name/model/serial number of the items and price. You may also include photos. You need to update your list even if you have special coverage for your items.
REVIEW YOUR HOME VALUE
How old is your home?
In the last year, did you make any remodeling or renovations in your home?
Tip: Renovation and your house's age can affect your home’s market value so make sure to review changes and upgrades in your house to make sure you have the needed coverage in place.
MORE THINGS TO CONSIDER
Would you like adequate protection for damage to your home and contents from a sewer back up?
Would you like to add additional coverage for flood and earthquake, if previously not covered in your policy?
Have you considered increasing your deductible to lower your premium?
Any major changes in your life and circumstance can alter your auto insurance coverage needs .Reviewing your auto insurance policy regularly will help you get the coverage you need should an accident happens.You can review your auto insurance checklist or make updates regarding your insurance policy with The Insurance Specialists Team.
Do you review your vehicle’s age?
Tip: A car’s value decreases as it ages, so ask your agent about reducing coverage or increasing deductibles to save money on insurance.
Are you planning to purchase a new car this year?
REVIEW YOUR DRIVERS
Are there new drivers in your home?
Tip: If you have a teenager who just got their driver’s license or will be getting one since your last insurance update, then it is time to update your auto liability coverage.
MORE THINGS TO CONSIDER
Did you move to a different area/place?
Did you change where you’re parking your car?
Tip: Insurance companies often gives lower insurance rates if your car is parked in the garage versus parking on streets -which can make drivers more vulnerable and increase their rates of accidents.
Have you considered getting a multi-policy bundle? ( If you need more insurance policy bundling may give you discounts)
Your life insurance policy should be updated each year to reflect your life and health changes. This is to ensure that the coverage you have are according to your needs.
Have you gotten married or welcomed a new baby into the family?
Are you approaching retirement?
Are there changes in your marital status?
Are there changes in your employment status?
Are you now smoking?
Were there changes in your health status since the last policy update?
Tip: Your lifestyle and health have a big impact on your insurance premium. For example, the healthier you are, the lesser your life insurance premiums will be.
Do you want to add or change your beneficiaries?
Tip: A dispute can be avoided with proper updates to your beneficiary information. When you update this annually, the correct people will always receive benefits in case something were ever to happen.