5/28/2017

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Updating Your Insurance

How often should you review your insurance policies?

We often neglect reviewing our policies until there is a pressing need for them. That is when we realize that our insurance policies have not been properly updated. Every now and then, you should take out your insurance policies and thoroughly review them. This should be done before events in your life take place that may affect your financial health.

Your insurance coverage should always be kept up to date to make sure you have the right coverage on what you think is important to you. Don't wait until there is a death, fire, accident, or other incident before you take action regarding updates to your policies. By then, it may be to late.

Listed below are some events that may make changing your insurance policy necessary.

  • If a death occurs, contact your insurance agent immediately to receive death benefits and to make any necessary changes to the policy. Changes may include the removal of the deceased name from the policy and the policy to may need to be rewritten altogether.
  • If you have moved, you should change the address on the policy to reflect your current mailing address. You should also provide your insurance agent and company with a current telephone number.
  • If you have recently married, or divorced, you should talk to your insurance agent about revising your policies. It is imperative, as a matter of smart business sense, that you either add, or not add, your spouse to your policy or take, or not take, your ex-spouse off of it.
  • If you have a name change due to a marriage or divorce, it may be a good idea to let your insurance company know that, too. Insurance companies issue claim checks to the name listed on the policy.
  • Your homeowners insurance policy should be changed to reflect the real value of your home, and the contents in it. This includes upgrades due to remodeling and room additions. It should also reflect any items of personal property such as jewelry, furniture, electronics, kitchen and dining ware, and other items of value.

If events in your life warrant making changes to your any of your insurance policies, whether large or small, you should contact your insurance representative. And agent can advise you on what he, or she, feels is the best course of action, but remember, the buck stops with you. You should be confident that your insurance policies are up to date and in good standing.

By reviewing your insurance policies periodically, you may find inaccurate information on them that may need to be changed. You may also find areas that, if changed, can save you money.

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