When you make a big investment like buying a house or a car, you know that purchasing insurance in Bucks, Montgomery and Philadelphia Counties is necessary for protecting yourself from costly repairs and replacements. The next step is to review your insurance at least annually or with any major life event. Even though this might sound time consuming, Superior Insurance and Auto Tags can make it simple and straightforward. We are going to cover why an annual insurance review is important for you and your family’s wellbeing.
When should I review my insurance policy?
Any major life event calls for a reassessment of your insurance policy, including marriage, divorce, and the birth or adoption of a child or grandchild. You should also look into reviewing your insurance with Superior Insurance and Auto Tags if you or your spouse have experienced any significant health changes, if you plan on buying a home in Bucks, Montgomery or Philadelphia Counties, or if you are expecting a large inheritance. These are only a few examples, so if you are unsure about whether you need to make changes to your insurance policy, talk to an expert at Superior Insurance and Auto Tags.
Why do I need to review my insurance policy?
There are many benefits to doing an annual review of your insurance policy with your agent at Superior Insurance and Auto Tags. Necessary renovations for your home or repairs for your car can change your insurance needs. For example, if you insured your home in Bucks, Montgomery and Philadelphia Counties, for $100,000 when you bought it, and in a few years paid $200,000 to renovate it, you would need coverage that reflected the home’s new value. If there was an event resulting in loss, you would not be able to rebuild without proper insurance coverage.
Another reason to review your insurance when you are renovating is to protect your belongings and home during the renovation process. You should also note that because renovations change the value of your home, you might be eligible for discounts.
What should I discuss with my insurance agent?
Reviewing your insurance doesn’t have to be a complicated process. Here are some suggestions on what you should ask your insurance agent at Superior Insurance and Auto Tags:
- If we needed to rebuild our home, would we have enough coverage?
You might be surprised at how outdated your coverage could be. Because insurance companies only replace lost items with those of a similar kind and quality, it’s important to make sure your insurance covers the value of your belongings. It’s a good idea to estimate the cost of any electrical replacements, appliance upgrades, or any other changes being made in your home in Bucks, Montgomery and Philadelphia Counties.
- What about coverage for landscaping and outdoor appliances?
Any significant investment, whether it be a new pool or a sprinkler system, should be calculated into your coverage. Any appliance or feature that increases your property’s overall value might require a policy upgrade.
- Are my valuables covered in my policy?
This is a bit of a grey area. Your existing policy provides basic coverage for your home and belongings, but it might not be enough to cover all your valuables. It’s worth considering additional coverage for jewelry, antiques, artwork, or instruments.
- I have recently finished renovating my basement; how does it affect my coverage?
In addition to potentially increasing the cost of rebuilding your home, a newly finished basement might require you to purchase additional coverage in case of water damage. For example, if a pipe bursts and damages your carpet and furniture, you would want your policy to cover the costs. This is a good question for your agent at Superior Insurance and Auto Tags.
- Am I eligible for any discounts?
An annual review of your insurance with the experts at Superior Insurance and Auto Tags can ensure you are getting all the discounts you qualify for, such as bundling your home and auto insurance in Bucks, Montgomery, and Philadelphia Counties.
Is it time for a review of your insurance policies? Talk to your trusted insurance advisor at Superior Insurance & Auto Tags today!