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As you go through life, your financial situations and priorities change, so your insurance coverage should change along with them. All too often, people purchase policies and simply renew them out of habit, only to find that years later, they no longer have the protection to cover their losses. Once a year, you should meet with your agent to review your policy and make sure it’s still right for you.

Why You Should Schedule an Annual Insurance Review

Major Life Changes

insuranceIf you’ve had a child, made a major purchase, or you’ve gotten married in the last year, you’ll want to make sure your coverage limits reflect these changes. Life insurance is especially important if you’re starting a family, giving you the ability to take care of your loved ones after you’re gone.

But you should also have your homeowner’s insurance policy reviewed, especially if you’ve bought a boat, expensive artwork, or made major improvements to your house. Your old policy limits may not be enough to cover the investments you’ve made if your home is severely damaged or destroyed.

Changes in the Law

Each state requires drivers to carry a minimum amount of liability insurance to protect other drivers. This requirement changes periodically, so having an annual check can ensure that your policy meets the state criteria and your coverage limits are enough to protect your assets.

Lower Premiums

Insurers are always introducing new discounts and other programs, which could save you money, but you usually have to go looking for them. Your carrier could also have a new policy offering the coverage you need at a lower price. Either way, an annual insurance review could save you money.

 

As a Farmer’s Insurance® and a Life Underwriter Training Council Fellow, Michael E Glick Insurance in Boerne, TX, has the in-depth expertise and wide range of high-quality products to make sure you’re fully protected against the unexpected. To request a quote or schedule an insurance review, visit the website, or call (830) 816-9488, and follow their Facebook page for updates, tips, and news.

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