01/13/22

Considerations for your annual insurance review

Many consumers renew their policy each year without even cracking it open to see if anything has changed. Life throws curveballs and insurance policies need to be in tune with how we live and the everyday changes that happen.

You may not know that renovating your home or adding a new driver may impact your coverage.

Here are some questions you should consider and discuss with your independent agent to make sure you have the right coverage.

Home and condo

  • Have you made or are you planning to make any home renovations?
  • Did you add a pool?
  • Have you installed a security system?
  • Have you put in additional smoke/gas alarms?
  • Did you add a water detection device?
  • Have you replaced or upgraded your roof to be impact-resistant or energy-efficient?
  • Have you acquired a trampoline?
  • Do you spend a lot of time on the computer?
  • Are you renting out your condo or home for short- or long-term stays?
  • Have you changed the number of people in your household?

If you answered “Yes” to any of these questions, we recommend you connect with your agent to discuss whether you need adjust your protection options and/or coverage limits on Siding and/or roof restoration coverage, Water backup and sump overflow, Home cyber protection or Home sharing.

Life changes

  • Are you adding any new drivers to your policy?
  • Has your marital status changed?
  • Did you get a new pet?
  • Have you retired?
  • Are you moving or considering a move?
  • Did you purchase a vacation home?

Any “Yes” and you may need to change or adjust your coverage limits on or learn about Liability coverage, Newer car replacement, SafeTeen program or Pet injury protection.

Auto

  • Have you purchased or inherited any vehicles?
  • Has your driving record remained violation free?
  • Have you been in an accident?
  • Are driving more or fewer miles?
  • Are you living in a new neighborhood?

Any “Yes” and you may need to change or adjust your coverage limits on or learn about Deductible dividends, Liability coverage, or Newer car replacement.

New purchases

  • Have you bought or sold a motorcycle?
  • Has a new household member obtained their motorcycle license?
  • Have you purchased or sold a recreational vehicle?
  • Have you made any improvements to a recreational vehicle?
  • Have you bought or sold a boat?
  • Have you changed where you store your boat?
  • Did you make any upgrades to your boat?

Any “Yes” and you may need to change or adjust your coverage limits on Motorcycle insurance, Custom and chrome coverage or Watercraft.

Umbrella

  • Do you have people visiting your home frequently?
  • Have you been in a lawsuit?
  • Do you participate on any non-profit boards?
  • Does a house cleaner come to your home on a regular basis?
  • Have you hired someone to plow your driveway or mow your lawn?
  • Do you walk your dog in your neighborhood or local park?
  • Are you carpooling with other families?

Any “Yes” and you may need to change or adjust your coverage limits on Umbrella or Bundled coverage.

Valuable items 

  • Have you purchased any expensive artwork?
  • Did you start a wine collection?
  • Have you gotten engaged?
  • Have you added any new jewelry to your collection?
  • Did you invest in high end audio or video equipment?
  • Have you inherited any costly items?

Any “Yes” and you may need to change or adjust your coverage limits on Valuable items, Personal belongings or Prestige coverage.

Home business

  • Did you open a home business?
  • Have you added any office equipment to your home?
  • Did you hire any employees?
  • Have the days or times clients can visit your home changed?

Any “Yes” and you may need to change or adjust your coverage limits on Home-based business, Equipment breakdown or Liability coverage.

These are just a few of the life changes that could increase or decrease your insurance needs. Call our team at Marshall & Sterling to schedule an annual insurance review today!

For the original article, visit The Hanover Insurance Group's blog.