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How Often Do I Need to Review My Insurance Coverage?

By February 8, 2023Insurance

Regularly reviewing your insurance coverages will help protect you against the unexpected. As a general rule, it’s usually recommended that you review your coverages at least once a year to keep your policy information updated. However, there are instances when you need to review it more often than that. Keep reading to learn more about insurance reviews and when you should do them.

What is an Insurance Review?

An insurance review is a thorough look at your insurance coverage, usually with the help of an experienced agent. You’ll review your policies that protect your vehicles, home, family members, and other valuables. Reviewing your coverages will help ensure that you’re getting the best possible rates and coverage options available.

Why Should You Review Your Insurance Coverages?

It’s important that you regularly review your insurance coverages to help ensure that your property and your loved ones are well-protected. During an insurance review, you should review all of your insurance policies, including auto, home, life, and any other insurance policies you have. If you discover that you can save money on any of these policies, you can contact your insurance provider to get a better rate.

When Should You Review Your Insurance Coverages?

In addition to reviewing your coverages once a year, you should also review your coverages when you experience a life-changing event. Since life-changing events can occur throughout the period of an insurance policy, you’ll want to check with your insurance provider when an insurance-qualifying event occurs outside the typical renewal timeframe. Some of those events include:

  • A change in marital status
  • The birth of a child
  • Sending a child to college
  • Purchasing a new home
  • Buying or selling a car
  • Changing jobs
  • Retirement
  • Renting out a property you own
  • Beginning a home renovation project
  • Moving to another state

Benefits of Reviewing Your Coverages

In addition to having peace of mind knowing that you and your loved ones are protected, you can also save money on your insurance policies. If a life-changing event has occurred, reviewing your insurance coverages will mean that you’re always covered and won’t have to pay out of pocket whenever life throws you a curveball.

Review Your Coverages Today

Freedom Insurance Agency is here to help ensure that you have the best coverages at the best rates possible. If it’s time to renew your coverages, or have experienced a life-changing event, talk to one of our experienced insurance agents to review your options. Get started now by clicking for your FREE quote.