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The Importance of Reviewing Your Insurance Coverage Regularly

By October 10, 2024Insurance

An insurance plan provides you and your family with a safety net, but that net can develop different holes over time that need to be patched. Most people understand the value insurance brings, but many underestimate the importance of regularly reviewing your coverage. At Freedom Insurance, we’ve been providing people with advice regarding their insurance plans for years, and wanted to talk today about why it is so important to review your insurance coverage regularly.

Changes in Circumstances Matter

Nothing ever stays the same forever, change is inevitable. Whether you’re welcoming a new member into your family, or opening a new location for your business, your life is going to change. Whenever you anticipate big changes, it’s a good idea to preemptively adjust your insurance coverage. Failing to adjust your coverage before things change could lead to a lapse in coverage.

Keep Up on Top of the Insurance Market

Just like any other market, the insurance market is always evolving and shifting. To ensure you have the coverage you want, it’s important to keep up to date with the latest in the insurance market. The best way to do this is to work with a professional insurance agent, who will be able to keep you current on all the greatest information.

Are Your Beneficiaries Still the Same?

We don’t like to think of our demise, but should anything happen to us, we want peace of mind in knowing that our loved ones will be taken care of. Do you have the right beneficiaries outlined in your will? If you’ve recently lost loved ones or are recently divorced, you may need to consider evaluating who is set to benefit from your will.

Save Some Money

Who doesn’t love saving money? If you haven’t reviewed your insurance plan in some time, then there’s potential to save a good bit of money. The insurance market is constantly evolving, or your circumstances may have been affected in a way that allows you to save money on your insurance. If you’re interested in saving some money, you should seriously consider reevaluating your insurance plan.

Reevaluate What Should Be Covered

It’s a good idea to have all of your major life investments and important people in your life backed with insurance policies. Every so often you should consider whether or not you have the coverage right for you. You may need to shift the amount of coverage you have. For example, if your home has recently increased in value, you should look to increase the amount of homeowners insurance you have.

Learn More From an Experienced Maryland Insurance Agency

Are you interested in learning more about reviewing your insurance coverage? Have some questions about how you can do so? At Freedom Insurance, we’ve been providing Marylanders with our insurance plans and advice for years. If you have any questions at all, we’re here to help you. Reach out to us to learn about all of the insurance services we offer. We look forward to working with you!