The start of the year is a good time to re-evaluate your insurance needs and identify the areas that might need revamping. While you may not have witnessed much of a change in your life this year, don’t be surprised if you discover that your insurance coverage needs have changed. To be on the safe side and have a peaceful new year, it’s good practice to review your insurance needs annually.
Here is a look at insurance tips to help you in the insurance re-evaluation resolution.
Insurance companies typically arrive at a premium amount based on factors such as property value, the size of risk involved, and insurance limits. This means that in case of any changes in the size of risk or property value, the amount of premiums will also likely change. Keeping this in mind, you should outline the major changes that have happened in your life since the last review. This is important as it will enable you to identify the gaps in your coverage and open your eyes to unwanted/ excess coverage if any.Common changes that affect premiums include
Take note that some changes can lower your insurance needs. For instance, if you sell your car or relocate to a safer place, your insurance needs could be reduced.
Most insurance companies offer discounts for mitigated risks. Therefore, as the new year begins, take this chance to lower insurance costs by mitigating risks in your life. Some of the ways to reduce risks include, among others:
Talk with your trusted advisor at Tompkins Insurance to learn how to best mitigate your risks.
Discounts are sometimes available based on certain other factors. For instance, if you bundle your policies, you may be able to earn a discount and lower your costs. Other potential ways to earn insurance discounts could include:
To get an insurance policy tailored to your unique insurance needs, seek help from a reputable insurance agent. At Tompkins Insurance Agencies, we provide personalized policies to homeowners and businesses across New York and Pennsylvania. Contact us today to learn more!