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How Often Should I Review My Insurance Coverage?

Insurance reviews help agents find the best coverage plans for wherever you are in life. Certain events like purchasing a new home or buying a car can change the type of insurance package you need. It’s important to relay that information to your insurance provider.

It’s usually recommended to seek an insurance review once a year to keep your policy information updated. To get all your questions about insurance reviews answered, read on to learn more about how insurance reviews work, why you should get one, and what kind of life events are relevant to your policy.

What Is an Insurance Review?

Insurance reviews help ensure that you qualify for the best possible rates and coverage options available. During an insurance review, your agent will go over the details of your insurance package and review recent life changes that could affect your policies. 

In some cases, insurance reviews can reveal certain discounts that were unavailable before, potentially saving you a considerable amount of money in the long term. 

Why Might I Need to Renew My Coverage?

Agents review a complex range of factors to determine what types of insurance products are ideal for your situation. Seemingly small changes like buying a home or selling a car can make a big difference in how your policies are structured. 

It’s also important to renew coverage after making any major purchases, such as buying a boat, vacation property, or camper. Speak with your agent annually to keep your possessions secure.

What Are the Advantages of Having Insurance Review?

Insurance reviews protect you from overpaying on your policies by catering coverage to your unique situation. A lot can change in a year, and an annual insurance review may uncover ways for your agent to reduce your rates

More importantly, reviewing your insurance policies makes sure all your information is accurate so your beneficiaries, properties, and belongings are always fully covered. By keeping all your policies updated with timely insurance reviews prevents any lapse of coverage, you can feel more confident and protected.

What Is an Insurance-Qualifying Event?

Insurance-qualifying events are the various milestones in life that change your coverage needs. These events are anything from selling property or possessions to relocating your primary residence. During an insurance review, your agent will help you identify certain events that affect your coverage. Some of the most common insurance-qualifying events include:

  • Change in marital status
  • Sending a child to college
  • Buying or selling a car
  • Purchasing a new home
  • Moving to another state
  • Changing jobs
  • The birth of a child
  • Beginning a home renovation project
  • Transitioning from renting to owning, or vice versa
  • Opening a property you own to renters

Where Do I Start With Scheduling an Insurance Review?

Whether you’re thinking of consolidating your different insurance plans under one provider or seeking coverage for the first time, a thorough insurance review can help put it all in perspective. 

To get started, find an insurance company that knows how to customize coverage throughout the many changes in your life. Reach out to your agent to carefully review your policies and any qualifying events that have occurred.

Trust Bethany Insurance to Find You the Best Rates

Your coverage will change over the years, and you need an insurance company that can keep up with your busy life. For comprehensive support reviewing your policies, contact Bethany Insurance today. Our associates are experienced at helping freelancers explore their insurance options and find the right policies to fit their needs.