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When Should You Update Your Insurance Policies?

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When Should You Update Your Insurance Policies?

Insurance PoliciesHome owners and car owners know that insurance is an essential part of being a responsible owner. Buying insurance for your home or car is one of the first thing a new home or car owner does. However, once purchased, many people forget about the details of their insurance policies. They simply pay the premiums month after month without giving any thought to their changing situation, and how this may impact their insurance coverage.

When to Update Home Owner’s Insurance

A home remodel is an excellent time to speak with an insurance agent about the home owner’s policy. Obviously, increasing the value of the home may increase the value of a home owner’s policy. Many home owners, however, may be surprised to learn an upgrade may actually lead to a home owner insurance discount. Adding safety features such as a burglar alarm or sprinklers, for example, may result in a discount.

When purchasing a big ticket item such as jewelry or art, it is a good idea to contact the insurance company to discuss whether a change in policy limits is needed. Home owner’s insurance allows for the replacement of valuables if stolen or destroyed, however, there is a limit to the coverage. It is important to make certain the policy limit is sufficient to meet replacement costs.

When to Update Car Insurance

One should review their car insurance coverage on a regular basis. There are a few life events that may also trigger the need to evaluate car insurance coverage. When a family expands, with the addition of children, or the addition of a live in adult such as a parent, consider the limits of car insurance coverage. With more people riding in the car, one may want to increase the limits of the policy.

Obviously, if a teenager starts driving, they need to be added to the policy. However, this is a good time to evaluate the limits of the policy as well. Also consider potential discounts. Some insurance companies offer discounts for good students, as well as teen drivers that take a class to learn better defensive driving techniques. Additionally, some insurance companies offer a discount when a teen goes away to college, but still needs to be on the policy for when they come home.

A new job may increase or decrease the amount of miles driven, which could impact the cost of your car insurance. Additionally, if one starts working from home, or regularly taking public transportation, a call to their agent is in order. This may reduce the cost of car insurance.

Likewise, moving to a new home, closer to work, could impact car insurance costs. When one becomes a homeowner, there may be an opportunity to bundle car and home owner’s insurance.

Stay Safe and Stay Covered

At Rosner Law Offices, P.C., we want you to stay safe. But we also want you to stay covered. Checking insurance policies regularly to ensure they are meeting the needs of the policy holders is an essential part of making certain one has the coverage they need for their life situation. If you are injured at someone else’s home, or in a car crash, we can help. Contact us at (856) 692-6500 today to schedule a free consultation.

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