Without proper insurance coverage, you could become financially liable for damages or create a financial burden for those around you. However, buying an insurance policy is not the final step in the process. Periodically, it is important to evaluate your coverages to ensure you have the appropriate amount, whether you have homeowner’s insurance coverage, automobile insurance, or life insurance coverage.
Homeowner’s Insurance
Most homeowners understand it is important to reevaluate their homeowner’s insurance coverage when there are major changes, such as the addition of a swimming pool, a major renovation, or a significant change in the value of the home. Even when there aren’t changes, it is still important to assess your insurance about once a year to make sure you have enough coverage. Your insurance agent will ask questions to determine if there are any changes you may not have considered that could affect your policy.
Automobile Insurance
Many factors that are used to determine your automobile insurance rates can change often. For instance, your credit score can have an impact on the premiums you pay. In addition to credit score, changing jobs, buying a new home or car, or a child who has reached driving age can have a significant impact on your rates. Whenever one of these factors changes, it is best to contact your auto insurance provider to discuss the impact that adjustment will have on your rates. Even though some insurance companies automatically review your policy, they may not recognize any changes.
Life Insurance
Life insurance is designed to provide financial security to your family after you are gone. While no one likes to think about leaving their family behind, it is important to make sure they are cared for in the future. Major life events, such as having a child, getting married, getting a divorce, or buying a new home can have an impact on your insurance policy. Even a significant change in income can make a difference in the amount of life insurance coverage you need. If you don’t have any of these major life changes, it is critical to evaluate your insurance policy every three to five years to establish you have the appropriate amount of coverage to meet your family’s changing needs. Having proper insurance coverage will assure you have the appropriate coverage to protect you and the rest of your family in the event of an accident or disaster. Once you buy your homeowner’s coverage, automobile insurance, and life insurance coverage, your work is not yet done. Each of these policies should be reevaluated on a regular basis to make sure life’s changes are accounted for. It will also ascertain whether you are paying the proper rates and have the coverage you need so you don’t meet financial disaster in the event of a tragedy. If you need to reevaluate any of your insurance policies, contact us at Steven Graves Insurance Agency. We can help you find the proper coverage at an affordable rate.