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“When Should I Update My Insurance?”

It’s a question we hear all the time. Some insurers prefer to review their policies upon renewal, some at major life events, and some at the start of the new year. The truth is that it’s always a good time to review your coverages and make sure you and your belongings are protected in the event of a loss.

The new year is a time of reflection and renewal, marked by a new outlook, new resolutions, and new possessions received during the holidays. As the dust settles after the frenzy of the holiday season, it is a great opportunity to refocus on the areas of our lives we may have neglected at year’s end. As you count your blessings and take stock of the changes offered by the new year, don’t forget to review the insurance policies that keep you safe and secure. A few things to consider:

Will This Year Bring Life Changes for You?

Marriage, retirement, a child learning to drive or going away to college, birthdays and more can all influence your insurance rates. For example, married couples are usually eligible for a reduction in auto insurance rates. When young drivers turn 21 and 25, their rates will normally decrease as a result of statistics which suggest that drivers over these ages are less likely to get into accidents. All licensed drivers in your household must be listed on your policy, so if someone moves in with you or gets licensed, it is important to reflect these changes in your insurance policy.

Are You Relocating?

It is important to keep your addresses up to date on your policy. Your new home may require a different set of coverages, and your new neighborhood may have different auto rates, which are influenced by regional driving records.

Wondering If You Need Insurance For A Holiday Gift?

If you received a valuable gift this holiday season, you may want to consult your policy to determine whether you have adequate coverage on it, or if you will need to request an endorsement to your policy. Most property policies (homeowners’, renters’, and condo insurance) limit the amount that can be paid for a single item. That is, if your policy has a personal property limit of $50,000, a certain percentage of that limit, as determined by your policy declarations, will be allotted for certain kinds of items. This means that jewelry, watches and furs, electronic items, silver and fine china will all be covered up to a predetermined limit. If you have individual items which exceed these limits, you will want to have those items appraised and added to your policy as scheduled personal property. This will avoid your receiving less than the item’s worth in the event of a covered loss. Remember that all claims are subject to a deductible. Do you know your policy deductibles?

When To Revaluate Your Insurance Coverage

There is never a bad time to review your policies and determine if you are adequately covered. The professionals at Capital Gate  Insurance have amassed over 30 years of industry experience, and can find you the best policy for the best price. What are you waiting for? Consult a licensed insurance professional at Capital Gate today.

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