Your Guide to an Annual Insurance Review
A lot can change in your life over the course of a year, including your insurance needs. That is why it is best to review your insurance agreement and policy declarations annually, to ensure your coverage is protecting what you need it to. Here are a few of the questions you should ask yourself when looking over your policy.
Auto Insurance Policy
Has the use of my vehicle changed? Is your vehicle used for business? Is it garaged at a different location? Auto insurance rates are generally associated with use and territory. It’s possible if you have moved, or if the vehicle is now used differently or at another location, it is not insured or rated properly.
Are there any new drivers on my policy? Adding a driver to your policy may cost more upfront, however, in the event of an accident, it may help you tremendously.
Have I bought or sold any vehicles? If you have purchased a vehicle, it must be added to the policy in order to have coverage. If you have sold a vehicle and have not alerted your agent, you are likely paying a premium unnecessarily for a vehicle you no longer own.
Has the use of my vehicle changed? Is your vehicle used for business? Is it garaged at a different location? Auto insurance rates are generally associated with use and territory. It’s possible if you have moved, or if the vehicle is now used differently or at another location, it is not insured or rated properly.
Are there any new drivers on my policy? Adding a driver to your policy may cost more upfront, however, in the event of an accident, it may help you tremendously.
Have I bought or sold any vehicles? If you have purchased a vehicle, it must be added to the policy in order to have coverage. If you have sold a vehicle and have not alerted your agent, you are likely paying a premium unnecessarily for a vehicle you no longer own.
Farm Insurance Policy
Have I acquired any new equipment? Similar to buying a new car, you should add any new equipment you have purchased to your policy. This will safeguard it against any mishaps that may occur.
Have you put up a new building or structure? Buildings need to be listed on your policy in order to have coverage.
Has my livestock or farm personal property inventory changed? If you have had changes in your livestock numbers over the course of the year, you may need to increase or decrease your protection. Likewise, forgetting to adjust your Farm Personal Property coverage as your inventory changes can result in suffering a co-insurance penalty at claim time.
Have I acquired any new equipment? Similar to buying a new car, you should add any new equipment you have purchased to your policy. This will safeguard it against any mishaps that may occur.
Have you put up a new building or structure? Buildings need to be listed on your policy in order to have coverage.
Has my livestock or farm personal property inventory changed? If you have had changes in your livestock numbers over the course of the year, you may need to increase or decrease your protection. Likewise, forgetting to adjust your Farm Personal Property coverage as your inventory changes can result in suffering a co-insurance penalty at claim time.
Home Insurance Policy
Has the value of my home increased or decreased? Most Homeowners policies contain a clause that helps you maintain appropriate coverage as building costs increase, but if you have done extensive remodeling, made renovations, or increased the square footage of your home, you should discuss this with your agent. It is important to make sure your home is covered at its current value.
Changes in your home personal property inventory checklist? Did you purchase a new television or computer? If yes, you may need to reevaluate your coverage to account for these items in case of a loss.
Acquired an expensive jewelry item? The coverage in a Homeowners policy for jewelry items is limited. You may want to consider adding an Inland Marine schedule to your policy to properly cover these types of items.
Has the value of my home increased or decreased? Most Homeowners policies contain a clause that helps you maintain appropriate coverage as building costs increase, but if you have done extensive remodeling, made renovations, or increased the square footage of your home, you should discuss this with your agent. It is important to make sure your home is covered at its current value.
Changes in your home personal property inventory checklist? Did you purchase a new television or computer? If yes, you may need to reevaluate your coverage to account for these items in case of a loss.
Acquired an expensive jewelry item? The coverage in a Homeowners policy for jewelry items is limited. You may want to consider adding an Inland Marine schedule to your policy to properly cover these types of items.
Contact Your Agent
Insurance can be confusing and stressful, but the important thing to remember is it’s meant to provide you with protection against the risks of life, so you can live it to the fullest. Contact a Cornerstone Insurance Group Agent to get your review started.
Disclaimer: This information is only a general description of coverage and is not a statement of contract. All coverages are subject to the exclusions and conditions of the policy and endorsement(s) when applicable. Information was provide by Farmers Mutual of Nebraska.
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Insurance products are not a deposit, not FDIC insured, not guaranteed by the Bank and not insured by any Federal Government Agency (except crop insurance, where applicable). An equal opportunity employer.
Website Privacy Statement | Cornerstone Bank
Home | Types of Insurance | Locations & Staff | Contact Us
Insurance products are not a deposit, not FDIC insured, not guaranteed by the Bank and not insured by any Federal Government Agency (except crop insurance, where applicable). An equal opportunity employer.
Website Privacy Statement | Cornerstone Bank
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