A New Year Should Mean an Annual Insurance Review

At the beginning of the new year, many people often make resolutions to better themselves. From eating healthier to exercising more, saving money to completing a project, we all make goals for the year. 

In 2020, resolve to better protect yourself and your loved ones by performing an annual insurance review. This simple act can save you from a ton of problems should you have to file an insurance claim down the road. By knowing exactly what coverage you have and – perhaps more importantly – what you are missing, you’ll be able to make the right decisions about your insurance needs.

Your McAllen insurance lawyers at Millin & Millin highly recommend you review your policy at the start of every year with your insurance agent. Here’s why.

How You Can Benefit from an Annual Insurance Review

1. Protect Yourself from Gaps in Your Coverage

If you have coverage for any of your property – including a home or other valuables – you may find that you are actually underinsured because of how property value increases. For instance, if the property value of your home is greater than the cost of when you first bought it, then you may not have enough coverage to rebuild in the event of a catastrophe. 

For example, if you paid $150K for your home but over the years its value has increased to $250K, then a lack of coverage could leave you footing the bill on any damages suffered.

2. Save Yourself Money 

When reviewing your insurance policy, you may find the means by which to save yourself a bit on insurance costs, including taking advantage of discounts you weren’t aware of, adding extra coverage at no extra costs, or even taking coverage off of property you no longer have, such as a vehicle you recently sold. 

Depending on your insurance provider, you may even be able to lower your premium if you have improved your credit score over the past year, decided to pay an annual premium versus monthly installments, or simply been with the company for a significant amount of time.

3. Keep Your Business Compliant

Businesses in the United States are expected to have certain policies in place in order to protect employees and clients. Failure to update your coverage can lead to substantial penalties, or even bigger issues, like being sued by another party.

It is much better to be proactive when it comes to your business and seek out adequate coverage so you can protect your business and yourself from financial hardship. 

Questions to Ask Your Insurance Agent

When performing an annual insurance review, there are several questions you will want to ask your insurance agent in order to ensure that you have the protection you need to keep yourself, your family, and your valuables safe.

  1. Does my homeowner’s insurance policy take into account all the upgrades I have done to my home over the last several years? 
  2. Do I need additional medical insurance coverage because of my current health conditions? 
  3. Do I need to add extended coverage for my valuables and/or additional property? 
  4. What type of business insurance coverage would protect me from a lawsuit, property damage, or in case business is interrupted. 
  5. Do I qualify for any discounts if I purchase multiple policies from the same provider?

 

Start the decade off on the right foot by reviewing your insurance policies. If it’s been some time since you last examined them, you’ll have the opportunity to make adjustments before disaster strikes. This can prove to be absolutely pivotal when making an insurance claim.

Unfortunately, even with the right coverage in place, insurance companies may still act in bad faith. If you are dealing with an insurer who does not want to pay out the coverage that is rightfully owed to you, then do not hesitate to contact the dependable and trustworthy McAllen insurance lawyers at Millin & Millin. We have the skill, knowledge, and compassion necessary to get you the results you need.

Contact Millin & Millin today at (956) 631-5600 for a FREE case evaluation.