Insurance. The word alone is enough to put most people into a deep sleep. Because reviewing your current insurance coverage isn’t your idea of a fun Saturday night, you may be missing out on saving money in premiums or worse yet – you might be missing coverage that you’d need in the event of a claims situation. Capitol Agency, the Insurance Arm of Capitol Federal®, has some helpful tips for you to remember when reviewing the coverage you have, the questions you should ask your current carrier, and when it’s time to shop around.
How often should I review my insurance coverage?
A good rule of thumb for a thorough review of your policies is once a year – ideally a month or so before your renewal date. Keep an eye on such items as changes in coverages, deductibles and premiums, and don’t be afraid to ask specific questions about these changes.
Besides my annual review, are there other times I should visit my agent to review my policies?
There are certain life events that should trigger you to review your current coverage. Below are a few examples:
- Marriage or divorce
- A child or grandchild who is born or adopted
- Significant changes in your health or that of your spouse/domestic partner
- Taking on the financial responsibility of an aging parent
- Purchasing a new home, auto or valuable item
- A loved one who requires long-term care
- Refinancing your home
- Coming into an inheritance
Making your agent aware of these major events will trigger important conversations about your coverages and help safeguard against any surprises in a claims situation.
My home/auto policy just went up $100, and I haven’t done anything to deserve it!
Sometimes when we open our renewal bills, we discover an increase that’s not triggered by any of the usual suspects: claims, tickets, accidents, the addition of a teen driver, etc. Insurance companies take rate increases as they incur losses in certain areas – Kansas and Missouri, for example, have a high wind and hail loss history – this can drive up premiums for everyone, regardless of whether or not you’ve had this type of claim. This is when having an independent insurance agent comes in handy. They are able to shop your coverage with multiple companies, so you don’t have to find a brand new person with whom to trust your most valuable assets.