It’s the time of year where insurance policies are renewing! Your insurance renewal means more than just a new year of coverage, it’s a time to review and amend your policy if necessary. Generally, 6 months to a year has passed since you looked at your declarations page, and as we all know, a lot can happen that short span of time! What are some things to think about?

  1. Did you tie the knot?
  2. Receive a piece of jewelry to celebrate an anniversary?
  3. Have one of your children turned 16 with a valid license and need to be added? Maybe your college graduate got their own policy?
  4. Did you get a new car or home? Sell the old one? Even if it’s a lake house!
  5. Finish your basement?
  6. Add a deck or new master bathroom?
  7. Did you purchase a boat, ATV, RV, or snowmobile?
  8. New roof or heating/ac system in your home?
  9. New security system?
  10. Become an empty nester?

While this list is not exhaustive, they are just a few of the many things that are important to be a part of your homeowners, automobile, inland marine, boat or umbrella policy. Will this affect my premium? Most likely and in various ways. Many carrier offer discounts for multiple policies and updates to your home! Perhaps adding one of these may increase your premium.

At the end of the day, my one piece of advice to you is, “Don’t sacrifice coverages for the sake of premium.” We all want to save money, be frugal and get the best deal; and that makes sense! Cost is important, yet so is being adequately covered. In the event of a loss, it would be frustrating to not have the proper coverages. Your agent will never force you to buy specific coverages, however, I encourage you to listen to their recommendations and understand the purpose behind the policy you choose.