While we all lead very busy lives, one thing we do not want to neglect is the condition of our insurance policies. Not reviewing your policies with your insurance agent is like never visiting your doctor for at least your annual checkup. You may get away with it for a while, but it could lead to serious problems in the future. We recommend an annual insurance review and here are our 5 suggestions for you:
1.Request a current Schedule of Insurance. This will provide you with a snap shot of your coverages at the time of your request. Once you know what coverages are in place, you can discuss the need for any additions, deletions or changes with greater confidence and understanding.
2. Schedule a meeting or a telephone call with your agent to review ALL your policies. This will include an overall review of your Personal, Commercial, as well as Life and Health insurance needs. This is a great opportunity to review your entire portfolio including property values, deductibles, and any need for additional (excess) liability coverage. We recommend the best time to schedule this call or visit is at least 30 days before your renewal date or if you are thinking about purchasing a new location, vehicle, boat or any other type of major purchase.
3.Speaking to your insurance agent is another opportunity to discuss any changes that have occurred in your life, such as the purchase of a primary home, a rental property, a vacation home, the birth of a new baby, a new business venture or even a change in your current business operations, or personal status. This may be a good time to also discuss health care options, long term care insurance for you or your parents, life and/or disability insurance or retirement planning. Your agent can assist you in making the right choices for you and your family.
4. If you are a business owner, perhaps your business is in growth mode and you are expanding by hiring more employees. You may be required by law to provide Workers Compensation Insurance and Short Term Disability or face steep penalties depending on your state laws.
5. Be sure to discuss areas where there may be opportunities for discounts such as multi-car, defensive driving, packaging auto, home and umbrella policies, non-smokers,burglar alarms and mature market discounts just to name a few. In today’s economic climate, any means of saving money is sure to help a family or business’ insurance budget.
A regular insurance “checkup” is like the old saying by Benjamin Franklin …. “An ounce of prevention is worth a pound of cure”. Give us a call today and let our insurance consultants here at Petschauer Insurance assist you in making good insurance decisions for you and your family.