Many people forget about their insurance policies once they initiate them with the belief that paying their monthly premiums is all they need to do to stay protected. While it is necessary to keep up with your premiums, that’s not the end of your responsibility. If you don’t review your insurance policies with an trusted insurance agency in Peoria, AZ, year after year, you may find that you’re lacking coverage in an emergency. Here are a few specific reasons to review your policies on an annual basis.
Compensate for Changes
A great deal can change in a year and, if you don’t update your insurance policies to reflect those changes, you may find your insurance coverage is insufficient. For example, if you add a garden shed on your property, it may not be covered for damages unless you add a rider to your existing homeowner’s policy.
Change Beneficiaries
A common mistake people make is to forget to amend beneficiaries after a personal or business relationship ends. If you have a life insurance policy that names your spouse as the beneficiary and you get divorced later in your life, you will likely want to name a new beneficiary. Similarly, a policy that covers your business assets may name a partner with whom you’ve had a falling out.
Bundle Your Policies
As changes in laws affect how an insurance agency in Peoria, AZ, can market their services, they may be able to offer extra discounts or bundling services that can save you money. Reviewing your policies with your agent can also help you ensure you’re still complying with complex probate or tax laws.
If you live in Peoria and you haven’t recently updated your insurance coverage, contact Ideal Insurance Agency by visiting their website at .
