Why You Need an Annual Insurance Policy Review

As this year is coming to an end, you may be reflecting on all the things that have changed. Maybe you bought a new home or had your first child. You may have lost a relative and come into some additional assets you didn’t expect. When these life changes occurred, did you update your insurance policy? It may be a good time to review your needs with your agent and ensure you and your loved ones are protected.

Benefits of an Insurance Policy Review

Reviewing your insurance policy annually is a proactive way to make sure your coverage is aligned with your financial goals. As circumstances change, it’s likely that your insurance needs may shift too. An annual review can help you identify gaps in your coverage, allow you to take advantage of new discounts and confirm that you have the coverage you need, giving you peace of mind you are properly covered.

Some common life changes that may need an insurance policy review could include things like buying a home, getting married, starting a family, adding a teen driver or acquiring new assets. Any of these life events can significantly impact your financial needs and your insurance protections. Even smaller changes like a new job, a move or paying off debt could change your eligibility for discounts. By assessing your policies during transitions, you can make sure your insurance supports your evolving lifestyle. 

New discounts are also a reason to review your insurance policy annually. It’s possible your credit score has improved, you upgraded your home security system or even a safe driving record could make you eligible for an existing discount. At your insurance policy review, your agent may even inform you of new discounts that your insurance company may have introduced. There may be saving opportunities you are missing out on!

One of the best ways to ensure you’re taking advantage of your saving opportunities is bundling your policies. By bundling your policy with a Farm Bureau Member’s Choice policy, you can cover your car and home all in one policy. You can avoid the hassle of multiple policies and payments and keep things simple. 

You can also often save money on your insurance premium by increasing your deductible. By choosing a higher deductible, you are generally agreeing to take the responsibility of additional risk and pay out of pocket for smaller claims. 

Schedule a SuperCheck to See Where You Can Save

A SuperCheck is a time for you to talk with your Farm Bureau agent and go over your current insurance coverage. Insurance policies that you have with any company are eligible. During this time, your agent will give you an idea of what role insurance has in your current lifestyle and help identify any gaps that you may have. It is also a great time to see what insurance discounts may be available to you!

We recommend that a SuperCheck be conducted annually to see what life changes have impacted your insurance. You can take a short quiz to find out if you might need a SuperCheck!

Are You Ready to Review Your Insurance Policy?

We can create a plan that is right for you. Talk to an agent or advisor near you today to ensure you and your loved ones are protected.