As time goes on, many things in our lives change. When these changes occur, our insurance should change with it. From purchasing a new car to getting married or welcoming a little one into your family, there are many reasons you should review your insurance. At isure, we understand that reviewing your insurance can be tedious. It can be easy to forget important details, especially when you are busy with big life changes. However, it is important to make sure you are regularly reviewing your policy. In fact, it should be done on an annual basis! Regardless of your situation, you can rest assured knowing isure has you covered. So, no matter the insurance type, we have you covered with our tips on reviewing your insurance policy.

1. Make sure you are prepared beforehand

Being prepared before you review your insurance policies is super important to ensure you have access to the proper documents. This will make sure that your review is beneficial and efficient. Aside from a valid form of identification that shows your name and date of birth, there a few key items that are needed for renewal.

For your car insurance policy, make sure you bring along all information possible for all of your vehicles. This information includes the make, model, and year of your vehicle, as well as a list of the specific drivers who use the vehicle. When you are reviewing your home insurance policy, it is important to know the age of your home’s features. This can include the furnace and HVAC system, as well as your roof and deck.

2. Ask questions during your insurance review

Your insurance coverage is an important topic! You should never leave an insurance review with more questions than answers. Any good insurance broker will have no issue answering any questions you may have. You may be curious about what coverage is best for you, or when exactly your policy renews. Maybe you want to know whether or not it’s worth insuring that new piece of artwork you bought. Whatever the question may be, never hesitate to ask! At isure, we always make sure the customer comes first. Additionally, we ensure our clients leave each meeting or call with a clear understanding of everything they need to know regarding their insurance policies.

3. Review any changes in your family

Changes in your family are a major event that will most likely have an impact on your insurance. When you are reviewing your insurance policy, it is crucial to keep track of any changes that may have occurred as of late. Examples can include having or adopting a child, having a new driver in the family or recently getting married or divorced. It is also important to mention any deaths of loved ones that may have occurred since you last reviewed your policy.

4. Make note of any child milestones

If you do not have any kids, it is okay to skip this one! However, if you are a parent, it is very important to take note of any of your children’s milestones that occur since you last performed an insurance review. These are generally characterized by any big, once-in-a-lifetime moments that occur in your children’s lives. Some common examples of these include them graduating high school and beginning college or university. They may move out on their own for the first time, or get their G1 on their 16th birthday. If you are curious as to whether or not one of these milestones is worth mentioning, do not hesitate to call your isure broker.

5. Consider your employment status

Another thing to mention during am insurance review is your work situation. It is important to mention whether or not you have started a new job, however, work changes can include a lot more than just that. Certain things, such as promotions, demotions or raises, are important to mention. If you are a business owner, it is also crucial to mention if you have started a new company or have sold your previous company. Remember, your income can greatly affect your insurance, so it’s important to make note of any changes that occur to help prevent NSF payments.

6. Review your housing situation

You may have already guessed it, but your housing situation can have a big effect when it comes to your insurance. If you have recently purchased a new home, you may have already set up an insurance policy for it. However, there are a few other factors that you will want to take note of during an insurance policy review. Maybe you have moved recently or as mentioned above, you have less people living under your roof. It is also important to mention whether or not you begin renting your apartment out, subletting it to someone, or whether or not you have made any major renovations.

7. Include recently purchased items in your insurance review

Did you recently purchase a new television? How about that new kayak you have always dreamed of? Maybe you took up a new hobby and decided to purchase a guitar. Whatever the case may be, it is important to keep note of any big ticket items you have recently purchased that need insuring. Not having expensive items insured can lead to you paying a hefty amount if something happens down the line. Items that you will want to mention include electronics, antiques, artwork, or equipment that is deemed valuable in your home. As mentioned earlier, if you are confused as to whether or something needs insuring, do not hesitate to ask your isure broker today or on your next call.

8. Make sure you’re familiar with your insurance policy

Generally speaking, most insurance policies will have a cover page that will state some basic information. This is what is also known as a ‘declaration page’. When you perform an insurance review, it is important to make sure you are familiarized with the structure of your policy and the information that is on your declaration page. This typically includes your basic information (name, date of birth, address) and the contact information for your insurance company. On top of this, it will normally state some key details of your policy, as well as some exclusions.

9. Inquire about discounts and endorsements during your insurance review

Who doesn’t like saving money? When you have been with an insurance company for some time or have bundled your insurance with the same company, you may be eligible for discounts! Many insurance companies offer discounts for many reasons, some of which can save you hundreds of dollars per year. Never skip out on asking for available discounts when it comes to insurance, as there is always a good chance you are eligible. Additionally, there are many types of auto and home endorsements that can save you money, as well.

10. Familiarize yourself with your insurance company or broker

Whether you are a new customer with your insurance company or have been with them for years, familiarizing yourself with their policies is key! Though an insurance check is a great time to do so, anytime is a good time to gain a better understanding. Make sure you are aware of all the ways you can contact them in case of an emergency. Assure that they will always be ready at your service with whatever questions you may have regarding your insurance!

If you are looking to switch brokerages or looking for new ways to save on insurance, contact isure today. Request a quote here!

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