Why an Annual Review is Like a Dental X-Ray

Your dentist emphatically suggests an annual X-Ray, why should your insurance agent do any different? Though your Teeth may look fine with just a visual check or even one done with the explorer and mirror, an X-ray will show defects which can mean the difference between a couple hundred dollars spent now and thousands of dollars spent later.

Your annual review with your agent can do the same. Does your house have water backup or earthquake coverage? Would a few dollars spent now save you tens of thousands of dollars later?

The Risks of Skipping Your Annual Review

Outdated Coverage Limits - Has the value of your home increased more than your insurance company predicted? Do you have enough coverage under uninsured motorist to possibly cover some wage loss?

Missed Discounts - Who wants to miss out on a discount?

Life Changes Unaccounted For - What happens when you forget to add a car you bought? Or you added a building, or a new child? We won't miss out on these.

Overpaying for the Wrong Protection - Let your agent make sure that what you are paying for will respond when you need it.

Exposed to Unexpected Losses - Protecting against the unforeseen is easier when your agent regularly reviews your coverages.

What Your Agent Looks for During the Review

Your Needs and Questions: Your Agent should open the review by asking for your questions and what your needs are.

Changes in Assets (new home, car, or valuables): Have you gotten a new car since your last insurance review and forgot to tell your agent? Did you inherit an expensive jewelry or silverware set? Let's make sure we catch it now!

Adjusted Coverage Limits Based on Inflation: Depending on your needs, your agent may perform another replacement cost estimator to see if the inflation guard has accurately predicted the value of your home. If the prediction was only 3% but it actually increased 5% then that could be thousands of dollars uncovered! Let's catch it now!

Opportunities for Discounts and Savings: Worth mentioning twice. How can your policy be tweaked so that you save money? Taking a look each year makes sure nothing is missed so you aren't paying more than you need to!

Gaps in Coverage or Missing Endorsements: Looking at your policies to make sure that your policies have needed endorsements such as: Water backup, Earthquake, Valuables, Roadside Assistance, Life insurance riders, slander and libel, or many others.

10 Questions to Ask During Your Annual Review

• Have my coverage amounts kept up with inflation and rising costs?
• Do I have enough liability protection if I’m sued?
• Are there any gaps in my current policy that could leave me exposed?
• How do my current rates and coverages compare to similar clients or the market average?
• Is my deductible set at the right level to balance risk and savings?
• What’s the first thing you’d check if this were your own policy?
• Are there any coverages I’ve never thought about but might need?
• How do you calculate my coverage limits—are they based on today’s values?
• What’s the biggest gap you typically see in policies like mine?
• If your family were in my shoes, what changes would you make to this policy?

Your Next Step: Schedule Your Annual X-Ray

Call or Email your agent, and set your appointment!