Know What to Verify: Top 10 Tips for Renewing Insurance
Know What to Verify: Top 10 Tips for Renewing Insurance:

Your calendar shows that renewing insurance policies is a month away. You may have different types of insurance — home, auto, or business. It is easy to continue the same coverage from one year to the next.

Yet that approach might not always be the best solution for your needs. Pay attention to important factors that may save you time and money. Here’s what you need to know.

10 Tips for Insurance Renewals

  1. Review Coverage for Potential Gaps

    A lot can change in a year.
    For example:
    You have a new job or added another member to your family. In that case, you may find a policy that covered all your needs eleven months ago might have some gaps now.
    Look at your current policy. Go over it with your independent insurance agent. See if there are areas where you need more coverage.

  2. Adjust Add-ons

    Different types of insurance have various add-ons.
    For example:
    Your automotive coverage might be a supplemental add-on to your policy.
    Often these provide extra protection for you. Yet, you may not need it anymore. Review add-ons with your independent insurance agent. Determine whether they are necessary or if you need to increase coverage.

  3. Consider Changes in Risk

    Life events happen. You might find yourself in a job that is a bit riskier than your last job, or vice versa. In that case, you’ll want to consider your new risk levels. Check to see that policies provide adequate coverage. Changes in your credit score may impact your premiums too. If you’ve raised your score since the last renewal.
    For example:
    You could be considered less risky and get a better rate.

  4. Prepare for a Rate Increase

    Plan for rate increases. Sometimes they do not happen. More times not, rates increase. It may be especially true if something has happened during the past year. Claims and life changes could impact your insurance rates.
    For example:
    You got into a fender bender. Your car insurance premium will increase.

  5. Go Over Your Personal Details

    Don’t forget to go over your personal details on all your insurance policies. Changes big and small impact your coverage. These include age, marital status, or relocating.
    For example:
    Things get missed during moving day and all the hustle and bustle. It is common to forget to change addresses in policies. Now is the perfect time to see what that change might do to your homeowners’ coverage.

  6. Check to See if You Can Change Your Coverage

    You might decide that you are unhappy with your current coverage. You may want something new. The policy you have is not hitting all your needs. You may have moved out of a geographic coverage area. In this case, check and see what cancelation options you have available.

  7. Weigh Cost vs. Value

    While reviewing personal details, consider rates versus the value that your provider delivers. Before your renewal date, ask your independent insurance agent for help. They help you find the right coverage at the right price. Policies offering exceptional customer service at affordable rates may be the best option.

  8. Explore Bundling Options

    Many insurers offer the option to bundle different types of coverage.
    For example:
    Look at home and auto insurance. Bundling coverage helps you save money over having separate policies.
    As you prepare for renewal, ask your independent insurance agent if this is an option for you.

  9. Read Your Coverage Triggers

    Insurance is often something you rarely think about until you need it. Make sure you understand how your policy works. Understand what to do if you need to file a claim. Nuances between policies could make all the difference.
    For example:
    With renters’ insurance, review water damage coverage. Know what kind of water damage your policy can help cover and how to file a claim if you suffer damage.

  10. Look at Your Beneficiaries

    As you review your policies before the renewal dates, look at listed beneficiaries. Often the person you listed a year ago might not change. Sometimes, events and life changes happen that can impact your choice. Do you have a life insurance policy? It is critical with life insurance policies to review your beneficiaries every year.


At the end of the day, work with someone who understands your insurance needs and has your back. Reach out to our agency to learn more about your insurance options. We would love to answer your questions. Give us a call, 405-769-6701.


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