The Insurance Information Institute recommends reviewing your home insurance policy twice a year, and your life and auto insurance once a year. However, you should also review your policy whenever one of the following situations occur:
1. When your policy comes up for renewal.
While it is tempting to pay the renewal bill immediately, this is a perfect time to review your insurance policy. The Rich Insurance Agency, Inc. will contact you each year around the mid-point of your policy year. At that time we like to review your automobile policy and your homeowners policy. We will also offer to review your life insurance. What is all this attention to insurance reviews? All insurance is not the same and insurance companies are constantly trying to invent new coverage to protect you from evolving changes that are occurring constantly in your everyday lives. At renewal time think “Is there something I need to speak to the Rich Insurance Agency, Inc about?” before putting the policy away. If you think of something contact us to discuss your situation. This simple practice will mean you have reviewed your homeowners twice each year and your auto and life insurance once a year.
2. When you make major purchases or alterations to the home.
Building that new deck? Just purchased a big screen TV? Next step is to call Rich Insurance. Making new purchases or adding improvements to your house is usually a great time to look at your home insurance policy. A perfect example of a major improvement includes adding or expanding a room, such as a kitchen or bathroom.
Additionally, if you or a member of your family has received an expensive gift, such as artwork, a computer or even an engagement ring, contact Rich Insurance so we can review to make sure your new valuable possession is protected.
The housing market has been in a turmoil. A large percentage of homes are not properly insured for replacement value. Replacement value may well be above what you are told your home is worth in today’s market. You need to be insured for 100% replacement value to reconstruct your home. The value of your contents is based on a percentage value of your home structure value. Under insure your structure and you have under insured your contents. Insurance adjusters tell us that they run into problems trying to come up with enough contents coverage on many losses.
3. When you buy a another car or need to add or remove a driver to your auto insurance policy.
Contact Rich Insurance Agency Inc immediately to get your new car and or new driver covered.
With the current hard economic times more people than ever are driving uninsured or have minimum limits. You need to be sure your limits take this into consideration. Do you have an Umbrella liability policy? Does your Umbrella go over your Uninsured and Under insured Motorist coverage? Discuss this with your Rich Insurance Agency, Inc. agent during your review.
4. When a major life change occurs.
Contact us to discuss new coverage needs due to: getting married or divorced; if you retire; the addition of a new family member through birth or adoption of a child or grandchild; taking on the financial responsibility of an aging parent; purchasing a new home or refinancing your existing home; purchasing or investing in a business; you have a loved one who requires long-term care; or you are coming into an inheritance.
Is it time to review your insurance policies?
Call 703-777-4415 or schedule on-line today!
