Life can get pretty busy, and when life gets busy, sometimes you can forget to review your insurance! But forgetting to review your insurance policies can often lead to policy owners being underinsured as many life changes could change your coverage needs!
So, it’s time to ask yourself; within the last year, were there major changes in your household? Maybe you tied the knot, accepted a new job offer, sent a child off to college, completed a home renovation, or even, welcomed a new member into your family? Regardless of what changes your family has gone through, or whether you think it could have influenced your insurance, with the new year upon us, now is a great time to review all of your policies.
Signs To Review Your Insurance Policies
As previously mentioned, sometimes life gets busy and we forget to review our existing insurance policies. So as a solution, we recommend that you a moment now to look back at 2018 to see if there were any major changes in your life. With that being said, below are two common life-events that require policy owners to review their coverage, as they may need to adjust their coverage or purchase a new policy.
You Recently Completed Or Are Planning To Complete Home Renovations
Did you know that when you complete home renovations, it’s recommended that you take the time to review your current Home Insurance policy? Choosing to forgo this and continue with the same coverage that you previously had may leave you not only liable if a visitor is injured, but underinsured if your home is damaged!
To be specific, when you complete a home renovation, often, you’re increasing the value of your home. And when you increase the value of your home, you will require a more substantial policy or more extensive coverage to account for the value of your upgrades. Meaning, the new stainless steel appliances that you bought, the granite countertop you installed, or the addition you built, will likely require a larger payout than before. As well, it’s worth noting, that some renovations will require you to adjust your insurance to meet liability standards, such as a new swimming pool.
You Welcomed a New Member Into Your Family or Got Married
Growing your family is certainly an exciting time. Whether you welcomed your first child into the world, or it’s your third, the busyness around finding a new routine can cause you to forget to review your policy. However, it’s crucial that you review your policy when you’re welcoming a new child into your home as you will likely need to adjust your general coverage and your Life Insurance policy. Forgoing to do so can leave them unable to receive any compensation or financial support if you pass away and do not name them as a beneficiary. This is the same for if you got married this year and still have not updated your insurance coverage to include your spouse. In addition to reviewing your Life Insurance policy, you should review your health coverage as you will likely need to your spouse or your child them onto your plan.
How To Easily Review And Request Changes To Your Plan
When it comes time to review your insurance coverage, it can sometimes seem like a tedious job as you may have to dig out old papers, search for updated copies, or make appointments with your broker. But now, Vachon Insurance Group is offering Vachon 24/7, the 24/7 web and mobile app that allows policy owners the ability to access, review, and request changes to their existing policies among many other features. So now, regardless of when you think you may have the time to do so, staying on top of your policies is at your fingers tips. You simply login from your computer, tablet, or cellphone! Meaning, when you complete your next home renovation, or you feel as though you may need to check your coverage, you can, easily!