Insurance renewals

Old Insurance vs. New Insurance

So 2017 has begun. Like many people, I usually take a long, hard look at my life at the beginning of the year. You know, clean slate and all. It's easy to get caught up in starting anew. But when it comes to your insurance, this is not always the best idea. It is good to evaluate your insurance at your renewal. Sometimes it makes sense to re-evaluate mid term. But switching is not always the smartest option. There are many things to consider when looking at your renewal.

Have you had any lifestyle changes?

Did you get married? Divorced? Did you have a new baby? Or did one of your kids move out on their own? New job? New contact information? Did you move? (seriously, I have had clients forget to tell us they moved!) These changes can affect your pricing as well as the type and amount of coverage you may need.

   If you get married, your spouse is not automatically covered on your home insurance policy. If something happens and you are unable to take care of things, you want your spouse to be able to handle a claim for you. You will need to request they be added to your policy. If you have a new baby, you need to think about life insurance. Do you need a new policy or do you need to add coverage to the policy your currently have? If one of your kids moves out on their own, do they need renters insurance? Or it may be cost effective for them to be on their own auto policy. Many factors can affect your coverage. Please talk to your agent about any changes to your lifestyle.

Did you premium change?      

It happens. Premiums change. Often they increase, even if you don't have a claim.This is not because of your agent. Please hear me when I tell you this, your agent has no say in your insurance premiums. They did not raise your rates because they don't want your business. (I have actually had a client accuse me of raising their rates because I wanted to lose their business.) Who thinks like that? If your rates go down, you may look at increasing your coverage or lowering your deductibles. This can save you money in the long run and most likely won't cost you more that you were already paying in the short run. 

Carriers take rate changes. These rate changes have to be filed with and approved by the state Department of Insurance before they can be processed to the public customer. Again, your agent has no say in this process. If you are with an independent agency, your agent can re-shop your quotes. There may be some lower rates out there. Or you may find your carrier is still the best pricing for you. It isn't only about the cheapest insurance though. People often find a lower price. Just because your agent is an independent broker, doesn't mean they have the lowest pricing every time. But be weary of just going with the lower rates. Make sure the new quote gives you the coverage you need, not just the price you want. You want an agent who believes in this.

How is your insurance carrier's financial stability?

All insurance carriers are rated on their financial stability, based on their sales, customer service and claims history. You can search for your carrier's rating through Demotech or AM Best You want a reputable carrier with a good rating. There are reasons carriers have unfavorable ratings, so be aware. Be careful about looking up comments online about carriers. You can always find something unfavorable someone said about any carrier. Some people will have great experiences with a carrier, while others will have a bad experience with the same carrier. I would look at the financial rating if you want a professional opinion about the stability of your carrier.

What you need to do at your renewal

 Your agent should be able to answer any questions you have about your coverage and your carrier. But you need to be aware of what coverage you need and make sure you have that coverage.  You need to know when your policy is renewing so you can be on the lookout for your renewal. When you get your renewal from your carrier, review it. Write down any questions you have and go over it with your agent. If you don't receive one within 30 days of your renewal date, contact the carrier or your agent. You don't want the renewal to go by without at least looking at your coverage. It is ultimately your responsibility to make sure everything is set for a renewal. Some carriers inform the agent that a policy has not been paid, but unfortunately some don't let the agent know there is a problem. Look at emails and mail from your carrier so you don't miss any notices. Renewing your insurance policy (or policies) doesn't have to be an awful experience. But you need to be aware of what you need to review and decide what you want to change (if anything). Partner with your agent. If they are not being much of a partner, find a new agent!

  
  

There are three ways to request a quote for your insurance needs: 

* Visit our website

* Email us

* Call Brockman Premier Insurance at 877-987-8683