The Importance of Annual Insurance Reviews

Many home buyers invest a lot of energy into buying insurance when they first secure a home.  However, it’s important to review this insurance plan each year as your life and needs change. Getting married, having kids, upgrading your home, and building equity are all reasons to adjust your coverage. MG Insurance, Inc. in Willmar, MN educates homeowners on why annual insurance reviews are so important in this week’s blog post.

Making Sure you are Insured Properly

Reviewing your insurance can be done at any time, and its not just to save money. Annual insurance reviews are also important to ensure that you have proper coverage. You may be surprised to find that you have gaps. The value of your home can go up or down, particularly if you make upgrades. In addition, it may become more expensive to repair. This is where many people find gaps. You may upgrade your home, add new valuables, or qualify for new discounts as a result of your changes. When doing your review, make sure that you inventory your home and detail upgrades to your agent. MG Insurance, Inc. is here to help.

There are many other factors to consider when working with your insurer:

• Assessing increases to the cost of goods or services
• Including photos, videos, and a list of detailed work
• Determining if any changes you’ve made are custom work, costlier to rebuild, or aging
• Checking if the cost of any floods, electrical, or plumbing damage are more expensive
• Changes to your landscaping or outdoor amenities
• Listing other valuables and their pricing, and
• Checking for any discounts.

How Annual Reviews Benefit You and Your Agent

Taking the time to review your coverage benefits not only you but your insurer as well. For instance, you may find ways to improve the safety and security of your home. Changes like adding alarms, upgrading electrical work, installing cameras, or adding more smoke alarms and weatherizing can save you and the company money. In addition, the surrounding area may have become safer to live.

Coverage for You and Your Family

It’s important to consider an annual insurance review like you would any other maintenance you do on the home. Ask your agent if your life changes warrant any upgrades to protect your family. Some people even generate new ideas or changes to make to their home. You can find ways to both save and be ready if there’s an incident.

Our helpful staff at MG Insurance, Inc. in Willmar, MN have many more tools and tips for ensuring you’re well covered by insurance. Feel free to reach out, we will help you make the process easy and stress free!