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Importance of Reviewing Your Insurance Policies

It is very important to review your insurance policies when you receive them. Most homeowner policies run for a one year term and auto policies can be six month or annual policies so you should review the information at the renewal as well as any time that you have made a change to your policy. Review the information to make sure that everything is correct and that you understand the coverages, deductibles, etc. Contact your account manager if any changes need to be made or if you have questions.

At renewal is when companies can change your policy by adding a new deductible or removing a coverage that is no longer offered. Most companies will include a notice advising of these changes with the renewal policy but it is still a good idea to review the policy itself. For example, in the past, your homeowner policy had one deductible that applied to all losses. Because of the large amount of wind/hail claims that companies have paid over the last several years, many companies are now applying a separate deductible for wind/hail claims. This deductible can be a stated amount which is usually larger than the general policy deductible or it can also be a percentage of your dwelling coverage. For example, you may have a $1,000.00 all other deductible and a $2,000.00 wind/hail deductible or your home is insured for $100,000.00 and the policy has a 1% wind/hail deductible which means the wind/hail deductible would be $1,000.00.

Another item that is often overlooked is a mortgagee or loss payee listed on the home and auto policies. It is normally the insured’s responsibility to inform their account managers when the mortgage or auto loan has been paid off.

These are just a couple of reasons to review your policies. Please contact your account manager to update your policies whenever necessary.

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