It is a wise idea to have insurance policies reviewed periodically to make sure they still suit the needs of the policy holder. If there has been a birth in the past year, for example, it may be time to increase the amounts of life insurance coverage. If a home owner has done extensive remodeling, the current home insurance policy limits may not be enough to cover the full value of the property. If a driver has turned 25 years old, a new auto mobile insurance policy may lead to a rate decrease. Other reasons include a marriage, a divorce, starting up a home business, a death in the family, adding a new car to the mix, purchasing a boat or camper, and other events.
Many policies have to be renewed each year, so that is a great time to have coverage and rates reviewed. It may lead to better rates, a few discounts, or an opportunity to bundle policies and save money. An independent agency can compare current coverage and rates with several other insurance company policies. Independent agencies, like the one found at Strockinsurance.com, are not bound to any one company, so they can check many and get people the best quotes for their needs. They can also discuss policy limits and recommend increases or decreases, depending on the circumstances. Once a vehicle is no longer financed, for example, a policyholder may want to drop collision coverage. That would cut the premiums but, if the car is still worth a lot of money, it may not be the smart thing to do. An agent can explain all the options, so holders can make informed choices.
Business insurance policies need to be reviewed as well, and maybe even more often than once a year. If a business adds a location, there are a few policies that have to be increased, and a couple that should be added. Property insurance coverage would definitely need to be amended to include the second store or factory. Commercial vehicle coverage may need to be increased, and an umbrella policy may be in order to protect the larger business. Umbrella policies cover liability costs when claims, settlements, or judgements exceed the limitations of regular coverage.
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