Is Your Insurance Keeping Up With Your Life? 7 Things to Review Every Year

Life has a way of changing when we aren’t paying attention.

You buy a home. Your children grow up. You purchase a new vehicle. You start a business. You add a boat or RV. You inherit property. You retire. Your income changes.

And sometimes, your insurance stays exactly the same.

That is why an annual insurance review can be one of the simplest things you can do to protect your family and everything you’ve worked so hard to build.

1. Has the Value of Your Home Changed?

Home values and construction costs can change significantly over time. Your homeowners policy should provide enough coverage to rebuild your home—not simply reflect what you originally paid for it.

An annual review is a good opportunity to make sure your dwelling coverage still makes sense.

2. Have You Made Improvements to Your Home?

Did you remodel the kitchen? Finish the basement? Add a deck, shop, hot tub or other improvements?

Those changes can affect the amount of coverage you need.

Don’t assume your insurance company automatically knows about improvements you’ve made.

3. Have You Purchased Anything Valuable?

Jewelry, artwork, collectibles, firearms, expensive electronics and other valuable possessions may have special coverage limitations under a standard homeowners policy.

If you’ve acquired something important or valuable, bring it up during your review.

4. Have You Bought or Sold a Vehicle?

A new vehicle is an obvious reason to update your policy, but selling or giving away a vehicle is equally important.

Your auto coverage should reflect what you actually own and how you use it.

5. Has Your Family Changed?

Marriage, divorce, children becoming licensed drivers, children moving out, or family members moving back home can all affect your insurance needs.

Your household today may look very different from the household you insured several years ago.

6. Have You Started a Business?

A side business can begin with a simple idea and quickly become something much bigger.

If you work from home, own rental property, operate a farm, or run a business, make sure you discuss those activities with your insurance professional.

Your personal policy may not automatically provide the protection your business needs.

7. Has Your Financial Picture Changed?

As your assets grow, your liability exposure may grow too.

This is one reason some families consider umbrella liability coverage—an additional layer of protection above certain underlying policies.

Your Legacy Tip

Don’t wait until you have a claim to discover that your life changed faster than your insurance policy did.

Set aside a few minutes each year to review your home, vehicles, family, business, recreational equipment, property and financial goals.

At Legacy Gate Partners, we believe insurance should change as your life changes.

What matters most is protecting the life and legacy you’ve worked so hard to build.

If it’s been a while since you’ve reviewed your coverage, we’re happy to sit down with you and look at it together.

Legacy Gate Partners

Protecting What Matters Most.