A personal insurance analysis is basically a summary of the policies by your provider. That can be done in person or by telephone. I still find it is good to do this in person. Meeting in person makes the analysis more intimate, and establishes a friendship with the client. I suggest each to two years undertaking a personal insurance examination. Having a regular insurance review has several benefits. Learn more on Insurance Agency Learn More.
One benefit is that you may discover discounts you qualify to receive. Insurance companies offer their policyholders a range of incentives, and you want to see that you get all the benefits that are open to you. The Good Student Discount is one example of a discount that might be overlooked. Many firms offer this incentive, but the insurer may not be informed that a child will apply for the discount until an insurance program is finished. Updating your home’s electric, heating, or plumbing may give you a discount on your home insurance; but your insurer may not realize that these changes were made to your home until you have an insurance evaluation. Personal insurance reviews are a great opportunity to talk with your insurer about all the discounts available.
A second benefit is the review of the existing policy coverage. Since the guideline was written, the condition may have shifted, and you may not need the same protections as you used to. One common situation is individuals who have several years of having cars on their policies. Such trucks still have full coverage at times but this is not understood by the consumer. The age or state of the car may not merit full coverage of the additional premium. Another common situation is that people with their home insurance still have very small deductibles. It wasn’t uncommon to have 15 to 20 years ago $50, $100, or $250 deductible, but many times there is significant premium savings to raise the deductible. A personal insurance analysis is a perfect time to remove any policies not needed anymore.
A third benefit is to detect some coverage gaps. There are many areas of your insurance program where gaps can occur without you realizing it. Your life often changes and many of the changes may seem minor, but can affect your insurance coverage. Some common changes affecting your insurance include updating a home can increase its value; having children may increase the need for life insurance; buying expensive television or jewelry may require additional endorsements to be added to your home insurance policy. Getting an annual or bimonthly evaluation helps detect places where coverage differences can occur.
People often hesitate to have an insurance review because they feel the sole purpose of selling more insurance is for the agent. The aim of the insurance review, however, is to ensure that the individual has the appropriate coverage in order for their case. That’s a bonus for both the agent and the customer. By gaining a knowledge of their coverage and receiving the peace of mind that they are properly insured, the customer benefits. Where a loss occurs, the agent profits from realizing their clients will have no coverage gaps.