Policy Review

How often should I review my insurance policy?

It’s important to regularly review your insurance policies to ensure the coverage still best fits your situation and meets your needs. There are several times during the year when you way want to do a review with your AAA Insurance agent.

When your policy comes up for renewal

Don’t just automatically send a check to your insurance company. Take the time to review your coverage and call your agent with any questions or concerns that you may have regarding your insurance coverage. Ask yourself the following questions:

• Should I raise the deductible to save money?
• Am I taking advantage of all available discounts?
• Do I need to raise the amount of coverage for liability, personal possessions or the structure?
• Do I need flood, earthquake or an umbrella policy?

When you've made major purchases or improvements to your home

If you have made any major purchases, make sure that you have the proper coverage. And, don’t forget about gifts. For example, if you have received a diamond engagement ring or if a member of your family has bought you expensive artwork, talk to your agent about either increasing the amount of insurance you have for your personal possessions or purchasing a floater/endorsement for these items. A floater will give you higher and broader coverage for these items than you have under your homeowner's policy.

If you have made major improvements to your home, such as adding a new room, enclosing a porch or expanding a kitchen or bathroom, you risk being underinsured if you don't report the increase in square footage to your insurance company. Don’t forget about new structures outside of your home. If you have built a gazebo, a new shed for your tools or installed a pool or hot tub, you should speak to your agent. Keep receipts and records in case you need to forward copies to your company.

Keep receipts and records in case you need to forward copies to your company.

When you've made your home safer

If you have installed a fire/burglar alarm system or upgraded your heating, plumbing, or electrical system, make sure that your insurance company knows about these improvements, as you could qualify for a discount.

When you experience major lifestyle changes

Marriage, divorce, or adult children who move back into the family home can affect your homeowners insurance. When people move in or move out, they take their belongings with them. And you may need additional coverage if there is a sizable increase in the value of the belongings in your home.

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