Once you have insurance coverage, you are all set — right? Well, not quite. Your needs may change with time, and you should reevaluate your insurance policies regularly.
When to reevaluate your life insurance policy
• You have gotten married and need your policy to provide enough coverage for your spouse in the event of your death.
• Children or other dependents have joined your household and will require support.
• There are elderly parents or other adult relatives who currently receive support from you.
• A job change is in your future and your current policy is through your employer.
• You are now making more money—your coverage should equal at least seven years of your salary.
• New loans have been taken out; your coverage must be able to cover your debts.
• You have gotten a divorce and no longer need as much coverage.
When to reevaluate your car insurance policy
• There are now multiple cars in your household and bundling insurance is cheaper.
• You need to add a new driver to your policy.
• A move or job change has given you a more dangerous commute.
When to reevaluate your health insurance policy
• You have gotten married and can save money by adding your spouse to your policy over having separate ones.
• There are new underage dependents in your household who need coverage.
• A big move is in your future and you will need coverage for a different area.
• Due to age, you are worried about more health issues and want greater coverage.
When to reevaluate your homeowners insurance policy
• You now own more valuable items than you did when you took out the policy.
• There have been renovations or additions made to the property that have increased its value.
• There is a home office or a business run from inside the home.
• A home security system has been added to the home, which can reduce the cost of the policy.
• Due to inflation, your policy no longer offers the coverage you need.
Even if there is not an explicit reason to reevaluate your insurance policies, it is a good idea to go over your options once a year. Speak with an insurance broker to find out if there are better policies available to you.
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