Your auto and home insurance policies provide essential financial protection from accidents and incidents outside your control. Having appropriate insurance can help pay liability claims and protect your family’s financial stability.
It’s important to work closely with your agent to determine whether your current insurance coverage provides appropriate protection. Contact Owens Insurance Agency in Morehead, Kentucky, today to review your insurance coverage and make any necessary adjustments.
What Is a Policy Renewal?
Insurance companies typically issue auto and home insurance policies for six months or one year. During a policy’s term, your premium remains unchanged. The policy may renew automatically with the same coverage, but your premium may increase or decrease depending on numerous factors.
When your policy renews, talk with your agent to determine whether it provides enough of the right types of insurance coverage to meet your needs. Even if your situation remains unchanged from one year to the next, it’s wise to review your coverage to ensure you get the best possible rates.
Contact your agent immediately if you have questions about your coverage or are concerned about your premiums increasing.
When to Contact Your Agent
There are times when you should proactively contact your insurance agent. Let your agent know if you experience any of the following changes:
· There is a new driver in the household
· A new insurable property such as a recreational vehicle (RV), second home, vacation home or boat is purchased
· The birth, adoption or death of a family member occurs
· A child moves out to attend college
· A financed or leased vehicle is paid off
· You buy, lease, or sell a vehicle
· There is an address or name change
· A marriage, divorce or separation occurs
Many agents make an effort to contact their clients annually to review coverage options and make sure that they have adequate auto and home coverage.
Review Your Coverage
When reviewing your current insurance coverage with your agent, ask whether your homeowners or renters coverage can potentially replace lost personal property. Make sure you understand how your deductible works and discuss any scenarios that may concern you.
For example, homeowners policies typically exclude flood coverage. If you live in an area prone to flooding or are worried about potential water damage, discuss purchasing a separate flood insurance policy or sewer backup endorsement with your agent.
The agents at Owens Insurance Agency can help evaluate your current home and auto policies and suggest any additional coverage to help protect your family’s financial future. Contact us today for a personalized quote.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.