As we near the end of the year, it's crucial that you review your insurance policies and perform any necessary updates. It should take you less than an hour, and the effort will pay off in better coverage and—possibly—lower rates. Here are some of the key reasons to review your auto, business, and home insurance policies at the end of every year.

Why Review Your Insurance Needs Each Year?

1. Needs Changes

If your needs have changed, you may need to alter your coverage. For instance, if you've renovated or installed an addition to your home, you may need to raise your limits to cover its increased value. Failure to do so could leave you with out-of-pocket charges if disaster strikes.

2. Policy Changes

Your insurer may have made changes to your policy without consulting you, and a year-end review will keep you informed. They may have raised your deductible, increased your premium amount, or excluded some type of coverage. These are crucial factors you should be aware of.

3. Mistakes

By going over your policy from the previous year, you may catch mistakes you missed when designing it. For instance, you may have overlooked the need to add flood insurance to your home insurance policy or uninsured or under-insured motorist coverage to your auto insurance policy. Now is your chance to correct any errors.

4. Discounts

You may qualify for discounts now that you did not receive when setting up coverage. For instance, points may have fallen off your driving record so that you now qualify for a safe driver discount. This could save you hundreds of dollars a year in auto insurance premiums.

To review your auto, business, or home insurance needs, contact Consolidated Agency in Rochester, NY. They've been a premier broker of property and commercial insurance in Monroe County since 1988 and offer invaluable guidance to help you design a policy that meets your current needs and budget. Visit their website to send them an information request or call (585) 467-4110 to request an affordable insurance quote.