An insurance policy is one of those purchases that are fairly easy to forget about, especially if you enroll in automatic payments. Since your circumstances undoubtedly change from year to year, though, your coverage might need to as well. In other words, it’s essential to review each policy annually to ensure you’re still covered in all eventualities. Here are the biggest reasons a look at your existing coverage should be on your yearly to-do list. 

Home Insurance Review

If your home increased in value over the past year, your policy’s current limits may not be enough to rebuild everything from the ground up in the event of a disaster. And even if property values in the area haven’t increased, any renovations you made over the past 12 months will warrant additional coverage. 

Since home insurance can also cover items inside the structure, such as furniture, appliances, and jewelry, it’s wise to purchase a larger policy if you recently acquired valuable belongings. Depending on the circumstances, adding riders to your homeowners policy can be more affordable than purchasing separate policies for such items. 

Auto Insurance Review

There are several reasons why you may need to modify your auto policy periodically, even if you haven’t purchased a new vehicle. For example, if your teen starts driving, they’ll have to be added to the policy. And once your car has depreciated significantly in value, it may be possible to drop certain aspects, such as collision and comprehensive coverage, without considerable financial risk. This can be especially valuable if you’re budgeting for a new car down the road. Finally, you may be entitled to new discounts because of certain changes in coverage status or driving habits. 

If you’re unsure how to choose insurance policies that will meet your family’s needs, turn to Seeman Holtz. Based in Boca Raton, FL, with offices around the country, this agency helps clients find affordable, all-encompassing coverage. Founded in 1998, they’re proud to represent more than two dozen regional and national carriers. To explore the personal policies they help clients find, visit their website. To request a free quote, call (800) 991-3592.