Staying up to date with your insurance policies

Review and Refresh: When to Update Your Insurance Policies

Life is constantly changing, and so are your insurance needs. Whether you’ve recently purchased a new home, expanded your business, or even just upgraded your car, it’s essential to keep your insurance policies up to date. At Paramount Insurance Agency, we believe that regular policy reviews are a crucial step to ensuring you’re adequately protected. Here’s when you should consider updating your insurance policies and why it’s so important.

Why Update Your Insurance Policies?

Insurance is not a one-size-fits-all solution. As your life evolves, your coverage needs may increase or decrease. Failing to adjust your policies can leave you underinsured or even paying for coverage you no longer need. By reviewing your policies annually, you can:

  • Ensure adequate protection for new assets or life changes.
  • Take advantage of discounts or new coverage options.
  • Avoid gaps in coverage that could leave you financially vulnerable.

When Should You Review Your Insurance?

While an annual review is a good rule of thumb, certain life events warrant a closer look at your policies:

1. Home Insurance: After Home Improvements or a Move

If you’ve remodeled your kitchen, added a home office, or even installed a pool, your home’s value and liability risks have changed. Updating your home insurance policy will ensure that these new features are covered. Additionally, if you’ve recently moved, you’ll need to update your policy to reflect the new address and coverage needs.

2. Auto Insurance: New Car, New Driver, or Change in Driving Habits

Buying a new car? Adding a teen driver? Or maybe you’ve started working from home and driving less. Any of these changes can impact your auto insurance premiums and coverage needs. It’s a good idea to review and adjust your policy accordingly.

3. Umbrella Insurance: Major Life Changes

If you’ve recently purchased significant assets like property or investments, or if your net worth has increased, it’s time to consider an umbrella insurance policy. This additional coverage protects you from liability claims that exceed your standard home or auto insurance limits, safeguarding your assets from lawsuits.

4. Commercial Insurance: Business Growth or New Operations

For business owners, expanding your business, hiring employees, or introducing new products/services requires an update to your commercial insurance. This ensures that your growing enterprise remains protected from potential risks.

How to Review Your Policies

Here are some steps to ensure an effective insurance review:

  • Evaluate Current Coverage: Look at your existing policies to understand what is covered and what isn’t.
  • Assess Life Changes: Consider recent life events like marriage, new dependents, or property acquisitions.
  • Check for Discounts: Ask about new discounts or bundling options that could save you money.
  • Consult with Your Agent: An experienced agent at Paramount Insurance Agency can help you navigate complex policies and tailor them to your specific needs.

Schedule Your Insurance Review Today!

At Paramount Insurance Agency, we’re committed to helping you protect what matters most. Whether it’s your home, car, or business, we’re here to ensure you have the right coverage. Contact us today to schedule a complimentary insurance review. Let us help you stay protected and prepared for whatever life brings your way.

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