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You could be overpaying or underprotected if you’re not regularly reviewing your policies.
The insurance industry often urges customers to check their policies every once in a while to make sure everything is up to date. While that sounds like self-serving advice – because you know any conversation with your insurance agent will end with a pitch to buy more insurance – that doesn’t mean it’s a bad idea.
You may catch mistakes. You probably have a lot of insurance policies – health insurance, life insurance, auto insurance, homeowners insurance.
You might find a better rate. Ken Davidson, co-founder of Dallas-based Eagle Independent Insurance, points out that you may lower your premium if you regularly compare insurance quotes.
You have more assets. Your life doesn’t just change. What you cover does. Leigh Needelman, CEO of Florida Assurers, an insurance agency in Miami Beach, Florida, has a rather colorful example of how assets can change.
You may decide it’s time to bundle. If you have four different policies with four different carriers, you might want to bundle a few. That is, have your homeowners and car insurance with one company, for example.
You may get some discounts. Yes, your insurance agent may talk you into buying more insurance, but at the same time, you may learn that you’re due for some discounts.
Your life has probably changed. If you bought life insurance when you were married or after your first child was born, and you’re now on baby No. 4, you’re probably long overdue for an upgrade.
by Geoff Williams
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