{"id":679,"date":"2020-05-28T17:36:32","date_gmt":"2020-05-28T17:36:32","guid":{"rendered":"http:\/\/www.mvragency.com\/blog\/?p=679"},"modified":"2020-05-29T15:14:03","modified_gmt":"2020-05-29T15:14:03","slug":"how-often-should-i-review-my-insurance-coverage","status":"publish","type":"post","link":"https:\/\/www.mvragency.com\/blog\/how-often-should-i-review-my-insurance-coverage\/","title":{"rendered":"How Often Should I Review My Insurance Coverage?"},"content":{"rendered":"

\"\"<\/a>It\u2019s a good idea to review your insurance coverage at least once a year to ensure that your family and belongings are appropriately protected. You\u2019ll also want to review your coverage any time you\u2019ve made a major purchase or experienced a significant life event, such as getting married, buying a house, sending your child off to college or receiving an inheritance. These life moments are considered insurance-qualifying events (also known as life-changing events for purposes of insurance), and it\u2019s important to make sure your coverage is up to date to protect the people and things that matter most to you.<\/p>\n

Have you had a life-changing event that might require an adjustment to your insurance coverage? Here\u2019s some information to consider, which can help ensure that you\u2019ve got the coverage you need to protect your loved ones and belongings. A good place to start is by doing an insurance review.<\/p>\n

What Is an Insurance Review?<\/h3>\n

An insurance review is a thorough look at your insurance coverage \u2013 the policies protecting your vehicles, home, family members and other valuables. To review your insurance coverages, enlist the help of an experienced agent to tap into their expertise and knowledge. An agent will be knowledgeable about the available insurance products and can provide professional guidance on which coverages may be best for your unique situation.<\/p>\n

The Benefits of an Insurance Review<\/h3>\n

An insurance review helps provide you the peace of mind that your most treasured belongings (and family members) are adequately protected in case something unexpected happens like a fire, theft or weather event. A review could also result in a potential reduction in your insurance costs if, for example, your agent discovers you are eligible for discounts, or that you require less coverage than you did previously.<\/p>\n

Why (and When) Should You Review Your Insurance Coverage?<\/h3>\n

It is critical to review your insurance coverage regularly to help ensure that your property, your possessions and your loved ones are well protected. During an insurance review, you should evaluate your\u00a0home insurance<\/a> (or renters insurance<\/a>),\u00a0car insurance<\/a> and any other policies you have in your name.<\/p>\n

When should you do a review? When your circumstances have changed, or you have what\u2019s considered a \u201cqualifying event\u201d or a \u201clife-changing event\u201d in insurance terms, you may want to consider an insurance review. As mentioned earlier, these events include things like having a baby, getting married and other big milestones. You should also consider an insurance review any time your policies are up for renewal. This is typically once per year.<\/p>\n

What\u2019s an Insurance-Qualifying Event?<\/h3>\n

Insurance-qualifying events are those moments when life circumstances change. Since these events can occur throughout the period of an insurance policy, you\u2019ll want to check with your agent when an insurance-qualifying event occurs outside of the typical policy renewal time frame.<\/p>\n

A qualifying or life-changing event, for insurance purposes, typically means:<\/p>\n