How Often Should You Review Your Insurance Coverage?

With U.S. insurance industry premiums topping over $1 trillion in 2016, it’s clear that the industry has a solidified importance in our daily lives. When looking for Glen Rock insurance, David G. Sayles has the best possible options. After getting set up with your initial insurance, it’s normal to not think about your policy for awhile. However, you should review your insurance coverage often. You should always look over your policy just in case something changes.

According to the Insurance Information Institute, you should look over your policy on a yearly basis. If something happens, such as a major life change that your insurance needs to know about, you need to be able to contact your insurance agent or company representative. Your Glen Rock insurance agent will be able to guide you every step of the way. Now that you’re aware of what you need to do, now you have to learn what qualifies as a significant life change. Some things that are considered a life change are:

  • Marriage or divorce – A marriage or a divorce has a lot of monetary value behind it. When getting married, all of your expenses come together. When getting divorced, everything is getting separated in half.
  • A child or grandchild who is born or adopted – A child, though wonderful in many ways, can be costly. Children cost around $233,610 to raise through the age of 17, according to Time Magazine.
  • Significant changes in your health or that of your spouse/domestic partner – Your health can be pricey, especially if you are dealing with a chronic or terminal illness. It’s important to keep your health insurance in the loop in order to make sure that your coverage doesn’t change.
  • Taking on the financial responsibility of an aging parent – Taking care of an aging parent is hard enough on it own, but taking on their expenses can be a lot harder. Make sure to tell your Glen Rock insurance agent if you are caring for an ailing family member.
  • Purchasing a new home or refinancing your home– A new home means a mortgage. Make sure your agent knows that you are purchasing a new home. When refinancing your home, you’re aiming to save money on your mortgage. This is something that your agent needs to be aware of, so they can assist you in whatever way possible.
  • A loved one who requires long-term care – Long-term care means long term expenses, and you’re going to want the best care possible. A nursing home averages just over $87,235 a year, according to NPR, this means it costs a couple hundred dollars a day to care for your loved one.

Everyone needs insurance, whether you want to admit it or not. David G. Sayles offers both personal and business-related insurance for when you need it.

About David G. Sayles Insurance Services

At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.