You should review your insurance on an annual basis. What we mean by review is you should read through the declaration page of the policy to confirm that the items you want to insure are listed on the policy. The declaration page is the page showing coverage amounts and premiums. When we tell our policyholders this, many of them reply that they wouldn’t know what they were looking at if they did review the page.
Here is where the value of an insurance agency shows. Sit down with your Customer Service Representative (CSR) and say “Teach me about my policy.” In 10-15 minutes you will have learned how to read your declarations page like a pro. Now you can pick a time each year that you come back to your policy to review it.
We recommend that our clients keep their declarations pages all together in one stack so you can easily flip back through each year. This also allows you to make notes on your pages to remind you year to year of your review. If you come to a section of the policy or declarations page that needs clarification, contact your CSR and jot down a note on your dec. page.
We recommend that you set up an appointment with your CSR at least every couple years, or whenever you make any major purchases for a full insurance review. Remember, you know more about your needs than anyone else. Your input is vital in the structuring of your insurance program.