How to Get Ready for a Solid Insurance Policy Review

A new year is beginning, which means it’s a great time to schedule an annual insurance policy review. We recommend looking through your policies at least once a year or after certain life events. And, of course, everything in life is easier when you’re prepared for it—and insurance reviews are no different. So, here’s a quick primer on how to get ready for an efficient and thorough policy examination.


Gather info


Before meeting with your Hibbs agent, compile any relevant information about your assets, such as your vehicle’s make, model, year, and primary drivers. You should also list the age of major home appliances like your water heater and furnace and note whether you have replaced any of these appliances in the past year. (New furnaces and water heaters can change the value of your home.) Also, make a list of any house or landscape improvements you have made in the past year. For example, roof updates and home additions might change your coverage needs.


Make a record of your belongings


Compile an itemized list of your important possessions for your insurance policy review. This list will help you make an accurate insurance claim if anything happens to your house. It will also help evaluate your home insurance policy and decide if it covers all your assets. Here’s a quick guide for sufficiently keeping insurance records.


Think through possible scenarios


You never know what could happen to your home, car, or business, but you should consider all likely possibilities. Could your neighbor’s tree fall on your fence? Could your oven catch on fire? Could your basement flood? Before your insurance policy review, make a list of possible incidents so you can ask about their coverage.


Make a list of questions


Coverage can be confusing. Prepare for your review by compiling questions about inclusions, exclusions, and any other clarifications you may need.


Investigate discounts


Before renewing your coverage, ask your agent to investigate any new discounts for which you may qualify. For example, some carriers give premium breaks if you upgrade your home or vehicle with new safety features. Make a list of any improvements you have made in the past year and see if they lower your rates.


Schedule your review


After you’ve gathered info and made lists, it’s time to call your Hibbs agent and schedule your annual insurance policy review. We can also answer any further questions you may have about insurance review prep.