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Review Your Insurance Policy Before It’s Too Late

Posted by Sunshine, Isaacson & Hecht LLP on November 17th, 2022

When is the last time you looked at what your insurance plan covers? Americans are required to have insurance policies for several scenarios – many simply find the cheapest option and buy it. We aren’t here to tell you to buy more expensive insurance, but we are here to make sure you understand what you’re actually paying for.

In an ideal world, homeowners insurance, car insurance, and other property-related insurance policies would never be necessary. Unfortunately, we know too well that accidents and weather events happen – putting our insurance policies into action. You need to know which situations are covered and which are not covered today, not after you’ve already had an incident.

We’re going to explore some situations where reviewing your insurance policy beforehand would be necessary.

Weather Events

Let’s talk about this first because, frankly, it’s unpredictable. We are able to plan for many life events, but weather events often come quickly with little to no warning. Unfortunately, you can’t change your policy once a storm is imminent. Otherwise, everybody would opt for the cheapest plan and then increase coverages solely for the period in which the storm is coming through.

Instead of waiting until it’s too late, you should review your plan today. Consider questions like:

  • Do I live in an area with frequent storms or flooding?
  • Do I live in an area with frequent earthquakes?
  • If a catastrophic storm destroys my property today, what will my insurance pay for tomorrow?
  • Have I made significant changes to my property since buying this policy?

Renovations or Additions

You should review your policy before you make renovations or additions to your home or vehicle to understand what coverages you have in case something goes wrong. Would you be held liable and not be covered? Does your insurance cover cars that have been modified?

Then, once your work is done, you may want to review your coverages once again to make sure the new value of your property is reflected. A renovation or addition to most homes or vehicles will increase its value, meaning you may need to increase coverages.

It’s Been a While Since Your Last Review

Even if you don’t have any big life events on the horizon, we want to stress the importance of simply giving your insurance another look. There are numerous scenarios that you may not have considered that could impact your policy.

For instance, you may be eligible for loyalty rewards for being a long-time customer. You also may have made a job change that requires you to travel less with your vehicle, lowering your mileage and insurance costs.

Knowledge is power in all circumstances, including when it comes to insurance. The more you know about your coverages the better protected you are when you need to file a claim. At Sunshine, Isaacson & Hecht, we constantly work with clients to make sure they’re getting the most out of their insurance when it comes time to make a claim. Contact our firm today for unrivaled expertise and dedication.

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