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After you buy insurance, you may not think about it again until you need it. By that time, though, your coverage may no longer match your needs. That’s why it’s a good idea to regularly review and update your insurance.
“There are events that trigger when a person should have a review: when they get married, when they have a baby, when they have a new four-legged friend, when a child goes off to college,” saidPam Hansen Alfred, a State Farm Insurance agent with 37 years of experience.
Other events like buying a trampoline, replacing a roof, and making big purchases are all reasons to review your insurance, Alfred said.
Here’s how you can prepare for an efficient and effective review with your insurance agent.
Prepare your information
During an insurance review, you can evaluate your homeowners or renters insurance, auto insurance, life insurance, and any other policies.
Before the review, compile any relevant details. This could include the make, model, and year of your cars; features in your home such as the age of appliances and any updates you’ve made; and information on big ticket items you’ve bought since you last updated your insurance.
Then, your agent will help you see where coverage needs to be adjusted to protect you from financial loss.
“During an insurance review, I go over specific details, not just insurance details but details about their lives that can help indicate things that perhaps they aren’t taking advantage of,” Alfred said.
Have a quality over quantity mindset
Rather than focusing on low prices, focus on getting the coverage you need and then negotiating the price.
“Prices should be irrelevant to quality,” Alfred said. “Decide what you need covered, and then work on finding the best price to cover those things. Price only matters in absence of quality. Have a quality over quantity mindset.”
A good agent will help you get the best coverage for your individual situation.
“I encourage customers to be very open-minded and realize the purpose is not to sell them more insurance,” Alfred said. “That’s not our motive.”
Ask questions
Because each client’s situation is unique, asking thoughtful questions will help lead you and your agent to the right coverage for you.
“Ask what-if questions,” Alfred said. ”What if one of my neighbor’s kids gets hurt on my trampoline? What if a tornado hits? What is covered?”
These questions can help you see where coverage may be lacking and help you prepare for the unexpected. Before meeting with your agent, start writing down what-if scenarios as you think of them.
Ask about discounts
With so many discounts available, you likely qualify for at least one, if not more. Discounts vary by agency and may include bundling, safe driving, and having a home security system, for example.
“Most companies offer many, many different discounts,” Alfred said. “Some people have some of them but not usually all of them. Ask, ‘Are there any other discounts I can take advantage of?’”
Your insurance agent is available to help you get the coverage you need at a competitive price, so don’t be shy — ask for a discount.
If you’re overdue for an insurance review, schedule an appointment and come prepared with your information and questions to get updated coverage tailored to your life. Call 406-453-6010 or visit State Farm agent Pam Hansen Alfred.
