What changes might I need to make to my insurance?

By Steven Merkel AAA
A:

The number one thing to remember about insurance is that, just like everything else, it changes over time. The top-of-the-line policy that you bought five years ago might not even be available or even used anymore. So, it's extremely important to review all of your insurance policies at least once every two years. Here's some of the important items that you should be checking on your insurance documents:

a) Coverage Limits - have your needs changed since the last renewal?
b) Coverage Minimums (by law) - do you have adequate coverage, as required by your state of residence?
c) Deductibles - are you able to pay the deductible listed on your policy if needed?
d) Premiums - is your premium payment still competitive with the current insurance poroducts?
e) Premium Discounts Available - have you asked for premium discounts for multiple policies with the same agent or insurer? (Read Bundle Your Insurance for Big Savings to see how to get the most out of your insurance discounts.)
f) Beneficiaries - when is the last time you reviewed your beneficiaries or checked that all members of your family were covered under the policy? (Read Update You Beneficiaries for more.)
g) Master List - what happens in the event of your death? How easy is it for your spouse or estate administrator to find all of your insurance documents; why not make a master list?

The question was answered by Steven Merkel.

RELATED FAQS

  1. What's the difference between renter's insurance and homeowner's insurance?

    Renters insurance and homeowners insurance offer similar benefits for occupants and homeowners, but in different ways and ...
  2. On average, what can I expect my private mortgage insurance (PMI) rate to be?

    Learn the several factors that come into play when insurance companies determine the private mortgage insurance rate for ...
  3. Why do I need to pay private mortgage insurance (PMI)?

    The extra interest payments caused by private mortgage insurance may seem excessive, but there's a good reason lenders need ...
  4. What are the different types of private mortgage insurance (PMI)?

    Private mortgage insurance (PMI) is an insurance policy that protects lenders from the risk of default and foreclosure, and ...
RELATED TERMS
  1. Case Management

    Planning, processing and monitoring the healthcare services given ...
  2. Convertible Insurance

    A type of life insurance that allows the policyholder to change ...
  3. Guaranteed Issue Rights

    A right afforded to individuals insured under Medicare that requires ...
  4. Lifetime Reserve Days

    The number of hospital days that an insurance policy will cover ...
  5. Hurricane Deductible

    An amount a homeowner must pay before insurance will cover the ...
  6. Usual, Customary and Reasonable Fees

    Out-of-pocket fees that an insurance policy holder must pay for ...
comments powered by Disqus
Related Articles
  1. Credit Cards With Travel Insurance
    Insurance

    Credit Cards With Travel Insurance

  2. Flight Insurance Can Take The Worry ...
    Insurance

    Flight Insurance Can Take The Worry ...

  3. Insurance Myths Involve Houses, Cars ...
    Insurance

    Insurance Myths Involve Houses, Cars ...

  4. Rental Property: Getting Rich Means ...
    Investing Basics

    Rental Property: Getting Rich Means ...

  5. How the Affordable Care Act Changed ...
    Insurance

    How the Affordable Care Act Changed ...

Trading Center