Top 3 Things To Closely Pay Attention With During An Insurance Renewal

Hey guys, Jason here with 303 Insurance Brokers, and I want to leave you guys another insurance tip of the day. So every time you have a policy renewal, your policy’s up for renewal.

New Insurance Rate, New Terms During An Insurance Renewal

The insurance companies get to reestablish, what the rates are, and what the term length is, any changes to that.

They’re going to send you a newly updated renewal document or renewal declaration page. When you get one of those, the best thing to do is reach out to your insurance agent and reach out to me. Let’s review it.

Verify If You’re Paying A Competitive Insurance Rate

Let’s make sure that we can verify that you’re paying a competitive rate. Make sure you have the right coverages. A lot of times, insurance companies may sneak new policy language in at renewal. That you may be unaware of that, you agree to once that new term starts. 

Hail Damage Terms, Deductable and Roof Payment

What’s an example of that. Right now, many insurance companies are looking very closely at roofs in terms of hail damage and everything like that. So you’re seeing insurance companies changing your deductible, changing your roof payment to maybe a scheduled price, which is an actual cash value type during insurance renewal type situation versus replacement costs. They’re going to be some pretty big things with that.

Reach Out To Your Insurance Agent

So anytime you get a renewal document, reach out to your insurance agent, take five, 10 minutes, review it with them, let them look at it. Make sure that we note any changes to it. It’s a great time to re-shop your insurance.

Ensuring that you are paying any renewal docs you get on your declaration page is a great time to shop for insurance, if that makes sense. Great time to double-check that you’ve got the proper coverages you think you have if you have a claim.

So if you have any questions about insurance renewal, reach out to me, Jason, with 303 Insurance Brokers.