Steps to Take When Renewing Your Insurance

Steps you can take to help manage your insurance protection:

• Review your coverages annually: When you receive the annual renewal notices for your policy from your insurance carrier, read them to review any coverage or premium changes and assess if any adjustments may be needed.
• Consider raising your deductible: The deductible is the amount of loss paid by you before your insurance coverage kicks in. A higher deductible can result in savings, so please discuss options with your insurance professional.
• Confirm possible discounts: Many insurers offer auto insurance discounts such as low mileage and good student discounts. Home insurers often give consumers discounts for some types of security systems. Multi-policy discounts for having all your insurance with the same carrier also typically provide savings. Talk to your insurance professional.
• Take steps to prevent losses: Using theft reduction devices typically reflects savings in auto insurance premiums. Insurers also welcome retrofits and renovations that strengthen residences. For businesses, risk reduction achieved through prevention methods, procedures, and training can favorably impact premiums.
• Keep in mind that value includes an insurer’s service: An insurer should be judged on factors besides the cost of their policies, including the insurer’s financial strength, services offered, and reputation for customer satisfaction.

By being aware of the risks specific to your property, taking preventive measures when possible, and keeping an open dialogue with your insurance professional, you can help manage your insurance costs effectively.