When Should I Review My Insurance?

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We’ve previously discussed when you should consider purchasing home, auto and life insurance. This week’s article will point out a few of life’s events when you should review or update your home and auto policies to make sure you’re properly covered.

  • Buying or leasing a new vehicle?
    • This is the most common event we see within our agency. Typically, a financing company will request verification the vehicle has been added to your policy; however, don’t forget to call your agent if you happen to purchase it with cash!
  •  Adding an addition to your home? 
    • When you add an addition to your house, or even finish a basement, make sure to contact your agent or insurance company to increase the limit of insurance on your house. The original limit was most likely calculated using a replacement cost estimator that wouldn’t have taken into account your new addition.
    • If you finish a basement, you may also want to increase your water backup limit as well!
  •  Recently been married?
    • Chances are that you and your new spouse acquired some new jewelry on your big day. Don’t forget to check your current jewelry limits! There are different coverage options available depending on the value of the jewelry.
    • Also, if your new spouse is moving in with you, don’t forget to add them to the policy for liability purposes! 

This list of events is by no means exhaustive so be sure to discuss your particular situation with your current agent or insurance company.

Do you have a question that you’d like to ask? Email us at customerservice@mayflowerwollam.com and we might use it in a future entry!

This article was written by Joshua Palmer

Josh is a licensed insurance agent with the Mayflower Wollam Insurance Group. He is a graduate of Mineral Ridge High School, Class of 2008, and attended the United States Air Force Academy, Class of 2012, where he earned a Bachelor of Science in Meteorology. Josh brings a unique background into the agency and focuses on a mixture of personal, commercial, farm and life insurance. His office is located in our Cortland location.