As the vibrant hues of spring begin to bloom, it’s not just your home that could use a thorough tidying up. Your insurance policies, often overlooked in the hustle and bustle of daily life, also deserve some attention. Just like clearing out clutter and dusting forgotten corners, go through the update and review of your insurance policies mid-term can breathe new life into your financial well-being. Let’s explore why and how you should give your insurance policies a refreshing overhaul this season.

While insurance might not be the most thrilling topic, taking a few moments to review your policies halfway through their term can actually be quite beneficial. As well as some updates and changes to your insurance policies simply should not be put off for a renewal review.

Life is full of changes, big and small. You may have moved to a new neighborhood, started working from home, or got engaged. Accordingly, these changes can impact your insurance needs and rates. By reviewing your policy mid-term, you can ensure that your information is up to date and that you have adequate coverage for your current situation.

Nobody likes surprises when it comes to insurance. By doing some spring cleaning of each and every insurance policy you have, you can catch any surprises early. This includes making sure all the information on your documents is accurate. Thus, it’s like peeking under the hood of your insurance to ensure everything is running smoothly.

Insurance companies often offer various discounts, but you might not be aware of all the ones you qualify for. Mid-term is a great time to ask your insurer about potential discounts. For example, if you’ve installed safety features in your home or vehicle or completed a defensive driving course, you could be eligible for savings. Who doesn’t love saving money?

Being proactive with your insurance can save you time, money, and headaches down the road. Mid-term reviews help you stay on top of your coverage and avoid gaps or overlaps in protection. Plus, if you have any questions or concerns about your policy, addressing them mid-term gives you plenty of time to make adjustments before your policy is renewed.

So, here are a few things you might have not thought about or missed during your renewal:

• Moved? Update your garaging address.
• Started working from home? You may be able to lower your listed mileage, thus lowering your premium. 

• Have you modified your vehicle, such as adding aftermarket parts? Check if your Auto insurance covers car alterations and to what extent. 

• Are all drivers listed on your Declaration pages?

• Are you still paying off your car loan? Or can your Lien Holder be removed? 
• If the car IS paid off, do you feel comfortable increasing the Comprehensive and Collision Deductibles? Or will you want to remove them altogether?

• Do you still need that SR22 filing?

• Add Roadside Assistance and Rental Reimbursement coverage. 
• Purchased a brand new car? Add Original Parts Replacement coverage.
• Leased a new vehicle? Add Loan/Lease Pay-Off coverage.

• Did you take a defensive driving course? 
• Completed mature driver training?
• Is your Auto, Home, or Renters insurance with the same company? Is your multi-policy discount included?
• Is your teen driver a good student? Does your insurance company offer a Good Student discount?

Imagine your home as a fortress, shielding you and your loved ones from life’s uncertainties. And your Homeowners insurance is the sturdy armor protecting this fortress. Despite that, inspect your armor for dents and weaknesses by giving your insurance policy a mid-term checkup.

When reviewing your Homeowners insurance policy, you may need to pay attention to several updates and corrections.

• Does your Dwelling limit match the current building costs in your area? Remember, this limit includes the debris removal cost in addition to the building materials and labor.
• Have you completed home improvements and renovations? Count those in, as they may also affect your Dwelling limit.

• Do you have enough Personal Property coverage?
• Are your valuables covered? You may need to schedule certain expensive items to make sure they are insured up to their value.

• Are you comfortable with the limit of your Deductible on Homeowners policy? If so, can you go higher with this out-of-pocket expense in case of a claim?

• Got a pet? Check if this new member of your household is not on the exclusion list. If you are good to go, increase your Liability limits.
• Known for hosting parties and kids’ sleepovers? Most definitely rethink your Liability limits.
• Better yet, in both of these cases – get Umbrella insurance.

• Started working from home? Does your Homeowners insurance cover your type of work?
•  If you operate a business from home, discuss with your insurer to confirm you have appropriate coverage for your business equipment and liability. You may need to get a Business Owner’s Policy.

• Add Cyber Protection coverage.
• Add Identity Fraud coverage.
• Add Water Backup and Overflow.

• Installed an alarm system, smoke detectors, or deadbolts? Let your broker know.
• Is your Home, Auto, and Umbrella insurance with the same company? If so, check, if your multi-policy discount included.
• Updated your roof, plumbing, heating, or electrical system? All these are the sure way to lower your premium.
• Any new discounts your insurance company offers?

• Have you refinanced? Paid off your loan? Remove or update your mortgagee on the policy accordingly.
• Got married? Then it is time to add your spouse as an Additional insured.

• First – what’s excluded from your policy? Now that you know, turn your exclusion into a covered loss by getting Flood insurance.
•  Consequently, get Earthquake insurance too.

Life’s surprises are best handled proactively. Hence, the mid-term reviews empower you to anticipate potential risks and take preventive measures. At the heart of it all is something invaluable – peace of mind. Knowing that your insurance aligns with your current needs, protects your investments, as well as keeps more money in your pocket, brings a sense of security that’s hard to put a price on.

Happy spring cleaning!