“Why should you review your Insurance Policies annually?”

Insurance policies are safeguards we take out to ensure that we are protected financially should tragedy strike at any given time. Some are more costly than others but we cannot deny that every form of insurance is a sturdy and worthwhile investment, whether to improve one’s own life or the lives of family and loved ones. 

However, it is easy to become complacent while paying for an insurance policy over the course of years or even decades. We think that insurance is simply a standard payment we must make monthly  but the truth is, the circumstances of insurance policies change very frequently. Therefore, it is crucial to have any existing insurance policy reviewed on an annual basis to affirm that the conditions of the policy have not changed and are being met or if not, to make changes where necessary.  
Here are some tips on why you should review your respective insurance policies: 
1. Home Insurance Policies: It is important for those who have Home Insurance to carefully review their policies when it comes up for renewal. Home market values change and the value of your home in 2009 will drastically differ to the value in 2019. Don’t be caught under-insured! Be prepared in the event that a fire or natural disaster affect you and your family. Having your home insured for the right values, helps you recover faster and protects your pocket. Also, if you have expanded the property, maybe a new bedroom or bigger kitchen, your coverage will change and you should immediately contact you insurance agent to have your policy revised. 

2. Content Insurance Policies: Content Insurance Policies are taken out based on the value of the contents on your home and can range greatly. It is often the most overlooked insurance. It is felt that once the physical building is insured that enough, but this is so far from the truth. The total value of the contents of your home will change and most probably increase considerably over time. A new fridge, stove or television and any other upgrades requires an insurance review, to ensure that you get the adequate compensation if you lose your home contents.  

3. Motor Insurance Policies: Like Home and Contents insurance, Motor Insurance Policies should also be reviewed regularly as changes can be made very easily to this form of insurance; the adding of a new driver to your existing insurance policy, changes to your driving habits as you grow older, changes to your driving frequency, or depreciation of your car value are all valid reasons to review and upgrade your Motor Insurance Policy to ensure that you are always fully-insured and covered.  

4. Life Insurance Policies: Life Insurance Policies are policies that are taken out between the insurer and the insured, with the beneficiary of the insured being paid a sum of money upon death of the insured. This particular type of policy should never be decreased, but always reviewed and increased due to the returns they can provide. Factors such as age and growing older, changes in family roles, increased responsibilities and/or dangers in line of work, or the birth of children are all important players to consider when renewing and upgrading your Life Insurance Policy.  
5. Health Insurance Policies: Health Insurance Policies are at the top of the list of most popular insurance policies to take out. The insured (this may be one person or the plan can be used to incorporate others) under this form of policy is guaranteed a certain amount of coverage for medical expenses; surgery, medication, doctor’s visits, disabilities, accidental deaths and dismemberment. It is key that this type of policy be renewed with care and take into account factors such as illness, good health, inflation, new technology, deductible leveraging, or new additions under your policy. This way, you can safely decide if you should increase or decrease your premiums.  

We hope that these tips from Guardian Group provide you with the insight you need on the different types of insurance policies and the importance of reviewing these policies on an annual basis.  

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