It seems like every single day gets busier than the last. From kid’s activities, to work responsibilities, and house chores; the to-do lists continue to grow! You may not even realize, but you are hitting milestones throughout your life on a pretty regular basis that require you to review and update your insurance policy. Some of them are obvious:
- New Car
- New House
- New Boat
- Having Children
But how often should I shop for new Insurance?
This is a little less obvious, since most insurance policy premiums are primarily based on four important factors:
- Value of what is being insured (home value or jewelry)
- Credit Score
- Loss History (car accidents or insurance claims filed)
- Driving record
Anytime you get a new car, you need to contact your Insurance Agent to update your policy with the new vehicle information. But since Care Insurance premiums are based on other factors, such as driving history and credit score, you should update your policy every 2-3 years.
Speeding tickets and citations typically stay on your insurance score for 3 years. Once 3 years has passed, your rates should come down allowing you to save money. If you have multiple violations, it will be tougher to obtain coverage at a low price, but as time goes on, those rates should improve.
Your credit score is also a metric than can improve over time. In fact, credit scores change fairly regularly, so keep an eye on it!
Home Insurance is similar to Car Insurance, in that cost is ‘driven’ by home value, value of personal possessions and credit score, but other factors go into the quote as well. Condition of the home and roof and personal liability insurance is also factored into the quote.
The standard practice of 2-3 years applies to home insurance as well, but if there is a significant change to the property or one of the following life events occur, you should consider notifying your Independent Insurance Agent to update your policy.
- Marriage or Divorce
- Child or Grandchild moves into the house
- An Aging Parent moves into the house
- Significant Inheritance (may need to add Umbrella Insurance)
Although this all sounds complicated, its much easier to manage if you have an Independent Insurance Agent looking out for your best interests. At the Criss Insurance Agency, we represent over 6 different Insurance Carriers to cross shop your policy for the best coverage, at the best rates. Best of all, we will review your coverage automatically every 2-3 years to make sure you aren’t over-paying.
Call us today at the Criss Insurance Agency in Westerville, Ohio to see how we can help you!
Criss Insurance Agency: 614-321-5150