Everything you need to know about insurance basics, like coverage types, limits, cost and more.
The Benefits of Reviewing Your Insurance
Having insurance provides a sense of security and peace of mind that you have financial protection against life’s sudden surprises. It’s designed to offer a safety net to protect you from paying costly expenses in the event of the unexpected.
But do you know if you have the right coverage and enough coverage to protect everything that matters most to you? Whether you’ve got a new baby, a recent empty nest, changes to your car or home, or other lifestyle updates, one of the smartest things you can do is making sure your coverage is up to date.
At American Family Insurance, we want to help you feel confident and in control of your coverage — take a look at all the ways a Personal Insurance Review can benefit you.
Why You Should Schedule a Personal Insurance Review
Spending one-on-one time with your agent for a Personal Insurance Review (PIR) benefits you in many ways — it gives you time to reassess your policies and confirm that your coverage limits are still meeting your current needs.
During a PIR, your agent will help identify gaps in your coverage and explain potential impacts. They’ll also help you discover certain coverages that you might want to add to your policies or make sure you’re not paying for coverage you no longer need.
Here are some reasons you’ll want to schedule a review:
Improvements to your home
Your homeowners insurance should go the extra mile to financially protect you with extra coverages that proactively prepare you for unexpected financial setbacks. That’s why it’s important that your homeowners insurance coverages are up to date.
That renovation you completed last spring probably increased the value of your home. And adding or expanding a room could leave you uninsured if you don’t inform your agent. Even adding a hot tub, pool, gazebo or shed should prompt you to check-in with your agent.
More valuable assets
Over the years, you’ve probably picked up some expensive belongings. From costly jewelry to upgraded furniture and appliances, you’ll want to go through your home and create an accurate inventory of your things. During the review, your agent will help you determine if the coverage amount you have now is adequate for your newly taken inventory.
Did you purchase a new recreational vehicle like a boat, motorcycle, RV or camper this past year? If so, an insurance review can help you make sure you have the right coverage to keep your new and valuable rides protected.
Extra liability coverage
Sometimes the limits on policies like your home and auto insurance aren’t enough. Ask about umbrella insurance during your PIR. This coverage insures you above the liability limits of your auto or property policy so that a large loss doesn’t cause serious financial consequences to your future. An umbrella policy can even extend liability over your recreational vehicles like a boat, motorcycle, ATV or snowmobile.
Major life changes
The one thing certain about life—it’s always changing. Have any of these changes happened to you over the past year?
- Got married
- Became an empty nester
- Started a new job
- Parent’s health condition changed
All of these circumstances should prompt you to reassess your life insurance needs.
For instance, say you’ve just bought a new home for your family or are increasing a mortgage payment. You may want to consider additional life insurance, as the proceeds can help cover mortgage payments if you pass away.
Or if you have two or three tykes running around now but you bought life insurance when you were just married, you might be long overdue for a review of your life insurance coverage.
And, after the arrival of a new baby, life insurance is a great gift for grandparents or parents to give their grandchild or child, since a life insurance policy is typically less expensive when someone is young. Here are even more reasons why you should get life insurance for children.
Addition of Smart-home technology
Homes are becoming safer, more secure and more energy efficient due to innovative, Wi-Fi connected technology that can be accessed and controlled through your smart devices.
At American Family Insurance, we reward you for your smart behavior. If you’ve added smart technology to your home, whether it be a smoke detector, security system or thermostat, you could qualify for our Safe, Secure, Smart Home discount. You’ll definitely want to check in with your agent and learn about how you can take advantage of these savings.
Another good reason to sit down for a Personal Insurance Review? Your agent will make sure you’re enjoying the convenience of insurance packages and taking advantage of bundled insurance discounts. At American Family, you can earn big discounts when you bundle your insurance, including policies for your car, home, motorcycle, boat or new recreational toys.
Double check your discounts
Heading in for a PIR can reveal insurance discount opportunities that you didn’t know were available. There are discounts for every kind of dream* you protect with us, from your car and home to your boat and RV — let your agent help you find new ways to save on your insurance.
Gain confidence in your coverage
At American Family Insurance, not only will your agent help you determine the best coverage for your ever-changing lifestyle, they’ll also walk you through your policies in detail.
Take a look at these key coverages you may want to add during your PIR:
- Sump pump failure and water backup. This optional add-on can cover damages that may not be covered a standard homeowners policy
- Scheduled personal property. Optional coverage you can add to your homeowners policy that provides more complete coverage for your higher valued items
- ID fraud expense coverage. Gain protection from the high costs related to restoring your identity with identity theft insurance
Explore Your Insurance Options Today
There’s a lot of great reasons to revisit your coverage and take control of what you pay for insurance. And one of the best ways you can do so is through a PIR. Connect with your agent today to schedule your Personal Insurance Review and make sure you’re properly covered from the unexpected.
Life insurance products underwritten by American Family Life Insurance Company, 6000 American Parkway, Madison WI 53783
*Discounts not available for life insurance policies.