Texas Associates Blog

With Spring finally in the air, it’s only natural to take a look around you and look for areas to make a fresh start in. Your insurance policy is one area you should regularly tend to, closely monitoring it and making sure you have the right protection at all times whether in business or in the home.

Here are 5 ways you can spring-clean your insurance policy:

Perils

Many buildings insurance policies, such as home insurance, are comprehensive policies – which covers you in almost any eventuality. If you think your comprehensive insurance policy may be too much, you could seek to purchase a specified peril policy, ensuring you are only protected against perils that apply directly to you.

People

If you have had people named on an insurance policy – such as auto insurance or health care insurance, it is a good idea to regularly revise this coverage. There may come a time this named party purchases their own insurance, in which case you don’t need to include them in your policy.

Coverage

In some cases, purchasing individual coverage for you and an other person may not be the most efficient approach. It may be beneficial to purchase a joint life insurance policy for you and your spouse for example.

Cost

If your policy is renewed annually, it’s worth taking a look over it before you pay. Look at the details contained within the policy and assess whether any of your circumstances have changed, are you entitled to any gratuities and discuss with your insurance advisor whether your costs can come down.

Value

While you are looking at your costs, you may also look at the values you have your property insured at. Look to see how depreciation of equipment for example may affect your premium or if the estimated re-build cost of your building may have changed and adjust your coverage accordingly.

Taking the time to Spring-clean your insurance policy cannot only potentially save you money, but you may also streamline and improve the protection you have.

Do you need help Spring-Cleaning your policy? Click here for advice from an insurance expert