When we are working with the annual insurance renewal documentation, we could consider of doing other related things. As an example, we may consider switching to other insurance companies. What do we do? We may go to the insurance comparison websites and perhaps we may find quotations with more affordable premiums and similar level of coverage. Some just can’t be bothered and they would file the paperwork without considering whether there are better options out there. In many cases, we could actually lose an opportunity and we may lose some money as a result. The decision whether we should switch to another insurance company depends on our specific situations. In this case, we need to stop, think and review our situation.
We should consider whether the policy coverage has changes recently in any way and whether the policy includes many things that we need. Also, the policy may have additional exclusions that limit our ability to make proper claims. In this case, we should be able to read the small print on the renewal documentation to determine whether there are such small changes. The coverage may also be limited in specific way. In this case, we just don’t get the value for money. Also, we may have completed alterations and improvements on our car or home. They may not be covered by our current policy. We should be aware that we are required to report to the insurance provide is we make changes to the covered objects. There are implications if we ignore this basic rule. The best time to do that is when we are about to renew the insurance policy.
Firstly, we should know things that the insurance is not covering. The current insurance policy may actually contain components that turn out to be unnecessary. As an example, an item in our possession may have worn out and after a period , we could ignore it. In this case, we no longer need the needed coverage. We should consider whether we really need to get protected for damages on items that are not designed to stand the test of time. However, there are things that we may have overlooked. A tree that we planted years ago may already have larger roots and it could threaten our sewage pipe or fence. In this situation, we may assess the risks and consider whether our current policy could really protect us against that occurrence.
During the renewal period, we should properly asses our insurance level. Often, we find that we have been under- or over-insured due to changes in our assets or insurance policy. By switching to a different insurance company, we may de-complicate our insurance portfolio. We will be able to get the right amount of coverage without paying too much money. It’s important that we are able to cut through all the nonsense and we should be able to obtain effective and good coverage. With the increased competitions, many insurance companies are eager to obtain new customers and they provide us with excellent deals.