Common insurance buying mistakes to avoid are surprisingly common, leading many to pay more than necessary or leave themselves vulnerable to unexpected costs. Understanding these pitfalls is crucial for securing adequate protection at a reasonable price. This guide will explore ten frequent errors and offer practical strategies to avoid them, empowering you to make informed decisions about your insurance needs.
From overlooking crucial coverage gaps to failing to shop around for the best rates, the potential for miscalculations is significant. We’ll examine the implications of inadequate coverage, the importance of understanding deductibles and premiums, and the necessity of regularly reviewing your policies to ensure they align with your evolving circumstances. By understanding these common mistakes, you can take control of your insurance and protect yourself financially.
Insufficient Coverage
Underinsurance, the unfortunate reality of having insufficient coverage to adequately protect against significant losses, can lead to devastating financial consequences. Failing to secure appropriate insurance levels across various aspects of your life – home, auto, and health – leaves you vulnerable to crippling debt and unforeseen hardships. Understanding the potential gaps in your coverage and proactively addressing them is crucial for maintaining financial stability.Insufficient coverage can have dramatically different impacts depending on the type of insurance.
For example, underinsurance on your home could leave you with substantial out-of-pocket expenses following a fire or natural disaster. Similarly, inadequate auto insurance can result in crippling debt after an accident, and insufficient health insurance can lead to overwhelming medical bills. The common thread is that the cost of replacing or repairing the damage exceeds your coverage limits, leaving you personally responsible for the difference.
Consequences of Underinsurance
Underinsurance, regardless of the type of policy, can have significant financial consequences. In the case of home insurance, insufficient coverage could mean you are responsible for rebuilding costs that exceed your policy limits after a fire or flood. For example, if your home is worth $500,000 but you only have $300,000 in coverage, you’d be personally liable for the remaining $200,000.
Similarly, inadequate auto insurance can leave you facing substantial medical bills and repair costs after an accident. If you’re at fault and your liability coverage is too low, you could be sued for damages far exceeding your policy limits. Health insurance underinsurance can result in massive medical bills even for relatively minor procedures. High deductibles and out-of-pocket maximums can quickly deplete savings, leaving individuals and families financially vulnerable.
Common Coverage Gaps
Many individuals unknowingly leave significant gaps in their insurance coverage. One common oversight is failing to adequately insure the contents of their home. Many policies offer only a percentage of the dwelling coverage for personal belongings, which may be insufficient to replace all items in the event of a loss. Another frequent gap is underestimating the replacement cost of a vehicle.
Auto insurance policies typically cover the actual cash value (ACV) of a vehicle, which depreciates over time, rather than the replacement cost. This difference can be substantial, especially for newer vehicles. Finally, many individuals fail to understand the intricacies of their health insurance policies, leading to unexpected out-of-pocket expenses for procedures or medications not fully covered. A careful review of policy details, including deductibles, co-pays, and out-of-pocket maximums, is crucial to avoid unpleasant surprises.
Auto Insurance Coverage Levels
The following table compares the costs and benefits of different auto insurance coverage levels. Note that specific costs vary based on factors such as location, driving record, and the type of vehicle. This table provides a general comparison for illustrative purposes only.
| Coverage Level | Liability Coverage | Collision/Comprehensive Coverage | Approximate Monthly Cost |
|---|---|---|---|
| Minimum Coverage | $25,000/$50,000 bodily injury/$10,000 property damage | None or low deductible | $50 – $100 |
| Medium Coverage | $100,000/$300,000 bodily injury/$100,000 property damage | $500 deductible | $100 – $175 |
| High Coverage | $250,000/$500,000 bodily injury/$250,000 property damage | $1000 deductible or lower | $175 – $300+ |
| Full Coverage | High Liability Limits | Low Deductible or No Deductible | $300+ |
Ignoring Deductibles and Premiums
Understanding the interplay between deductibles and premiums is crucial for securing the right insurance coverage without overspending. Many overlook this vital aspect, leading to either inadequate protection or unnecessary financial strain. This section will clarify the relationship between these two key components and guide you towards making informed decisions.Choosing the right balance between your deductible and premium involves a careful assessment of your risk tolerance and financial capacity.
A higher deductible typically results in a lower premium, and vice versa. This is because a higher deductible means the insurance company pays out less frequently, allowing them to offer a lower monthly payment. Conversely, a lower deductible means higher premiums because the insurance company is more likely to pay out claims.
Deductible Choices and Out-of-Pocket Expenses
Your deductible directly impacts your out-of-pocket expenses in the event of a claim. The deductible is the amount you must pay before your insurance coverage begins. For example, if you have a $1,000 deductible and incur $5,000 in damages, you will pay the first $1,000, and your insurance will cover the remaining $4,000. A higher deductible means a greater upfront cost if you need to file a claim, but lower premiums throughout the year.
A lower deductible means lower out-of-pocket expenses if you need to file a claim, but higher premiums. Therefore, individuals with a larger emergency fund might opt for a higher deductible to reduce their monthly premium payments, while those with limited savings might prefer a lower deductible for greater financial security in case of an incident.
Calculating Total Insurance Cost
Calculating the total cost of your insurance requires a straightforward approach, considering both the annual premium and the potential deductible.A step-by-step guide:
1. Determine your annual premium
This is the amount you pay to the insurance company each year to maintain your coverage. Let’s assume your annual premium is $1,200.
2. Identify your deductible
This is the amount you pay out-of-pocket before your insurance coverage kicks in. Let’s assume your deductible is $500.
3. Estimate the likelihood of a claim
This is subjective and depends on factors like your driving history (for car insurance), health status (for health insurance), or the security of your home (for homeowners insurance). For this example, let’s assume a 10% chance of a claim requiring you to meet your deductible in a given year.
4. Calculate the expected deductible cost
Multiply the probability of a claim by the deductible amount: 0.10$500 = $50.
5. Calculate the total expected annual cost
Add the annual premium and the expected deductible cost: $1,200 + $50 = $1,250.
Therefore, the total expected annual cost of your insurance, considering both premium and deductible, is $1,250. This calculation provides a more realistic picture of your insurance expenditure compared to simply considering the premium alone. Remember that this is an estimate, and the actual cost will vary depending on whether or not you file a claim.
Failing to Shop Around
Failing to compare insurance quotes from multiple providers is a common mistake that can cost you significantly. Many people stick with their current insurer out of convenience or a misguided sense of loyalty, overlooking the potential for substantial savings or better coverage elsewhere. By actively shopping around, you empower yourself to make an informed decision that best suits your needs and budget.The process of obtaining quotes from multiple insurers is straightforward, yet surprisingly overlooked by many.
It involves contacting several companies, providing them with your relevant information (such as age, driving history, location, and the type of coverage you need), and requesting a personalized quote. Most insurers offer online quote tools for convenience, while others can be reached via phone or in person. Remember to be consistent with the information you provide to ensure accurate comparisons.
Obtaining Quotes from Multiple Insurers
To effectively compare insurance quotes, it’s crucial to gather quotes from at least three different insurers. This allows you to see a range of prices and coverage options, providing a more comprehensive understanding of the market. The more quotes you obtain, the greater your chances of finding the best deal. Don’t hesitate to contact smaller, regional insurers as well as larger national companies, as they may offer surprisingly competitive rates.
Comparison of Three Insurance Quotes
Below is an example of how three different insurance quotes might compare. Remember that these are illustrative examples, and actual quotes will vary based on individual circumstances and location.
- Insurer A: Premium: $1200 annually; Deductible: $500; Coverage: $100,000 liability, $25,000 uninsured/underinsured motorist coverage, comprehensive and collision coverage.
- Insurer B: Premium: $1000 annually; Deductible: $1000; Coverage: $100,000 liability, $25,000 uninsured/underinsured motorist coverage, comprehensive and collision coverage.
- Insurer C: Premium: $1300 annually; Deductible: $250; Coverage: $250,000 liability, $50,000 uninsured/underinsured motorist coverage, comprehensive and collision coverage.
This comparison highlights how premiums, deductibles, and coverage levels can vary significantly between insurers. Insurer B offers the lowest premium but with a higher deductible. Insurer C offers the highest coverage but also the highest premium. Insurer A falls somewhere in between. The best option depends on your individual risk tolerance and financial situation.
Carefully consider the trade-off between premium cost, deductible amount, and the level of coverage offered.
Not Understanding Policy Exclusions
Insurance policies, while designed to protect you financially, often contain exclusions – specific events or circumstances that are not covered. Understanding these exclusions is crucial to avoid unexpected costs and ensure your policy truly meets your needs. Failing to carefully review these exclusions can leave you vulnerable to significant financial burdens when you need coverage most.Many insurance policies, across various types, contain common exclusions.
Thoroughly reading the fine print, including the section detailing exclusions, is paramount to a complete understanding of your policy’s coverage. This proactive approach helps avoid costly surprises later.
Common Insurance Policy Exclusions
Insurance policies across different types—home, auto, health, and others—frequently exclude coverage for specific situations. These exclusions are often designed to manage risk and prevent abuse of the policy. For example, many homeowner’s insurance policies exclude damage caused by floods or earthquakes, requiring separate flood and earthquake insurance for comprehensive protection. Similarly, auto insurance policies might exclude coverage for damage caused by wear and tear or for accidents involving driving under the influence.
Health insurance policies commonly exclude pre-existing conditions, at least for a specified period, and may have limitations on coverage for experimental treatments. Understanding these exclusions is key to assessing the true scope of your protection.
Examples of Unexpected Costs Due to Policy Exclusions
Imagine a homeowner whose policy excludes flood damage. If a major flood occurs, resulting in significant property damage, the homeowner will bear the full cost of repairs and replacement, even with comprehensive homeowner’s insurance. This could lead to substantial financial hardship. Similarly, someone involved in a car accident while driving under the influence might find their auto insurance policy does not cover the damages, leading to significant personal liability.
Another example could be someone with a pre-existing condition who discovers their health insurance doesn’t cover treatment for that specific condition until after a waiting period, leading to substantial out-of-pocket expenses during that time. These situations highlight the importance of thoroughly understanding your policy’s limitations.
Failing to Review Coverage Regularly
Regularly reviewing your insurance coverage is crucial to ensuring you maintain adequate protection throughout life’s various stages. Failing to do so can leave you vulnerable to significant financial losses in the event of an unforeseen circumstance. Your insurance needs are dynamic, changing alongside your personal circumstances, and a proactive approach to review ensures your policies remain aligned with your current requirements.Life’s transitions often necessitate adjustments to your insurance policies.
Failing to account for these changes can result in inadequate coverage, leaving you exposed to substantial financial risks. A periodic review allows you to identify gaps in coverage and make necessary adjustments to prevent such situations.
Life Changes and Insurance Needs
Significant life events, such as marriage, having children, purchasing a home, or changing careers, significantly impact insurance needs. Marriage often necessitates reviewing liability coverage and potentially adding a spouse to existing health or life insurance plans. The arrival of children necessitates increased life insurance coverage to provide for their future and may also require additional health insurance options. Purchasing a home necessitates homeowner’s insurance, and a career change may affect the amount of disability or life insurance needed.
Failing to adjust coverage in line with these changes can lead to insufficient protection and financial hardship. For example, a couple who buys a house but fails to increase their liability coverage might face significant financial consequences if someone is injured on their property. Similarly, a new parent who hasn’t increased their life insurance policy might leave their family financially vulnerable in the event of their untimely death.
Annual Insurance Policy Review Checklist
A comprehensive annual review ensures your insurance policies remain relevant and provide adequate protection. The following checklist provides a framework for this crucial process:
To conduct a thorough review, consider these key aspects:
- Review your current coverage amounts: Are your liability limits, coverage amounts for property, and life insurance sufficient for your current assets and lifestyle?
- Assess your current deductibles and premiums: Are these still affordable and appropriate, or could you potentially save money by adjusting them?
- Check for any policy exclusions: Understand what is not covered by your policies and whether this is acceptable for your risk profile.
- Consider any life changes: Marriage, children, new home, career change, or any other significant life event could necessitate adjustments to your insurance coverage.
- Compare quotes from different insurers: Shopping around ensures you’re getting the best possible rates and coverage for your needs.
- Update your contact information: Ensure your insurer has your most current contact information.
- Review your claims history: Understanding your past claims can help you assess your risk profile and adjust your coverage accordingly.
Misunderstanding Policy Renewals
Insurance policy renewals are a crucial aspect of maintaining continuous coverage, yet they often present opportunities for confusion and potentially higher costs. Understanding the renewal process, potential premium changes, and strategies for negotiation can significantly impact your overall insurance expenses and protection. This section will clarify common misunderstandings surrounding policy renewals.Policy renewal is the process of extending your existing insurance coverage for another term, typically a year.
Your insurer will send you a renewal notice outlining the terms of your renewed policy, including the premium amount. Premiums can fluctuate due to several factors, including changes in your risk profile (e.g., a change in your driving record affecting car insurance), claims history, inflation, and changes in the overall market. The insurer may also adjust the coverage amounts or policy terms.
It is vital to carefully review this notice to ensure that the offered terms meet your current needs and budget.
Premium Changes During Renewal
Several factors contribute to premium changes during renewal. A rise in claims in your area might lead to increased premiums for all policyholders. Changes in your personal circumstances, such as adding a driver to your car insurance policy or moving to a higher-risk area, can also impact your premiums. Similarly, improving your credit score might result in lower premiums for some types of insurance.
Conversely, filing a claim might lead to a premium increase. The insurer’s overall financial performance and changes in market conditions also play a significant role in premium adjustments. For example, a significant increase in car theft in a particular region may lead to higher car insurance premiums for residents of that area, regardless of their individual driving records.
Conversely, a period of lower than average claims might lead to a decrease in premiums.
Negotiating Lower Premiums During Renewal
Don’t automatically accept the renewal premium quoted. Before accepting the renewal, explore options to potentially lower your premium. This might involve bundling multiple insurance policies with the same insurer (e.g., home and auto insurance), increasing your deductible (though this increases your out-of-pocket expenses in case of a claim), or exploring different coverage levels. You can also shop around and compare quotes from other insurers to leverage competitive pricing.
Some insurers may offer discounts for long-term policyholders or for safety features in your home or vehicle. Clearly articulating your needs and budget to your insurer might also lead to more favorable negotiation.
Examples of Policy Term Changes Upon Renewal
Policy terms can change upon renewal. For example, an insurer might modify the coverage limits or add or remove certain exclusions. These changes can be due to regulatory changes, updated risk assessments, or changes in the insurer’s overall policy offerings. Consider a homeowner’s insurance policy; if the insurer updates its risk assessment models and determines that your area is now considered higher risk due to increased wildfire incidents, they might increase your premiums or even change the coverage terms to limit liability in case of fire damage.
Similarly, changes in auto insurance policy terms might involve adjusting the coverage for uninsured/underinsured motorists based on the insurer’s updated assessment of risk in your region. It’s crucial to carefully review all policy changes and understand their implications before accepting the renewal.
Relying Solely on Online Reviews
Choosing insurance is a significant financial decision, and it’s natural to seek guidance from various sources. Online reviews, readily available on platforms like Google, Yelp, and dedicated insurance review sites, offer a glimpse into other customers’ experiences. However, relying solely on these reviews can be misleading and potentially costly. The information presented is often subjective and may not represent the complete picture of an insurer’s performance.Online reviews, while offering valuable insights, suffer from inherent limitations.
Many reviews reflect isolated incidents or individual experiences, which may not be representative of the insurer’s overall service quality or claims handling process. Furthermore, reviews can be biased, either positively (e.g., incentivized reviews) or negatively (e.g., reviews driven by a single bad experience). The lack of verification processes on many platforms allows for the posting of fake or manipulated reviews, further skewing the perception of an insurance provider.
Therefore, it’s crucial to supplement online reviews with information from other, more reliable sources.
Verifying Information from Multiple Sources
To make an informed decision, it is essential to gather information from multiple sources, thereby creating a more balanced and comprehensive understanding of an insurance provider. This can include checking the insurer’s financial stability rating from agencies like AM Best, exploring independent consumer reports, and directly contacting the insurer to clarify any ambiguities or concerns. Comparing information across different sources helps identify patterns and inconsistencies, allowing for a more accurate assessment of the insurer’s strengths and weaknesses.
For example, if several online reviews mention slow claim processing times, but the insurer’s AM Best rating indicates strong financial stability, you can better contextualize the negative reviews and weigh them against other factors.
Critically Evaluating Online Reviews of Insurance Providers
A critical approach to online reviews is vital to avoid being misled. Consider the following: Examine the reviewer’s profile: Check the reviewer’s history and the number of reviews they’ve submitted. A single review from a new account may be less reliable than multiple reviews from an established user. Look for patterns and inconsistencies: If multiple reviews mention the same issue (e.g., poor customer service), it warrants further investigation.
However, if reviews are wildly inconsistent, it suggests the reviews might not be entirely trustworthy. Consider the date of the review: Older reviews may not reflect the insurer’s current performance, especially if the company has undergone significant changes. Beware of overly positive or negative reviews: Reviews that are excessively positive or negative, lacking specific details, may be fake or biased.
Verify the reviewer’s identity (if possible): Some platforms allow users to verify their identities, increasing the credibility of their reviews. Cross-reference with other sources: Compare the information in the reviews with information from independent sources, such as consumer reports or the insurer’s website.
Not Asking Enough Questions
Purchasing insurance can feel overwhelming, with complex policies and jargon often obscuring the crucial details. Failing to ask sufficient questions before committing to a policy can lead to significant misunderstandings and financial repercussions down the line. A proactive approach, involving thorough questioning, ensures you secure a policy that truly meets your needs and provides adequate protection.Proactive communication with your insurance agent is vital to understanding the nuances of your policy and avoiding potential problems.
Clarifying ambiguities in policy terms is not just advisable; it’s essential for ensuring you’re adequately protected. Failing to do so could leave you vulnerable to unexpected costs or gaps in coverage. Remember, your insurance policy is a legal contract, and understanding its intricacies is crucial for protecting your interests.
Essential Questions to Ask Insurance Agents
Before purchasing any insurance policy, a comprehensive list of questions should be prepared and addressed. This ensures that you are fully informed and that the policy aligns with your specific requirements and circumstances. Failing to do so could result in an unsuitable policy and potential financial hardship.
- What are the specific coverages included in this policy?
- What are the limitations or exclusions of this policy?
- What is the claims process, and how long does it typically take to process a claim?
- What are the different premium payment options available?
- Are there any discounts available that could lower my premium?
- How will my premium change over time?
- What are the consequences of missing a premium payment?
- What is the process for filing a claim, and what documentation will I need?
- What are the cancellation policies and associated fees?
- Can you provide examples of past claims and how they were handled?
Clarifying Ambiguities in Policy Terms, Common insurance buying mistakes to avoid
Insurance policies often use specialized terminology. It is crucial to understand the precise meaning of each term to avoid any misinterpretations that could negatively impact your claim. Don’t hesitate to ask for clarification on any aspect of the policy that you don’t fully understand. A simple misunderstanding could have costly consequences. For example, the definition of “accident” or “damage” might vary significantly between policies.
- Request clear explanations of any technical terms or jargon used in the policy document.
- Ask for real-life examples to illustrate how specific clauses might apply in different scenarios.
- Verify that your understanding of the policy terms aligns with the agent’s interpretation.
- If necessary, seek a second opinion from another insurance professional or a legal expert.
Determining the Suitability of an Insurance Plan
Choosing the right insurance plan requires careful consideration of your individual needs and risk profile. Asking targeted questions helps ensure the selected plan adequately protects you against potential financial losses. Ignoring this step can result in insufficient coverage or unnecessary expenses. For instance, an individual with high-value assets might require a higher coverage limit than someone with fewer assets.
- Does this policy adequately cover my assets and liabilities?
- Does the policy’s coverage limits align with my financial needs and risk tolerance?
- Are there any gaps in coverage that leave me vulnerable to significant financial losses?
- What are the potential consequences of choosing a lower coverage limit?
- How does this policy compare to similar policies offered by other providers?
Ignoring Bundling Opportunities
Bundling your insurance policies, meaning combining multiple types of coverage under one provider, is a frequently overlooked strategy that can lead to significant cost savings. Many insurance companies offer discounts for bundling auto, home, renters, and even life insurance policies. These discounts incentivize customer loyalty and streamline administrative processes for the insurer, ultimately benefiting the policyholder.Bundling offers more than just financial advantages.
It simplifies policy management, reducing the administrative burden of dealing with multiple insurers and policies. This consolidation streamlines payments, simplifies claims processes, and ensures consistent coverage across various aspects of your life. Comparing bundled rates to individual policy costs reveals the potential for substantial financial benefits.
Cost Savings Associated with Bundling Insurance Policies
Insurance companies frequently offer discounts ranging from 5% to 25% or even more when you bundle multiple policies. The exact discount varies based on the insurer, the types of policies bundled, and the individual’s risk profile. For example, a homeowner with a clean driving record might receive a larger discount for bundling home and auto insurance than someone with multiple traffic violations.
These discounts are a direct reflection of the reduced risk and administrative costs associated with managing a single customer’s multiple policies. The savings can accumulate over time, leading to substantial long-term financial benefits.
Comparison of Bundling Auto, Home, and Other Insurance Types
Bundling auto and home insurance is the most common approach. However, many insurers also offer discounts for including other types of coverage such as umbrella liability insurance (which extends coverage beyond your auto and home policies), renters insurance, or even life insurance. The potential savings increase with each additional policy bundled. For instance, bundling auto, home, and umbrella liability insurance could result in significantly greater discounts than bundling only auto and home insurance.
Careful comparison of quotes from multiple insurers is crucial to identify the most advantageous bundling options.
Hypothetical Scenario Demonstrating Financial Advantages
Let’s consider a hypothetical scenario. Sarah currently pays $1,200 annually for auto insurance and $800 annually for homeowners insurance with separate companies. If she bundled these policies with a single insurer offering a 15% discount on the combined premium, her new annual premium would be:
($1,200 + $800) – 0.85 = $1,700
This represents a savings of $300 annually ($2,000 – $1,700 = $300). Over a ten-year period, this would amount to a savings of $3,000. This illustrates the significant financial advantages that can be achieved through bundling insurance policies. This scenario highlights the potential for substantial long-term cost savings, underscoring the importance of considering bundling opportunities.
Neglecting to Update Personal Information
Keeping your insurance provider informed of any changes to your personal information is crucial for ensuring seamless claims processing and avoiding potential complications. Failing to do so can lead to delays, denials, or even the cancellation of your coverage. Accurate information is the foundation of a strong insurance policy.Failing to update your personal information with your insurance provider can have several significant consequences.
Inaccurate or outdated details can lead to delays in claims processing, difficulties in contacting you in case of an emergency, and even potential denial of coverage. For example, if you move and fail to update your address, your insurer may not receive notification of a claim, leading to delays in receiving benefits. Similarly, if your contact information is outdated, they might be unable to reach you promptly in an emergency situation.
Consequences of Inaccurate Information on Claims Processing
Inaccurate personal information can significantly impact the claims process. Imagine a scenario where you’ve moved to a new address but haven’t informed your insurer. If you file a claim for a home burglary, the claim may be delayed or even denied because the insurer cannot verify your address and the incident location. Similarly, an incorrect phone number could prevent timely communication regarding the claim status, leading to frustration and potential complications.
Providing an outdated email address might result in missed crucial notifications about claim updates or policy changes. In such instances, the burden of proof often falls on the policyholder to demonstrate the accuracy of the claim despite the conflicting information on file. This can result in added stress and time spent resolving the issue. Accurate information ensures a smoother and more efficient claims process.
Procedure for Maintaining Up-to-Date Information
Maintaining accurate information with your insurance provider is straightforward. First, promptly notify your insurer of any changes to your address, phone number, email address, or other relevant personal details. Many insurers offer online portals where you can easily update your information yourself. Alternatively, you can contact your insurer directly by phone or mail. Regularly review your policy documents and ensure all information is current.
Consider setting reminders on your calendar or phone to review your policy information annually, or whenever significant life changes occur, such as a change of address or marriage. Proactive communication with your insurance provider ensures a smooth and efficient insurance experience, minimizing potential complications and delays.
Final Review: Common Insurance Buying Mistakes To Avoid
Protecting yourself from financial hardship is paramount, and making informed decisions about your insurance is a key step in that process. By diligently avoiding the common mistakes Artikeld above—from insufficient coverage to neglecting to update personal information—you can significantly improve your financial security and ensure you have the appropriate protection for your needs. Remember, proactive engagement with your insurance is an investment in your peace of mind and financial well-being.
FAQ Guide
What happens if I don’t update my address with my insurer?
Failure to update your address can delay or prevent claims processing, as insurers may be unable to contact you or verify your location in case of an incident.
Can I negotiate my insurance premium after the initial policy is issued?
While less common than during renewal, some insurers may be open to negotiation, especially if you demonstrate loyalty or bundle multiple policies. It’s worth inquiring.
How often should I review my insurance policies?
It’s recommended to review your insurance policies at least annually, or more frequently if you experience significant life changes such as marriage, childbirth, or a new home purchase.
What if I find a better insurance rate after purchasing a policy?
Many insurers allow policy cancellations within a short grace period, usually 30 days, with a possible penalty. Contact your insurer to discuss options.