Why Yearly Insurance Reviews Are Essential

insurance

Bad things can happen in an instant. Last year, while everyone else was celebrating and enjoying the 4th of July, an errant firework burned down an elderly man’s house. Like other depression-era folks who long ago lost faith in financial systems, he liked to hide his money in cash around the house and in the yard instead of keeping it in the bank. Likewise, he had no homeowner’s insurance. Since he’d already used most of his savings to pay his late wife’s medical bills, he had no money to rebuild his house. Though a homeowner’s policy certainly would have cost him thousands over the years, rebuilding his home was even more expensive, and was only possible

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2 Responses to Why Yearly Insurance Reviews Are Essential

  1. Teri says:

    I just wanted to add these days you have to really review your homeowners policy with ever-appreciating homes (that come with increased construction costs). I just got around to meeting with our insurance agent last year and we had to about double our coverage after 4 years in our home. In the meantime the sales price of our home had more than doubled and I kept hearing construction costs were skyrocketing so I knew it was something we needed to do, but was shocked how behind we were when we finally did. It probably needs to be reviewed annually the way home prices have been in recent years (though perhaps slowing down in many areas of the country). I don’t really know anyone who has thought about that beyond their insurance agents calling them and telling them they need to increase their coverage. I am afraid a lot of people in this area are WAY under-insured.

  2. dan says:

    They really should make some type of calendar where these type of basic reminders are listed.

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