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The Importance of Reviewing Your Insurance Portfolio

When is the last time that you’ve sat down with an insurance professional to review your policies? We are constantly dealing with life changes, and insurance companies are no different. The importance of reviewing your insurance to maintain proper discounts and alleviate any gaps in coverage should be done on an annual basis. Sitting down with an expert can help, as the insurance climate has changed tremendously in California.

Homeowner’s Insurance (Fire Insurance): The homeowner’s insurance landscape has changed considerably in California the past few years, as major wildfires have impacted our state. In some cases, insurance companies have non-renewed home policies and customers are forced to find another company or get coverage via the state’s California Fair Plan. Water Claims have also been more prevalent and an increase in amounts paid out for claims have gone up substantially over the years due to increased remediation costs.

Auto Insurance: Technological advancements in vehicles have changed the auto insurance industry. We’re not seeing too many “Fender Benders” anymore, as back up cameras, sensors, and other advancements have doubled and tripled the simple minor accidents we’ve had in the past. Not to mention the fact that medical costs have increased over the years, which has increased Bodily Injury Liability Claims as well.

Business Insurance: Business Owner Policies Are Not Created Equally! Does your policy include EPLI (Employment Practices Liability Insurance)? Cyber Liability? Is Loss of income included and for how long in the event of a loss? Do you know the difference between your Business Content Coverage and Tenants Improvements & Betterments Coverage? Are you taking advantage of discounts for having multi-policies with one carrier, including Worker’s Compensation? Speaking of Worker’s Compensation, are you staying on top of the recent changes in California?

Life Insurance: How much life insurance is necessary? Should you carry a term policy, permanent policy, or a combination of both? If you choose term insurance, what length should the term be? If you go with permanent insurance, are you conservative or a little more aggressive?

Health Insurance: The health insurance climate has changed drastically since the Affordable Care Act (ObamaCare) was enacted. Covered California was initially a huge help to many people in our state, but has slowly become a burden, as several doctors do not accept the insurance offered under the Covered California Umbrella. In addition, health insurance costs in general have continued to rise.

Please take a moment to contact your local insurance professional today to set up an annual review. Having gaps in coverage and not staying on top of potential discounts can cost you money in the long run.

Written by Craig Davis

Craig Davis is an agent for Farmers Insurance and the owner of Craig Davis Family Insurance located at 27645 Jefferson, Suite 113, in Temecula. He may be reached at (951) 699-1776. cdavis@farmersagent.com

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