Posted by smallbusinessinsuran, 01/11/2018 5:04 am
It is common to add or cancel insurance policies when any major life changes occur. Buying a new car, starting or expanding a business, having a child, or getting a divorce are all examples of times when people review coverage and determine what is needed. Few people think to have their policies reviewed with an independent insurance agent on an annual basis, although it is important. Filing a claim is not the time to realize insurance is inadequate.
Reviewing homeowners insurance Lakeland is essential because property values fluctuate, the activities at the home change, and needs may be different. The point of having home insurance Lakeland is to make sure the house is protected against loss. The amount of coverage should match the value of the property, or be enough to replace the house in a total loss. If that $200,000 home is now worth $350,000, it is wise to add more coverage.
When children are young, there may be many neighborhood kids in the yard in the home. People who enjoying entertaining in their home will have many guests coming and going. Pools, outdoor kitchens, and patios may experience high volumes of traffic. In those cases, insurance for the home will need to have higher medical and liability limits than that of a retired couple.
Commercial insurance Lakeland can consist of many policies that cover everything from the building to the parking lot to mobile devices. Depending on the nature and size of the business, policies may have to be adjusted. An annual review will let owners know the extent of coverage and allow them to make informed decisions about adding a policy, or updating one.
If the business has downsized, for example, less coverage may be required to protect the business. Changing that will reduce overhead costs. Expanding businesses will need more insurance to protect each location. A business interruption policy can be added in case there is a fire, construction blocks the entrance, or a pipe bursts.
Time Passes Quickly
A year is not a long time, but a lot can happen during the course of one. Reviewing policies is a way to determine if coverage is adequate, if some can be canceled, or if a new policy has to be added altogether. Contact an independent agent to set up a review of personal insurance Lakeland, auto, home, or business policies. The result can be lower premiums if the same coverage levels are offered cheaper by another company.