Insurance companies often tell clients to assess their policies every now and then. This is to make sure to get it updated. This may seem one-sided with the insurance company likely benefiting from this. You might be even thinking that your insurance agent will do another pitch to add more to your insurance. But this is not the case.
Finance professor Bill Swymer from Bentley University in Massachusetts pointed that it is important to regularly review your insurance policies. You need to check for changes and make necessary adjustments with your policy. It is a preventive approaching from being underinsured or having pay for a feature that you don’t need anymore.
It could be challenging combing through stacks of paper works but you could be saving more if you review our policy.
Re-Assessing and Correcting
Along the way, you probably bought other insurances like health insurance, auto insurance or house insurance. One or two out of those policies may unnecessary or redundant. An assessment done by Aflac, a health insurance company, showed noteworthy results from examined annual employee benefits. About 42 percent of workers spent $750 on unnecessary features included in their insurances. If it’s insurance policies coming from companies, encouraging re-assessment can help ease employees state of mind about unexpected calamities in the future.
Get a Better Rate
Eagle Independent’s co-founder Ken Davidson pointed you may get a better rate if you compare insurance quotes.
By regularly assessing your insurance, there’s a possibility you can adjust your premiums. Take for example homeowners insurance. Since this is related with your city’s crime rate, your premiums will vary if the rates go up or down. Environmental factors such as hurricanes also affect the rate of your premiums. If you’ve purchased your home insurance policy after a recent storm, premiums could have been inflated then.
Assessing every renewal period helps to compare your rates with competitor’s rates. Doing this could put employee’s state of mind at ease of added expenses and still have extra for savings or investments.
Understanding Accumulated Assets
Assets like properties and jewelry increase in value over time. If you’ve been around for quite some time, you probably amassed physical assets. If you got your home insurance rates when you purchased a home filled with secondhand furniture, this will be the basis for the assessment of your policy. But along the years, you changed old furniture with new pieces. In this case, your previous policy may not be enough to cover for this recent change of assets thus the need to have your insurance agent assess these changes. As you move along, regularly having to check your assets’ value against your current policy is essential to make sure you’re getting value for your premiums.
EAP or Employee Assistance Program is a private assessment, counseling and referral assistance for employees as well as their family members. Personal problems may arise which can cause an employee to lose focus on the job. EAP and Outreach offer financial and legal assistance to employees, especially with insurance, to ensure quality living of life for the individual and their family.
You don’t have to wait for things to happen to take action. Asking for EAP and Outreach services could help you understand further about your insurance dilemma. Let’s connect we’d love to learn more about you and your needs, call us now at 763-712-5701. We look forward to working with you!
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