How long has it been since you reviewed your personal insurance policies?
How long have you been with the same insurance company for all your personal risk management needs including auto, homeowner’s, and umbrella policies?
Are You Underinsured? Many People Are Without Realizing It
Many families purchase personal insurance policies directly from an insurance company without guidance on whether their coverage is the most appropriate for their specific needs. We frequently meet people who chose their insurance provider simply because their parents used the same company. While this can be a good starting point when you’re fresh out of college or newly married, it may not be the best option 10 or 20 years later.
Failing to review your insurance coverage regularly can lead to gaps—leaving you underinsured or even uninsured.
Major Life Events That May Require an Insurance Review
What significant life events have happened since you last reviewed your personal insurance policy? Life changes can directly impact both your insurance premium and coverage limits. Conducting a regular insurance review ensures there are no coverage gaps and that you’re not overpaying.
Common events that may require an insurance policy update include:
- Moving from an apartment to a townhouse or a single-family home
- Graduating from college, graduate school, or professional school
- Changing jobs or careers
- Getting married and starting a family
- Your teen drivers getting their licenses
- Your kids moving out of the house
- Home renovations or upgrades
- Starting an in-home business
- Losing a family member
- Increasing your wealth or acquiring high-value assets
Your Personal Insurance Coverage Should Evolve With Your Life
Many of the events listed above occur at specific moments, while others unfold gradually over the years. Either way, they can affect the type and amount of insurance coverage you need.
If you haven’t reviewed your auto, home, umbrella, or other personal insurance policies in a long time, chances are they no longer fully protect you. Additionally, the insurance market has evolved, introducing new risk management solutions such as:
- Cyber liability insurance to protect against identity theft and data breaches
- Higher liability coverage limits for growing wealth
- More competitive rates for updated insurance policies
Finding the Gaps in Your Personal Insurance Coverage
A thorough insurance review helps uncover gaps and exposures that could put your assets at risk. Common issues include:
- Umbrella insurance limits that are too low to cover increased wealth and liability risks
- Lack of uninsured/underinsured motorist coverage—an affordable yet often-overlooked protection against accidents caused by uninsured drivers
- Valuable items, collector’s pieces, or recreational vehicles (boats, RVs) that aren’t properly insured
- Rental properties that require specialized landlord insurance for full protection
How an Insurance Review Can Help You Save Money & Improve Coverage
An objective insurance review assesses both the strengths and weaknesses in your current policies. This process ensures that:
- Your policies provide comprehensive protection
- Coverage gaps are eliminated
- Redundant insurance policies are reduced
- You get better protection at a lower cost
The insurance industry changes frequently, meaning new opportunities arise for more affordable, customized coverage. At PSA Insurance & Financial Services, we work with a vast network of top insurance carriers to tailor the best personal insurance solutions for our clients.
Request a Personalized Insurance Review
If it’s been a while since you reviewed your personal insurance policies, you may be overdue for an update. A more comprehensive approach can better protect your home, auto, valuables, and liability risks.
For more information, or to have us conduct an objective review of your personal insurance, please contact me at john@psafinancial.com or contact PSA via our online form.
