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What’s a Coverage Review (And Why Do I Need One?)

By March 12, 2024Insurance

When it comes to insurance, the best policy is one that provides the right protection for you and your family — right now. That means as your life changes, your insurance coverage should, too.

In an ideal world, you’d call your insurance agent every time you finished a home renovation, bought a new vehicle or got a new job. But life is busy. And with all the responsibilities of work and family, evaluating your autohome or life insurance coverage may fall pretty low on your priority list.

That’s why it’s helpful to have an insurance agent. Your agent can keep an eye on your policies and reach out to connect to make sure they’re still the right fit.

So if your agent calls (or texts or emails) and offers to review your coverage, here’s what you can expect. Or if you’re ready to review your policies you can download our free PDF printable checklist on what to tell your agent and what information to have handy.

What is a Coverage Review?

A coverage review is a general check-in with your insurance agent. During the review, you’ll meet with  your agent and share any life changes that could affect your insurance needs. This information will be used to update your current policies and recommend additional coverages you may want to consider.

A coverage review is a good opportunity to ask questions and understand what your policies can (and can’t) cover. Your agent can also share real-life claims examples they’ve seen in your local area to help you avoid potentially costly coverage gaps.

Your agent may schedule an in-person meeting, or ask you to provide information over the phone or email — whatever works best for you.

Of course, you don’t need to wait for your agent to schedule a coverage review. You can also request one yourself! Just call, email or text your agent to get in touch.

What Information Will My Agent Ask for During a Coverage Review?

During a coverage review, your agent will want to know about any life changes since you last connected. This may include:

  • Personal information: Make sure your agent has current information for you and your family. This includes your mailing address, phone number, email address and all the members of your household. Be sure to let them know of any name changes due to marriage or divorce, or if you’ve had a child since you last spoke — this may lead to a change in your policy beneficiaries. Having the correct information on file ensures there aren’t any delays in the event of a claim.
  • Covered drivers: When updating your auto insurance, your agent will need to know if there are any changes to the drivers covered under your policy. This could be a child that’s about to get their driver’s license or someone who’s living with you and regularly using your vehicle (Related: Am I Covered When I Lend My Car to Friends or Family?). If you’re considering a new vehicle, your agent can also provide a free quote.
  • Home updates: Have you upgraded your kitchentransformed your bonus room or finished your basement? Major improvements like these increase the value of your home, which means you may need a higher limit on your homeowners policy. Without changing your limits, you may be left with a coverage gap t hat could leave you underinsured if you need torepair or rebuild your home if the unexpected happens. Ask your agent how guaranteed replacement cost can provide peace of mind.
  • New purchases: If you’ve bought any new “toys” — like a boatall-terrain vehicle (ATV) or golf cart— you may want a separate insurance policy. While insurance might not be required for watercraft and off-road vehicles, they still represent a significant investment that should be protected. The same holds true with valuables such as musical instruments or jewelry. Sending a copy of your updated home inventory to your agent will help them determine if you need to purchase personal valuables insurance.
  • Job changes: Let your agent know if there have been any changes with your employment. For example, if you’ve retired or are now working from home, the miles you save on your daily commute may result in a lower auto insurance rate. And if you recently earned a promotion, it may be time to review your life insurance policy to ensure you’ve got enough coverage — beyond what may be offered by your employer.

Can My Agent Help Lower My Insurance Bill?

Everyone likes saving money, right? Talk to your agent – they’ll work with you to ensure you’re getting the best price possible for the coverage you need.

  • Car safety equipment discounts: You can save on your insurance coverage if your car is equipped with safety equipment like factory-installed air bags, passive restraint2, anti-theft devices3 and anti-lock brakes.
  • Multi-car discount: If ERIE insures two or more of your vehicles, you could qualify for a discount. (All the vehicles in your household must be owned and used by the drivers we insure on the policy.)
  • Multi-policy discount: A discount is available if you have a qualifying life insurance policy1 or home policy in addition to your ERIE auto insurance.
  • Reduced usage discount: If you’re not using your car for at least 90 consecutive days during the policy period, you could be eligible for a discount on your car insurance2.
  • Young drivers: Unmarried drivers under age 21 who reside with their parents may be eligible for additional savings on their car insurance3.
  • Annual payment plan: You can save by paying your auto premium annually.
  • Changing your deductible: Generally, you can lower your insurance premium by raising your deductible. But if you’d prefer to reduce your out-of-pocket expenses in the event of a claim.

Article courtesy of Erie.