Renewing your insurance policy isn't just a routine task-it's an opportunity to reassess your coverage and ensure it still meets your needs. Whether it's auto, home, or business insurance, asking the right questions can help you make informed decisions and potentially save money. Here are eight essential questions to ask before you renew your policy.
Life changes-such as buying a new home, getting married, or expanding your business—may require adjustments to your policy. At Lowry Insurance, we help our clients review major changes that could impact their coverage, ensuring they have the protection they need.
Insurance providers often update their discount offerings. Check if you qualify for any new savings, such as bundling policies, installing security features, or maintaining a good claims record. Lowry Insurance can help identify potential discounts that apply to your situation.
If you notice a rate increase, ask your insurer for an explanation. Factors like inflation, claims history, or changes in risk assessment may impact your premiums.
Compare your current policy limits with your assets and potential risks. Underinsuring could leave you vulnerable, while over-insuring might mean you're paying for unnecessary coverage. Lowry Insurance works with clients to assess their coverage needs and find the right balance.
A higher deductible can lower your premium, but it also means you'll pay more out-of-pocket in the event of a claim. Evaluate whether your deductible aligns with your financial situation.
Policies often have exclusions that may leave gaps in coverage. Understanding what's not covered can help you decide if you need additional protection.
A history of claims can impact your premium. Ask your insurer how past claims have influenced your rates and what steps you can take to reduce costs in the future.
From cyber liability coverage to flood insurance, there may be optional add-ons that provide extra protection tailored to your needs. Lowry Insurance specializes in customizing policies to fit our clients' specific needs.
Taking the time to ask these questions can help you make the most of your insurance policy and avoid surprises down the road. If you need assistance reviewing your options, the team at Lowry Insurance is here to help. Contact us today to ensure you have the right coverage at the best rate.
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