When to Update Your Insurance Coverage: Personal, Property & Casualty, Employee Benefits 

Are you considering making changes to your insurance policies? Whether it’s due to increasing premiums, changes in your lifestyle, or a growing employee demographic, it’s important to recognize when it’s time for changes to be made that effectively accommodate your risks.

The questions you need to ask are: What might trigger a change in coverage? When is the right time to make this change? And how do you make changes to your policy to meet your new needs?

In this article, we’ll explain the events that require you to review and alter your coverage. We’ll also recommend a comprehensive solution that can address your insurance needs. 

Let’s get started. 

Personal

Exactly when it’s time to update your personal insurance policies—such as home, auto, life, umbrella, and valuables—isn’t always clear. You might not realize it's time to reassess your policy until something drastic happens, missing the opportunity to ensure you have the right coverage when you need it most. 

So, what life events should you watch for that may indicate a need to reassess your personal insurance coverage? Here are a few indicators: 

• Expanding Family: The birth or adoption of a child, changes in marital status.
• Changes in Health: Experiencing a medical or personal emergency or a long-term health diagnosis.
• New Assets: Acquiring high-value items such as jewelry or art.
• Property Upgrades: Making significant changes to your property value or undertaking additions/renovations.
• Vehicle Changes: Purchasing a new vehicle or experiencing changes in vehicle usage.
• Financial Changes: Changes in income or financial obligations.
• Increased Risk: Significant increases in assets or liabilities, or changes in personal or professional exposure to risk.

Property & Casualty 

Business insurance offers flexibility, allowing you to make changes whenever needed. It's recommended to review your coverage plan every year at a minimum.

However, keep in mind that canceling your policy before its end date may come with consequences, such as potential cancellation fees or increased rates due to coverage lapses. 

Here are a few situations that might mean it’s time to change your property/casualty insurance: 

• Changes in Risk Profile: New risks such as environmental factors, changes in the local economy, or shifts in your industry.
• Business Renovations or Upgrades: Significant improvements to your business property, such as new equipment, remodeling, or technology upgrades.
• Expansion or Relocation: Moving to a new location, expanding your premises, or opening additional locations may create new risks and increase property value.

• Higher Claims Frequency: A rise in liability claims may suggest that your current policy isn’t adequate for your needs. 

Employee Benefits 

Employee Benefits plans are dynamic and subject to frequent changes that can significantly impact both your budget and the satisfaction of your workforce. As businesses evolve, so do their needs, making it essential to regularly assess and potentially update your benefits offerings. 

Here are key considerations that indicate it might be time for a change:

• Budgetary changes: cost fluctuations or your benefits package not being financially viable
• Employee demographics: Significant changes in your workforce size or composition
• Employee satisfaction: General unrest, unmet needs, or expectations among your employees

Why Valentine Insurance Services is Right for You 

Knowing when and what changes might need to be made to your insurance coverage is not always easy. 

At Valentine, we are here to be your insurance partner so you don’t have to navigate these changes alone. From personal, property/casualty, employee benefits, or all of the above, we're dedicated to simplifying your insurance journey.

Unlike traditional commission-based insurance providers, we offer a unique fee structure that protects you from taking the hit if your premiums increase. We prioritize transparency by openly disclosing our pricing, ensuring you know exactly what you’re investing in. 

Ready to make sure you've got the right coverage? Reach out today for a personalized audit and expert guidance from our team.

‍