Your umbrella insurance policy isn’t something you should set and forget. Like any important financial protection, it needs regular attention to ensure it still meets your needs. Agency Advantage Insurance in West Bloomfield, MI recommends conducting an annual review to keep your coverage aligned with your current situation and changing circumstances.

Coverage Limits and Asset Growth

Start by evaluating whether your current coverage limits still make sense for your financial situation. If you’ve acquired new assets, received a promotion, or seen your investment portfolio grow significantly, you might need higher liability limits. Calculate your total net worth including your home, vehicles, savings, and retirement accounts. Your umbrella policy should provide enough coverage to protect these assets from potential lawsuits and financial judgments.

Policy Exclusions and Changes

Insurance companies occasionally update their policy terms and exclusions throughout the year. Review any communications from your insurer about changes to your coverage carefully. Pay special attention to exclusions that might affect your lifestyle or business activities. If you’ve started a home-based business or picked up new hobbies that involve risk, make sure these activities are still covered under your current policy terms.

Premium and Deductible Adjustments

Compare this year’s premium to previous years and understand any increases or decreases. Sometimes raising your underlying auto or homeowners deductibles can lower your umbrella premium while still providing excellent protection. Also consider whether you qualify for any new discounts based on changes in your driving record or home security improvements.

Regular umbrella policy reviews ensure you’re getting the best protection for your investment. Don’t leave your financial future to chance. Contact Agency Advantage Insurance in West Bloomfield, MI to schedule your annual umbrella policy checkup and keep your coverage current.