When was the last time you took a close look at your insurance coverage? Not just the price, but what it actually covers?
If you’re like most people, it probably happens once a year – right around the time you get that renewal notice. You glance at the premium, maybe compare it to last year’s, and if it doesn’t go up too much, you let it renew as-is.
We get it. Life is busy. And insurance isn’t exactly something most people want to think about.
But here’s the thing: your policy isn’t set-it-and-forget-it. A lot can change in a year, and if you’re not reviewing your coverage regularly, you might be leaving yourself exposed.
That’s where a renewal review comes in.
What Is a Renewal Review?
It’s a conversation. A check-in. A chance to make sure your coverage still fits your life and/or business.
At Spivey Insurance Group, we do these with our clients before every renewal. We ask questions. We look for gaps. We make sure you’re not overpaying or under protected.
Why It Matters for Personal Insurance
Think about the last 12 months. Did you:
- Buy a new car?
- Start working from home?
- Add a swimming pool?
- Remodel your kitchen?
- Start a side hustle?
- Have a baby?
- Get married or divorced?
All of those things (and many others!) can affect your coverage needs. If your policy doesn’t reflect those changes, you might run into trouble when it’s time to file a claim.
For example, let’s say you finished a big home renovation. If your policy still shows your old square footage or doesn’t account for updated materials, your replacement cost might come up short. That could leave you footing the bill for part of the repairs.
Why It Matters for Business Insurance
If you run a business, you already know how fast things can change. Maybe you hired more employees. Maybe you expanded your space. Maybe inflation has pushed up the cost of your inventory.
Renewal reviews help us make sure your policy keeps up with your operation. We’ll check things like:
- Your liability limits
- Your equipment coverage
- Any new exposures (cyber threats, delivery services, etc.)
- Workers’ comp changes
- Inflation-adjusted property values
Skipping the review could mean being underinsured—or missing out on cost savings from changes to your business.
It’s Not Just About Risks—It’s About Opportunities
A renewal review isn’t just about preventing problems. It’s also a good time to:
- Make sure you’re getting all available discounts
- Bundle policies for better pricing
- Add valuable coverages like umbrella insurance
- Reevaluate deductibles
- Talk through life changes like marriage, kids, or retirement
Think of it as a tune-up. Your insurance should grow and adapt with you.
We Keep It Simple
We know this stuff can feel overwhelming. That’s why we keep it straightforward. When it’s time for your renewal, we’ll reach out. We’ll ask a few key questions. We’ll explain anything that needs attention. And we’ll make sure your policy still does what it’s supposed to do – protect you.
No pressure. No hard sell. Just a quick check to keep things on track.
One Last Thing
Insurance only works if it’s the right coverage at the right time. A renewal review gives you that peace of mind. It’s quick. It’s easy. And it can save you a lot of heartache later on.
So when you hear from us around renewal time, don’t hit ignore. Let’s talk. We’re here to help you stay protected—whatever life throws your way.
Questions about your upcoming renewal? Give us a call or send us a message. We’re always happy to help.
