5 Signs It’s Time to Review Your Insurance Policies

Review Your Insurance

Insurance is essential for protecting the things that matter most in life—your home, your car, your business and even your family’s future. However, as life changes, your insurance needs may evolve, making it crucial to periodically review your coverage. At Horton & Associates, we specialize in providing expert guidance to ensure that your insurance policies reflect your current situation and offer the protection you need. Here are five key signs that it’s time to review your insurance policies:

1. Major Life Changes

Life is full of milestones that can significantly impact your insurance needs. Whether you’re getting married, having a child, buying a home or planning for retirement, these life events often require a reassessment of your coverage.

  • Marriage: When you get married, it’s important to update your beneficiaries, change your auto insurance to reflect joint ownership, and review your life insurance coverage to ensure it supports your spouse.
  • New Child: Review your life insurance policies to ensure they cover the needs of your children.
  • Divorce: Divorce can require changes to auto, home and life insurance policies, including adjusting beneficiary designations and addressing any shared policies.
  • Retirement: As you transition into retirement, your life insurance needs may change.

2. Starting a New Business or Changing Your Business Model

If you’re launching a new business or pivoting your existing one, it’s essential to review your business insurance. Different types of businesses face different risks, so it’s important to ensure your coverage aligns with your current operations.

  • Opening a Business: Whether it’s a small retail shop or a larger operation, commercial insurance protects you against liabilities, property damage and employee-related risks.
  • Changing Your Business: If you’ve expanded your offerings, added employees or moved to a new location, your current business policies may not cover the new risks you’re facing.

3. Acquiring or Renovating Property

When you purchase a new home, condo or rental property—or if you make major renovations to your existing property—it’s a good idea to review your homeowners or renters insurance policy. Your coverage needs can change significantly with these new investments.

  • New Property Purchase: A new home or property means a new set of risks and coverage needs.
  • Home Renovations: Remodeling or adding new structures to your property can increase the value and risks associated with your home.

4. Changes in Your Vehicle or Transportation Needs

If you’ve recently purchased a new car, truck or recreational vehicle, or if your driving habits have changed, it’s time to review your auto insurance policy.

  • New Vehicle: New cars, motorcycles or RVs often require different coverage than older vehicles. You may need to update your policy to ensure it covers the full value of your new vehicle, including collision and comprehensive insurance.
  • New Driving Habits: If you’ve started using your vehicle for business purposes, carpooling or driving longer distances, your current auto policy may not fully cover you in the event of an accident.

5. Significant Financial Changes

Major shifts in your financial situation, such as acquiring valuable assets, can affect your insurance needs.

  • Asset Purchases: High-value items like jewelry or art often require additional coverage beyond a standard homeowners policy.

Why Choose Horton & Associates?

At Horton & Associates, we understand that life’s changes come with new risks and responsibilities. Our team of experts is committed to providing personalized insurance reviews and offering coverage solutions that protect what matters most.

If it’s been a while since you’ve reviewed your insurance policies or if any of the signs mentioned above apply to you, now is the perfect time to schedule an appointment with one of our experienced agents. Don’t wait for unexpected events to highlight gaps in your coverage—contact Horton & Associates today to ensure your insurance policies are tailored to your current needs.