Happy New Year! Are your insurance renewals up-to-date?
Happy New Year! Are your insurance renewals up-to-date?
A New Year brings a clean slate of sorts and it’s time to setup the year for success. Whether you are a business owner, own a property or drive a vehicle – it’s important to check that all your current insurance policies are up-to-date and take note of when they are up for renewal. January is a perfect time to plan for the year head and we are here to help you through it.
What is an insurance renewal?
An insurance renewal is the standard length of time an insurance policy is in effect without an insurance company adjusting your rate. Of course, there are exceptions to every rule, and it is possible – on rare occasion – for your rate to change shortly after purchasing a new policy if you do not meet underwriting guidelines.
When Does an Insurance Policy Renew?
The renewal date of your insurance policy is based on the date your policy took effect. So, it could actually take place on any day of the year depending on when you originally started the policy. The other factor in determining your renewal date is the length of your policy period. Policies usually renew annually or semi-annually. The start of the year is a perfect time to take stock of when these renewals are coming due so you can plan ahead.
Renewal information is usually mailed or emailed to you 45 to 30 days in advance of your renewal. You will receive a declaration page along with other information explaining your policy. A new proof of insurance is usually enclosed with the declaration page.
What Should I Do When My Insurance is Close to its Renewal Date?
Look at your existing rate and see if you qualify for any further discounts. When you get your renewal reminder, this will help prompt you to do this review as sometimes insurance is easy to forget if you haven’t had the need to use it recently. It is a good time to contact your insurance agent to review your policy.
Why Insurance Rates Can Go Up
It is possible for every person insured with a given carrier to have a rate increase. Insurance rates can rise due to increased claim activity. If an insurance carrier is losing money, rates can increase. Also, if there appears to be a higher level of risk, an insurer will increase the value of the insurance on the policy to protect them from further exposure. Insurance policy renewals are a standard part of insurance. All policies renew and insurance companies have the ability to recalculate your insurance rate. Use this time of year to mark your renewal dates in 2020 so you know when to review your policy and think about possible changes.
Find an Insurance Broker that has a large network
When looking for insurance coverage, you want to partner with an insurance agency that has access to a wide network of insurers. This is key to getting the best coverage and the most competitive rates.
At Leaders Insurance, we can often source competitive insurance coverage where other agencies can’t. Our team has a wealth of expertise and we service clients not only in the Tri- Cities but also across the Lower Mainland and BC as a whole. As you plan out your year, please feel free to reach out to us so we can provide you with a quote for all your insurance needs. Let’s make 2020 your best year ever!
