Insurance Policy Renewal Best Practices

Regular policy reviews and smart renewal practices help ensure you have the right coverage at competitive rates. Here's how to approach your insurance renewals.

When to Review Your Policies

Annual Review

Review all policies annually, ideally 30-60 days before renewal to allow time for:

• Coverage adjustments
• Shopping for better rates
• Processing changes

Life Event Reviews

Review immediately when:

• Buying or selling property
• Getting married or divorced
• Having children
• Starting a business
• Changing jobs
• Retiring

What to Review

Coverage Amounts

• Are limits still adequate?
• Have your assets increased?
• Do you need more or less coverage?

Deductibles

• Can you afford higher deductibles?
• Would higher deductibles lower premiums?
• Are current deductibles appropriate?

Policy Exclusions

• Understand what's not covered
• Consider additional coverage for gaps
• Review new exclusions or changes

Discounts

• Are you getting all available discounts?
• Have you become eligible for new discounts?
• Are multi-policy discounts applied?

Before Renewal Checklist

1. Review Current Coverage: Understand what you have

2. Assess Changes: What's changed in your life or business?

3. Compare Rates: Get quotes from multiple carriers

4. Ask Questions: Clarify anything you don't understand

5. Update Information: Ensure all information is current

Questions to Ask Your Agent

• Has my risk profile changed?
• Are there new discounts available?
• Should I adjust coverage limits?
• Are there coverage gaps?
• Can I save money without reducing coverage?

Common Renewal Mistakes

1. Auto-Renewing Without Review

Don't assume your current policy is still the best option.

2. Focusing Only on Price

Cheaper isn't always better - ensure adequate coverage.

3. Not Updating Information

Outdated information can affect coverage and claims.

4. Ignoring Life Changes

Major life events require policy updates.

5. Not Shopping Around

Compare rates from multiple carriers.

Working with TGI Agency

We make policy renewal easy by:

• Proactive renewal reviews
• Coverage recommendations
• Competitive rate comparisons
• Policy optimization
• Claims history analysis

Contact us before your next renewal for a comprehensive policy review.