6 Signs That it May Be Time to Change Your Insurance Plan

It can be hard to determine if you should renew your insurance policy or shop around for a better one. Shopping around can help to ensure that you are getting the best coverage and rates, but be careful not to switch insurance companies too often, or you could lose out on valuable “longevity” discounts. Your independent insurance agent can help you decide the right time to switch carriers, but unless there are major changes in your life, you don’t generally want to switch more frequently than once every 3-5 years.

With the above guidelines in mind, here are six signs that it might be time to change your NJ insurance plan. 

High Premiums

Insurance rates increase by 2%-5% each year. Any more than this, and you might need to look elsewhere. Sudden rate increases generally happen when an insurance company recalculates their risk profile and you fall into this new category.

Changing Needs

Life is always changing, and it’s important to document this on your insurance policies. Otherwise, they might not be covered. Big changes that warrant a new insurance plan include buying a home, starting a family, retiring or developing a health condition. 

Policies aren’t Bundled 

When you bundle insurance policies with one carrier, you are eligible for bundle discounts, which can be significant. If your policies are all over the place, consider changing to a new provider that offers everything under one roof. Aside from lower premiums, you can also enjoy streamlined insurance options and one source of contact. 

You Don’t Understand Your Coverage 

How well do you understand your current policy? Your insurance agent should help you understand the ins and outs of your plan. If they aren’t, it’s possible that you are over- or under-insured and may benefit from a new policy. 

Unfair Claim Denials

Your insurance agency in NJ agrees to pay for claims in exchange for a monthly premium. If they don’t uphold their end of the deal, it’s time for a plan that better meets your needs – and an insurance provider that fulfills its promise.

You’re Unhappy 

Whether you’re unhappy with your plan, you don’t understand your coverage or your insurance broker is difficult to get a hold of, there is no reason to continue with the same insurance plan or provider. You deserve to get the quality and service you’re paying for.

After reading these six signs, do you think it’s time to switch insurance policies? Contact Soden Agency to explore our insurance solutions for home, auto, life and business. You will receive an individualized consultation and a tailored insurance plan that meets your exact needs.