Insurance and Finance

4 Things Your Annual Policy Review Could Catch

By Staci Parks 1.1.22

Life has changed drastically for many Texans throughout the past two years. Throughout a time of upheaval, many of us have experienced career changes, welcomed new family members, or moved.

As we enter a new year, it’s a good idea to schedule a 360 Review with your Texas Farm Bureau Insurance Agent. This annual policy review can help ensure you have the right coverage — and the right amount — for you and your family’s evolving needs.

Here are four things a 360 Review with your Agent could catch.

1. You have too much coverage.

It’s easy to fall into this thought process when looking over existing insurance coverage: “Do I really need that?” The truth is, if you’ve downsized elements of your life — such as your home or car — you might not need the insurance coverages you’ve held before. This can apply to home, auto, and farm and ranch coverage, depending on your situation.

For example, if you’ve traded in your Ford F-150 King Ranch truck for an older, cheaper model, you might want to reevaluate your auto coverage. Likewise, if you’ve sold off livestock or farm equipment on your ranch, you need to update your policy.

2. You don’t have enough coverage.

You might be in a coverage deficit if you’ve changed jobs, gotten married, or had a baby since you last assessed your insurance coverage. Make sure you have the coverage you need, whether it’s sustaining life insurance benefits in between jobs or adding a spouse to existing coverage. A new home or an extensive, expensive renovation can signal the need for additional coverage too. Protect your investment by evaluating your property insurance policy. Alert your Agent to big changes in your life so they can help you get the coverage you need to protect your lifestyle.

3. Your liability risk is high.

Your liability risk could be elevated if you’re inching closer to retirement or your assets have grown significantly since your last annual policy review. A single liability lawsuit could cut into your vulnerable, less protected assets, such as savings accounts. An umbrella insurance policy serves as an extra layer of protection in the form of liability coverage.

4. You might qualify for discounts.

Your Agent can’t help if they don’t have a comprehensive understanding of what’s new in your life. Leverage their knowledge and see if you qualify for one of Texas Farm Bureau Insurance’s discounts. Your Agent can also point you to free and discounted Texas Farm Bureau member benefits.

Life ebbs and flows, but one thing is certain: Your Agent will be here to help you navigate what’s next. Contact your Texas Farm Bureau Insurance Agent today to set up a 360 Review.

Coverage and discounts are subject to qualifications and policy terms and may vary by situation. © 2022 Texas Farm Bureau Insurance