How often should I have my insurance policies reviewed?
April 11, 2022 | 40,00 EUR | answered by Katrin Sontheimer
Dear Insurance Lawyer,
I am reaching out to you with a question regarding my insurance policies. My name is Oliver Köhler and I have several insurances, including liability insurance, household insurance, and disability insurance.
So far, I have rarely had my insurance policies reviewed and now I am wondering if it would be beneficial to do so on a regular basis. I am concerned that my insurances may no longer meet my current needs or that I may be paying too high premiums.
I took out my liability insurance five years ago and have not made any changes since then. In the meantime, I have gotten married and bought a house, which may potentially affect my insurance needs. I reported a claim on my household insurance three years ago, but have not had it reviewed since. And I am unsure whether the agreed benefit on my disability insurance would be sufficient in case of disability.
My question to you is, how often should I have my insurance policies reviewed to ensure that I am optimally covered and not paying more than necessary? Are there specific indicators or changes in my life situation that suggest a review is advisable? What possible solutions would you recommend to bring my insurances up to date and adjust them if necessary?
Thank you in advance for your assistance.
Kind regards,
Oliver Köhler
Dear Mr. Köhler,
Thank you for your inquiry regarding the review of your insurance policies. It is very important to regularly assess whether your insurances still meet your current needs and if you are not paying too high premiums. Regularly reviewing your insurance policies can help you be optimally protected and make adjustments if necessary.
Regarding your liability insurance, which you took out five years ago, it is definitely advisable to review it after a change in your life situation. Since you are now married and own a house, this may affect your insurance needs. It is important to ensure that your liability insurance provides adequate protection in case of damage affecting your house or family.
For your household insurance, where you reported a claim three years ago, it is also important to conduct a review. After a claim, the conditions of your insurance may change and it may be worth updating the policies. You may also be paying too high premiums without realizing it.
Disability insurance is a very important protection as it financially secures you in case of disability. Therefore, it is particularly important to regularly assess whether the agreed benefits in case of disability are still sufficient. Especially after changes in your professional activity or after a career advancement, it is advisable to review your disability insurance.
In general, I recommend reviewing your insurance policies every 1-2 years, especially after changes in your life situation such as marriage, buying a house, birth of a child, or career advancement. There are also specialized insurance advisors who can help you review and adjust your policies.
In your case, I would recommend scheduling an appointment with a specialized insurance advisor to thoroughly review and potentially adjust your insurance policies. This way, you can ensure that you are optimally protected and not paying more than necessary.
I hope that this information has been helpful to you. If you have any further questions, please feel free to contact me.
Sincerely,
Katrin Sontheimer
