Insurance isn’t something you should purchase once and forget about. Your home, vehicles, finances, and lifestyle can change over time, and your insurance coverage should change with them.
If you have auto insurance in Webster, SD, homeowners insurance, renters insurance, or other personal coverage, regularly reviewing your policies can help you determine whether you’re still getting the right combination of protection and price.
So, how often should you actually shop your insurance?
For most people, reviewing your insurance at least once a year is a good habit, while major life changes are another important reason to compare your options. The National Association of Insurance Commissioners recommends reviewing insurance policies annually and notes that consumers should comparison shop every year or two to make sure they’re getting appropriate coverage and premiums.
Should You Shop Your Insurance Every Year?
You don’t necessarily need to switch insurance companies every year.
However, you should take some time each year to review your policies and determine whether your current coverage and premium still make sense.
Insurance companies can have different rates, discounts, underwriting guidelines, and coverage options. Comparing your current policy with other available options may reveal an opportunity for better value.
The important thing is to compare coverage, not just price.
A cheaper policy isn’t necessarily better if it comes with lower coverage limits, higher deductibles, or exclusions that don’t work for your situation.
When Should You Shop for Auto Insurance?
Your auto insurance in Webster, SD may be worth reviewing when your circumstances change or when your policy approaches renewal.
Consider shopping your auto insurance if you:
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Buy a new vehicle
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Sell or replace a vehicle
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Add a driver to your policy
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Remove a driver
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Move to a new address
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Change your daily commute
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Start driving significantly more or less
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Have changes to your driving record
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Notice a significant premium increase
Even if nothing major has changed, an annual review can help you determine whether you’re still receiving available discounts and competitive pricing.
When Should You Shop for Homeowners Insurance?
Your homeowners insurance should also be reviewed regularly.
The value of your home and belongings can change over time, and improvements to your property could affect how much coverage you need.
Consider reviewing your policy if you:
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Remodel your home
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Finish a basement
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Replace your roof
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Build a garage or shed
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Purchase expensive electronics or furniture
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Add valuable jewelry or other belongings
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Install a security system
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Make other major improvements
The NAIC recommends reviewing homeowners insurance at least annually, particularly after changes such as remodeling or purchasing new items.
Don’t Wait Until Your Premium Increases
A large rate increase is one obvious reason to start shopping, but it shouldn’t be the only one.
Insurance premiums can change for many reasons, and waiting until you’re unhappy with your rate may mean missing opportunities to review your coverage earlier.
Instead, make an insurance review part of your yearly financial routine.
Take a look at:
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Your current premium
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Coverage limits
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Deductibles
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Discounts
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Policy changes
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Claims history
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Available coverage options
This can help you understand what you’re currently paying for and whether your policy still fits your needs.
Compare the Same Coverage When Shopping
One of the biggest mistakes people make when comparing insurance quotes is looking only at the price.
For example, one company might quote a lower premium because the policy has different coverage limits or deductibles.
When comparing insurance quotes in Webster, SD, try to compare similar:
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Liability limits
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Property coverage
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Deductibles
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Comprehensive and collision coverage
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Optional endorsements
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Other applicable protections
The NAIC specifically recommends making sure auto insurance quotes use matching coverages and limits when comparing prices.
This gives you a much more accurate comparison.
Check Your Discounts
Your insurance company may offer discounts that you weren’t receiving when you originally purchased your policy.
Depending on the insurer and your circumstances, discounts may be available for:
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Bundling home and auto insurance
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Multiple vehicles
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Safe driving
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Claims-free history
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Home security systems
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Newer roofs
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Automatic payments
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Paperless billing
Even if you don’t switch companies, discovering a discount you’re eligible for could potentially lower your premium.
Consider Bundling Your Policies
If you have multiple insurance policies, shopping them together can sometimes provide additional savings.
For example, you might have:
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Homeowners insurance
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Auto insurance
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Renters insurance
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Umbrella insurance
Some insurers offer discounts when multiple policies are placed with the same company. However, don’t assume bundling is always the cheapest option. Compare the total cost and coverage before making a decision.
A Higher Quote Isn’t Always a Bad Thing
Sometimes you’ll shop your insurance and discover that another company is actually more expensive.
That’s still useful information.
The goal of shopping your insurance isn’t necessarily to switch companies. It’s to make sure you understand your options and know whether your current policy remains competitive.
You may discover that your current insurer provides better coverage, better discounts, or a policy that better fits your needs.
In that case, staying with your current company may still be the right decision.
Continue Learning About Your Insurance Options
Shopping for insurance is only one part of managing your coverage. Understanding what you’re actually paying for can be just as important as comparing premiums.
Continue reading one of our other insurance guides to learn more about coverage options, ways to save, and insurance decisions that can help you protect your home, vehicle, family, or business.
Why Work With an Independent Insurance Agency?
Shopping for insurance doesn’t have to mean contacting several companies individually.
An independent insurance agency can compare options from multiple insurance carriers and help you evaluate coverage, pricing, deductibles, and available discounts.
For drivers and homeowners in Webster, SD, Roerig Insurance can help you review your current policies and compare available options.
Working with an independent agency can make it easier to see what alternatives are available while keeping the focus on finding coverage that fits your needs.
Make an Annual Insurance Review a Habit
You don’t have to spend hours shopping for insurance every year.
Set aside some time around your policy renewal to review your coverage and ask a few simple questions:
Has anything changed?
Am I receiving all available discounts?
Are my coverage limits still appropriate?
Is my deductible still comfortable?
Are there better options available?
If the answer to any of these questions is yes, it may be time to shop your insurance.
Final Thoughts
So, how often should you shop your insurance in Webster, SD?
A good approach is to review your policies every year and comparison shop every year or two, while shopping sooner whenever you experience a major life or financial change.
You don’t necessarily need to change insurance companies every time you shop. The purpose is to make sure you’re getting the right coverage at a competitive price.
Taking a little time each year to review your auto insurance, homeowners insurance, and other policies can help you identify coverage gaps, find available discounts, and make more informed decisions about your insurance.
If you’re ready to compare your options, get an insurance quote and see whether there’s a policy that provides the coverage and value you’re looking for in Webster, South Dakota.
