How often does my insurance policy need to be updated?

Many unique needs. One Price & Ramey.

Jimmy Cooper, Marketing Coordinator


Life is constantly presenting us with change. Change can come in many forms, from marriage, a new vehicle, a new home or addition to a home, new furry family members, a new job, and more. These changes are things that your insurance agents need to know to ensure your family and items are covered.

Whether it is commercial or personal insurance, it is a good idea to review your policy every 6-12 months, after substantial life changes, or once during a coverage period. However, as told by NewDirect, some plans may require changes more or less frequently.

Substantial Life Changes

Even though there are some shared substantial life changes, many vary between policy types and insurers. Some of the substantial life changes that can affect your homeowners, auto, health, life, or business policy are:

Homeowners Policy

  • Purchasing, renting, or leasing a new home or additional dwelling.
  • Moving to a new geographical location.
  • Building additions, making repairs, or adding overall value.
  • Having or adopting a baby.
  • Getting a new pet.

Auto Policy

  • Purchasing or leasing a new vehicle.
  • Adding a new driver to your policy.
  • Selling a vehicle.

Health Policy

  • Getting married or divorced.
  • Having or adopting a baby.
  • Moving to a new zip code.

Life Policy

  • Getting married or divorced.
  • Having a baby or adopting.
  • Purchasing of a home.

Commercial Policy

  • Hiring new staff.
  • Moving offices or acquiring an additional office.
  • Releasing new products or services.
  • Increasing or decreasing in overall sales.
  • Increasing or decreasing company vehicles usage.
  • Having employees who work remotely.

Some other changes to consider informing your agent about are any career changes, especially if you have a company vehicle you are no longer using, are driving a different commute, or changing provided work insurance. Also, any large purchases – engagement or wedding rings, hot tubs or pools, lawnmowers, or ATVs – are often overlooked for adding coverage. For these big purchases, you want to ensure they are covered in case of damage or theft.

How to Update Your Policy

Updating your policy is extremely easy, all you have to do is schedule some time with your agent. At Price & Ramey, we have a few different options, from meeting in person, over the phone, or even meeting virtually. Let your agent know the changes you, your family, or your business has undergone, and they will guide you through any recommended policy changes. Remember, giving agents more information is always better than less; this way, they can evaluate your needs and recommend as many options as possible. This also allows your agent to update you on changes in rates, additional exclusions on commercial policies, updates on coverage limits, and more.

In Summary

One thing about life is that it is uncertain. But the one thing you can count on is that your life doesn’t stay the same, and neither should your insurance policies. After all, you want that safety net for the unexpected to protect yourself, your family, and your possessions. The fantastic team here at Price & Ramey is always ready to answer your questions and ensure you have complete coverage.