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First Posted: 1/14/2015 WILKES-BARRE &#8212; Insurance policies are designed to be updated regularly to protect one&#8217;s positions, but too often people do not re-evaluate policies as often as they should, said area insurance agents.
A good rule of thumb is to review life, home and vehicle insurance policies if a life changing event occurs or about every two years, Ron Caccese, State Farm Insurance agent in Mountain Top said.
Michael Bertram of Robert J Bertram & Sons Insurance, Wilkes-Barre, suggests checking in with your insurance agent at least every year.
&#8220;It never hurts to take a look and see what is out there,&#8221; Bertram said. &#8220;There could be discounts available this year that were not last year.&#8221;
Both agents agree there are many avenues for shopping online for rates. But to obtain a policy to suit each individual person, they advise sitting down with an agent and discussing where you are and what issues you may face in the future. They include marriage, children, divorce, new job or a move to a new area.
&#8220;Insurance should not be sold as a commodity,&#8221; Caccese said.
Life insurance
Navigating the sea of life insurance policies can make many feel they are treading water &#8212; but Bertram advises the best way to stay afloat and make the best decision to fit the individual is to sit and talk with their agent and review the current policy and discuss possible future plans.
&#8220;There is no hard and fast rule on how much life insurance is needed,&#8221; Bertram said. &#8220;It is depended on each individual situation.&#8221;
Life insurance is suppose to help keep loved ones financially secure if something tragic happens. The first step is to determine how much to carry starting with what outstanding debits would have to be covered, Bertram said.
&#8220;A couple with children may want to consider the expense of their mortgage, car loan, future education costs for their children and child care,&#8221; Bertram said.
An older couple may choose to lower their premium if their home mortgage is paid off, Bertram said.
The Pennsylvania Insurance Department offers the following tips on life insurance:
&#8226; A birth of a child or marriage, policy holders may want to increase their death benefit.
&#8226; Life insurance premiums can be lowered when milestones such as paying off a mortgage, retirement or children finishing college are achieved.
&#8226; Ask an insurance agent about &#8220;conversion privileges&#8221; from a current term life policy to a whole life insurance policy.
Vehicle insurance
Vehicle insurance has many variable factors as well, including: is the vehicle is new or older;, full tort options (referring to the ability to sue another party in the result of an accident) and if the policy is bundled with home or renters insurance.
In Pennsylvania, vehicle owners are required to carry $15,000 in bodily injury, per person; $30,000 per accident and $5,000 in property damage, Bertram said.
Both Bertram and Caccese agree, before buying a new vehicle or trading-in an older vehicle for a slightly newer vehicle, clients should touch base with their agent to see how the vehicle to be purchased may affect premiums.
&#8220;A high-performance vehicle or one with a turbo engine will be more expensive to insure than a four-door sedan,&#8221; Bertram said.
Teenagers driving will also raise premiums, but Phillips said it would be less expensive for parents to include the young driver on their insurance instead of getting a separate policy.
There are discounts parents and their teen driver can aim for such as:
&#8226; The student driver completes a qualified driver education class.
&#8226; The student driver maintains good grades in school.
&#8226; Completion of a defensive driving course.
According to the Pennsylvania Insurance Department, the Commonwealth has one of the most competitive auto insurance markets in the country.
Homeowner&#8217;s Insurance
As homeowners prepare their taxes, it is a great time to reevaluate your homeowner&#8217;s insurance policy.
If during the course of the previous year, did you:
&#8226; Build a new addition to the structure?
&#8226; Improvements to the property such as kitchen or bathroom remodeling?
&#8226; Purchase big ticket items such as a new electronics, jewelry, art work or sporting equipment been added?
Homeowners want to make sure the insurance policy covers the full value of the home, Bertram said.
Other items that also affect the homeowner&#8217;s insurance police is the proximity the home is to a fire department and fire hydrants and age of the structure.
Renter&#8217;s Insurance
Renter&#8217;s insurance is often over looked. Many tenants assume they are covered under the landlords policy, which in fact only covers the structure, Phillips said. Renter&#8217;s insurance covers the clients belongings inside the rental unit.
&#8220;Many renters are surprised how affordable renter&#8217;s insurance is,&#8221; Caccese said. &#8220;Most range between $8 to $10 monthly on a $25,000 to $30,000 policy.&#8221;

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