An insurance contract is nothing more than the transfer of a risk, for a determined period, to the insurer. That is, the contract protects the insured asset during its validity. If a claim occurs after the contract expires, the insurance company will no longer be liable for the property, and all damage will be borne by the owner. To avoid this situation, it is necessary to renew the insurance.

Only the renewal of insurance prevents the end of its coverage. So, in this post, we’re going to explain everything you need to know so you don’t leave your property unprotected. Interested? Keep reading and stay in the loop!

How important is insurance renewal?

Imagine the following situation: you took out insurance for your home for a year, and the contract ended on August 28th. You didn’t pay attention to this detail, you went on a trip with your family on August 29 and your house was stolen. Unfortunately, the insurance company is no longer responsible for paying for theft losses due to the termination of the contract.

In order to have continuous protection of the insured property, whatever it may be, the only way is to renew the insurance whenever the contract expires. With the renewal of the contract, your property will always be protected, and you will be able to carry out your routine activities with much more tranquility, knowing that any risks will be covered by the insurance company.

When to renew insurance?

There is no set deadline for renewing your insurance, as long as the contract has not expired. The insurance market has very volatile prices, as the amount to be paid for a policy takes into account numerous variables. For this reason, insurers do not usually make quotations with very extensive validity .

A period considered good to quote the insurance renewal is 15 days before the expiration of the policy. With 15 days, your broker has enough time to verify, in different insurance companies, the most advantageous proposal, without running the risk of the previous contract expire and the asset being unprotected.

What is the Insured Bonus?

Every year in which a good is insured and the occurrence of any accident with such good is not reported to the insurer, the user earns a bonus that guarantees a discount on the renewal of the insurance. This bonus exists in auto, residential and civil liability insurance, among others.

In order not to lose the benefits of the bonus, the insurance must always be renewed. And know that, if you receive a more advantageous offer from a different insurance company, you can still use the bonuses from your previous contract. Your broker will take care of everything!

How to renew insurance?

If you use the services of a good insurance broker , most likely, he will contact you when the term of your policy is ending and will present all proposals for the renewal of your insurance.

It is important that the broker is informed of all changes that have occurred and that may influence the conditions of the service — for example, change in marital status, birth of children, change of address, change in the use of the insured property, among others. Such information ensures that the insurance renewal is done in a way that suits your needs.

The best way to avoid unnecessary damage is to take precautions. So don’t leave your property unprotected. Renew your insurance, because peace of mind is priceless! With the help of a good broker, you will find proposals that will guarantee the protection of your property with conditions that meet your expectations.