3 min read
Insurance Policy Review: When Should I Review My Insurance Coverage?
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While a periodic review of your coverage is always a good idea, it’s also important to know what other things should prompt an insurance review.
Lesson Notes:
- Reviewing insurance coverage annually or during major life events ensures policies stay aligned with your financial needs and risk exposure.
- Key times to reassess coverage include buying or selling a home, changing vehicles, having children or experiencing income changes.
- Regular reviews can uncover discounts, coverage gaps or policy features that are no longer necessary.
- Proactive policy management helps avoid underinsurance and ensures proper protection in emergencies.
LESSON CONTENTS
Review your policy after these four events:
When your annual insurance notice comes in the mail, the easiest thing to do is just go ahead and renew. But, that might not be what’s best for you or your family.
- Annual policy renewal. Whether it’s home or auto insurance, if you’ve been with the same insurer for a long time it may be hard to find a better rate. But rates can change. So it does make sense to take a look around before automatically renewing with your current provider. Consider getting a quote from an insurance broker. Because brokers work with a number of different insurance carriers, they can automatically comparison shop for you to get the best coverage at the best price.
- Big ticket purchases or home improvements. Did you finally buy that home theater system? Receive a valuable gift or jewelry? Install a gazebo or expand your kitchen? If so, tell your agent what it’s worth. High-end electronics may warrant an increase in your coverage amount while special riders are available for jewelry. Also, upgrades that increase the value or square footage of your home would also necessitate an increase in coverage.
- Improved home safety. Installing a home security system or even simply upgrading your plumbing, heating or electrical system may qualify you for a discount. Call and find out.
- Big life events. Marriage, children, divorce — even getting a dog can trigger the need to change the type and amount of coverage you need. If possible, it’s a good idea to talk to your agent about these changes before they occur so you can financially plan for new insurance needs.
FAQs
How often should I review my insurance policies?
You should review your insurance coverage at least once a year and any time a major life change occurs—such as buying a house, getting married, changing jobs, or adding a new vehicle. These events can impact your risk and the amount of coverage you need.
What changes in life should trigger an insurance review?
Marriage, divorce, a new child, home renovations, starting a business, or changes in income can all significantly alter your insurance needs. Ensuring coverage reflects your current circumstances helps protect your assets and financial stability.
Can reviewing insurance help me save money?
Yes. Policy reviews can reveal eligibility for new discounts, identify unnecessary coverage, or highlight better-priced alternatives. A simple check-up could reduce your premiums without sacrificing protection.
What are common mistakes people make with insurance coverage?
Common oversights include failing to update coverage limits, not adding valuable new assets to homeowners or renters insurance, and not bundling policies for discounts. Ignoring life changes can leave serious coverage gaps.
*PLEASE NOTE: This article is intended to be used for informational purposes only and should not be considered financial advice. Please consult your own financial advisor, accountant or other financial professional to learn more about what strategies are appropriate for your situation.
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