Insurance is not a "set it and forget it" purchase. Your life changes every year — your home's value increases, you acquire new possessions, your family situation evolves, your business grows — and your insurance needs to keep pace. An annual insurance review is one of the most valuable things you can do to make sure you are properly protected and not paying for coverage you no longer need. Here is a 10-point checklist to guide your annual review.
Your Annual Insurance Review Checklist
Review Your Home's Replacement Cost
Construction costs have increased significantly in recent years. Make sure your homeowner's insurance dwelling limit reflects the current cost to rebuild your home — not what you paid for it or what it would sell for. Ask your agent to run a replacement cost estimator.
Update Your Personal Property Inventory
Have you made major purchases in the past year? New electronics, jewelry, art, firearms, or other valuables may need to be specifically scheduled on your policy to be fully covered. Review your personal property coverage limits and consider a home inventory app.
Review Your Auto Coverage
Has your driving situation changed? New vehicles, new drivers in the household, changes in how much you drive, or a new teen driver all affect your auto insurance needs. Also check whether you qualify for any new discounts.
Check Your Liability Limits
Are your liability limits adequate? Consider whether your net worth has increased and whether your current liability limits would be sufficient to protect your assets in a serious lawsuit. An umbrella policy may be worth adding.
Review Your Life Insurance
Has your family situation changed? Marriage, divorce, new children, or the death of a beneficiary all affect your life insurance needs. Make sure your beneficiary designations are current.
Assess New Risks
Have you started a home-based business? Purchased a boat or recreational vehicle? Installed a trampoline or pool? These activities create new liability exposure that may not be covered by your existing policies.
Check for New Discounts
Insurance carriers regularly add new discounts. Have you installed a security system, smoke detectors, or a water leak detection system? Have you been claims-free for several years? Ask your agent to review available discounts.
Review Your Business Insurance
If you own a business, review your commercial insurance program annually. Has your revenue grown? Have you added employees? Changed your operations? Your business insurance needs to reflect your current business.
Shop Your Rates
Insurance markets change. Even if you are happy with your current coverage, it is worth asking your independent agent to shop your rates periodically to make sure you are getting competitive pricing.
Update Your Contact Information
Make sure your insurance carrier has your current contact information — email, phone, and mailing address. You want to receive renewal notices, policy changes, and claims communications promptly.
Life Events That Trigger an Immediate Insurance Review
- Getting married or divorced
- Having a baby or adopting a child
- Buying or selling a home
- Starting or selling a business
- Retiring
- A child leaving home for college
- A major inheritance or financial windfall
- Adding a teen driver to your household
- Making a major home improvement or renovation
As your local independent insurance agent, Gerald Ross Agency is here to help you navigate your annual insurance review and make sure your coverage keeps pace with your life. We serve clients throughout the Oregon Coast and are licensed in Oregon, Washington, Idaho, California, Texas, and Arizona.
Schedule Your Annual Insurance Review
Gerald Ross Agency offers free annual insurance reviews for all clients. Contact us today to schedule your review and make sure you are properly protected.
