Why Annual Reviews Are Non-Negotiable
Insurance is not a "set it and forget it" product. Life changes every year: clients renovate homes, buy vehicles, start businesses, have children, acquire assets, and change jobs. Each change potentially affects their coverage needs. Without an annual review, these changes go unaddressed — creating coverage gaps that only surface when a claim occurs.
Annual reviews also protect you from E&O claims. When you document an annual review that includes coverage recommendations and client decisions, you have evidence of proactive service. When you do not review and a gap exists, you face the argument that you should have caught it.
Personal Lines Review Checklist
Life Changes
- Any new vehicles purchased or sold?
- Any new drivers in the household (teen drivers, spouse)?
- Any home renovations or improvements? (Updated replacement cost?)
- Any new valuable personal property (jewelry, art, electronics)?
- Any changes in marital status?
- Any new real estate purchases (rental property, vacation home)?
- Any new businesses or side businesses?
Coverage Adequacy
- Is the dwelling coverage at full replacement cost? (Run updated estimate)
- Are auto liability limits adequate for current net worth?
- Is there umbrella coverage? Is the limit sufficient?
- Is the deductible strategy still appropriate?
- Are all endorsements still relevant (and are any missing)?
- Is flood coverage needed or still appropriate?
Cross-Sell Opportunities
- Are all lines bundled? If not, quote the missing lines.
- If no umbrella, present a quote. (Document if declined.)
- Any life insurance needs (new mortgage, new child)?
- Any watercraft, RV, or recreational vehicle needs?
Commercial Lines Review Checklist
Business Changes
- Revenue growth or decline? (Affects GL and property ratings)
- New locations, vehicles, or equipment?
- Employee count and payroll changes? (Workers comp impact)
- New services, products, or operations?
- Any contracts with insurance requirements?
- Any mergers, acquisitions, or new entities?
Coverage Adequacy
- Is business income coverage adequate for current revenue?
- Are property values updated for current replacement cost?
- Are CGL limits and aggregate sufficient for operations?
- Is hired and non-owned auto in place?
- Is cyber liability coverage in place?
- Is the workers comp experience mod accurate?
- Are contractual requirements (additional insured, waiver of subrogation) met?
The Review Conversation
The review should feel like a consultation, not an interrogation:
- Start with life/business changes — this is a natural conversation
- Present findings clearly — "I found two areas we should address"
- Explain the risk in plain language — not industry jargon
- Provide specific recommendations with costs
- Document everything — recommendations made, client decisions, and any declinations
- End with: "Is there anything else changing in the next year that we should plan for?"
Making Reviews Systematic
The agents with the best retention rates do not rely on memory to schedule reviews. They build it into their workflow:
- Set review tasks 60 days before every renewal in your AMS
- Prepare the review packet before contacting the client
- Track completion rate — your goal is 100% of top accounts reviewed
- Measure cross-sell results from reviews to prove ROI
When annual reviews become your standard process, your retention improves, your revenue per client increases, your E&O risk decreases, and your clients become advocates who refer their friends. It is the highest-ROI activity in an insurance agency.