Insurance is not set it and forget it. Your life changes every year and your coverage should too. This checklist walks you through everything to review.
Auto Insurance Checklist
- Coverage limits still adequate? If income or assets grew, liability limits should grow too. 100/300/100 recommended minimum
- Deductibles still right? Can you afford your deductible out of pocket? Raise it to save, lower it if savings are tight
- Vehicle changes? New car, sold a car, teenager added?
- Mileage accurate? Working from home or shorter commute means lower rates
- Discounts applied? Good driver, multi-policy, good student, defensive driving, anti-theft
- Still need collision? If car is worth less than $4,000, dropping collision may make sense
- Gap insurance still needed? If car is worth more than you owe, drop gap coverage
Home Insurance Checklist
- Dwelling coverage matches rebuild cost? Not market value. The cost to rebuild from scratch at today prices. Should increase with inflation
- Personal property adequate? Update your home inventory. Most policies cover 50-70% of dwelling value
- Liability sufficient? $300K-$500K minimum. Pool, trampoline, or dog means consider an umbrella policy
- Improvements reported? Kitchen remodel, new bathroom, finished basement, new roof?
- Replacement cost, not ACV? Verify replacement cost coverage
- Water backup coverage? Sewer backup excluded from standard policies
- Flood insurance? Standard policies exclude flood damage
Life Insurance Checklist
- Coverage amount enough? Rule of thumb: 10-12x annual income
- Beneficiaries current? Check after marriage, divorce, birth, or death of beneficiary
- Term expiring soon? Start shopping 1-3 years before expiration. Lock in rates while healthy
- Need more? New mortgage, new baby, spouse stopped working?
Umbrella Insurance Checklist
- Do you have one? If net worth exceeds auto + home liability limits, get an umbrella. $200-$400/year for $1M coverage
- Limit adequate? Should cover your total net worth
- Underlying minimums met? Umbrellas require minimum liability on auto and home
Life Changes That Trigger Immediate Review
- Marriage or divorce — Combine or separate policies, update beneficiaries
- New baby — Increase life insurance
- Teen driver — Add to auto policy, shop around for best rate
- Home purchase or sale — New policy needed
- Renovation over $5K — Increase dwelling coverage
- Home business — Home business insurance not covered by standard homeowners
- Retirement — May qualify for lower auto rates, review life insurance needs
Red Flags Your Coverage Is Wrong
- Premium up 10%+ with no claims or changes
- Have not updated rebuild value in 3+ years
- Same coverage as 5 years ago despite major life changes
- Do not know your deductibles
- Never checked for water backup or umbrella coverage
- Agent has not contacted you in over a year
Bottom Line
Thirty minutes once a year. That is all it takes to make sure you are not overpaying, not underinsured, and not carrying coverage you no longer need.
Need help? An independent agent can review every policy, find savings, and close gaps in one call.