Annual Insurance Review: Who knew?

Your annual insurance review.

Hey, we know reviewing your insurance isn’t the most fun way to spend an afternoon, but it beats cleaning out the garage. Here are some tips to get you started.

First, make sure you’ve got updated contact information for your insurance agent, and that they’ve got your current information if you’ve moved or changed phone numbers in the past year. Here are more suggestions to help you get the most from your insurance policies.

Health policies

  • Do you know the closest emergency room in your health plan’s provider network? Knowing this in advance can help you avoid surprise bills after an emergency.
  • Do your New Year’s resolutions include losing weight or giving up smoking? Check to see if your health plan covers programs that will help you meet your goals. Many plans cover smoking cessation help, include wellness programs, or offer discounts for weight loss programs or gym memberships.

Home and auto policies

  • Are you paying for collision and comprehensive coverage on an older car? If you’re in an accident, most policies will pay up to what your car is worth, minus your deductible. You may want to evaluate the car’s value against what you’re paying for that coverage to decide if it still makes financial sense.
  • Is the value of your home different due to renovations or rising property values in your neighborhood? If so, check to make sure you still have enough coverage to rebuild in case of a fire or disaster.
  • Do you need flood coverage? Homeowners policies don’t cover damage from flooding so it’s a good idea to periodically review your need for flood coverage.
  • Do you know what discounts your insurance company offers? Plans often add new discounts so looking over your insurance company’s list every year could help you save money.

Life insurance policies

  • Has your income or family situation changed? Did you buy a home or take on new debt? Review your life insurance coverage annually to make sure it will still meet the needs of your family.
  • Are your beneficiaries up to date? Contact your life insurance company to confirm that your beneficiary designations and their contact information is current.
  • Do loved ones know about your life insurance policy or annuity contract, will, health directives, and any end-of-life wishes you have? This can be a difficult discussion, but it may be easier when it is part of your annual insurance review.