When should I do an insurance review?

It is a good idea to get in the habit of reviewing your insurance coverage at least every couple of years. Some professionals advise an annual review. Whether you choose an annual review or once every couple of years, there are events that should trigger an earlier review. Some of them are listed here.

No matter what your stage of life – new career, kids at home, empty-nester or retiree – you likely have different types of insurance to provide financial protection for your loved ones.

Just as life changes, so does your need for insurance. In some situations, you may need additional insurance while in others, you may be able to reduce your coverage and save some money. One of the primary functions of an insurance review is to identify coverage gaps or duplications of coverage, either one can cost you.

What sort of life changes would cause you to make adjustments to your insurance? Here are some of the more common milestones:

New child – You'll need adequate life and disability insurance. In the event of your untimely death, your family could live comfortably and have funds available for college or other education.

Empty nest – If your children are grown and living on their own, you may save money by removing them from your auto insurance policy.

New house – If you move to a new home that’s worth more – or less – than your old one, you may need to adjust the amount of life insurance you have so that your family could have funds to help pay off the mortgage. You will also need to adjust your homeowners insurance to reflect your new home. If your new home is smaller or less expensive, you may be able to save money with a smaller homeowners insurance policy.

New use of your home – If you open a small business in your home, you may needto purchase business liability insurance.

Additions to your home – If you've remodeled your home, you should upgrade your homeowners insurance to reflect additional value.

New spouse – If you're newly married, get a divorce, or if you remarry, you may want to change beneficiary designations on your insurance and retirement documents.

Personal possessions – If you've purchased – or sold – items of significant value, such as jewelry, art or furniture, you may need to increase or decrease the coverage in your homeowners insurance.

Recreational vehicles – If you’ve purchased a recreational vehicle, you may need boat, motorcycle, ATV, or RV Insurance. If you’ve sold any such vehicles, you can cancel the coverage and save money.

New car – If you buy a new car, you will need to adjust the amount of auto insurance you have to cover the cost to repair or replace your vehicle. If your auto is an older model, you may want to remove comprehensive and collision coverage, which could save you money.

New teen driver – If you are about to add a teenage driver to your auto policy, consider discounts for driver's education courses, and review your policy limits and deductibles. 

Liability protection – No matter what you do or what you own, don’t let an unexpected accident or lawsuit put your possessions and savings at risk. Protect yourself and your family with inexpensive personal umbrella liability insurance, which adds to your auto and home liability insurance. 

If you experience one or more of these life changes, if it has been some time since your insurance was last reviewed, or have questions about your current insurance cntact us at COAA for a no cost insurance review. Press the Contact Us" tab at the top of this page and request a review