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Annual Insurance Policy Review Checklist
Insurance is the only product most people buy where the price changes every year without anyone telling them. A yearly review is the best ROI in personal finance.
Auto
- Mileage changed (working from home counts)
- Vehicle value vs collision/comp premiums
- Liability still adequate vs current assets
- Discounts you might newly qualify for (homeowner, retired, low-mileage)
- Get 2 competing quotes
Home
- Replacement cost recalculated for current build prices
- New possessions to schedule (jewelry, instruments, art)
- Home improvements that affect rate (new roof, security)
- Liability still adequate
- Flood/earthquake exposure changed
Life
- Beneficiaries current (especially after divorce/death/birth)
- Coverage matches current income and debts
- Term policies approaching end — convert or replace before health changes
Health
- Open enrollment selection vs current usage
- HSA contributions maxed
- Network changes — confirm doctors still in-network
Umbrella
- Coverage matches net worth
- Underlying policies still meet umbrella minimums
- New exposures (pool, trampoline, teen driver, rental property)