📅 Why Annual Reviews Matter
Insurance companies count on you auto-renewing without thinking. An annual review helps you catch overcharges, close gaps, and find savings. Average savings from shopping: $400-$800/year.
🚗 Auto Insurance Review
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Get 3-5 competing quotes
Even if you don't switch, use quotes to negotiate with current insurer
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Review coverage limits
Are you still at state minimums? Consider increasing to 100/300/100
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Check deductible levels
Can you afford a higher deductible for lower premiums?
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Update mileage estimate
Working from home? Lower mileage = lower rates
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Ask about new discounts
Defensive driving, good student, new safety features, bundling
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Drop collision on old cars
If car value is under $4,000, collision may not be worth it
🏠 Home/Renters Insurance Review
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Verify dwelling coverage matches rebuild cost
Construction costs have risen—are you underinsured?
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Update personal property inventory
Major purchases? Renovations? Adjust coverage accordingly
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Review liability limits
$100K minimum, $300K+ recommended. Consider umbrella.
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Check for home improvement discounts
New roof? Security system? Updated electrical? Report them.
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Confirm replacement cost (not ACV)
Make sure you have replacement cost coverage, not actual cash value
💀 Life Insurance Review
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Recalculate coverage needs
Income changed? New mortgage? Kids? Adjust coverage.
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Review beneficiary designations
Married? Divorced? New child? Update beneficiaries.
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Check policy expiration (term)
When does your term expire? Do you still need coverage then?
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Evaluate if still needed
Kids independent? Mortgage paid? You may not need as much.
Questions to Ask Your Agent
"Are there any discounts I'm not getting?"
"What would happen to my rate if I raised my deductible?"
"Is there a better rate for bundling policies?"
"I have quotes from competitors at $X—can you match?"
"Am I over-insured or under-insured anywhere?"
"What's changed in your offerings since last year?"
Review Immediately After These Events
The Bottom Line
Set a calendar reminder for 30 days before each policy renewal. Spend 30 minutes reviewing coverage and getting competing quotes. The average person who shops saves $500-$800/year—that's a great return on 30 minutes of work. Don't let insurance companies profit from your inertia.