Why You Should Review Your Insurance Every Year (Don’t Risk Overpaying or Being Undercovered!)
Insurance isn’t a “set it and forget it” purchase—your life changes, and so do your coverage needs. Here’s why an annual insurance checkup is a must:
1. Life Changes = Coverage Needs Change
Did you experience any of these in the last year?
Got married/divorced? → May need to update beneficiaries or policies.
Bought a home or car? → Your auto/home insurance must reflect new assets.
Had a baby? → You might need more life insurance.
Started a business? → Time for liability or professional insurance.
Skipping updates? You could be overpaying or underinsured when disaster strikes.
2. Avoid Being Underinsured (Financial Disaster Waiting to Happen)
Home values rise → If you haven’t adjusted coverage, a fire or storm could leave you paying out of pocket.
Medical costs increase → An old health plan might not cover new treatments.
Car upgrades? Modifications or a new vehicle may need extra coverage.
Example: If you renovated your kitchen but didn’t update your home insurance, a burst pipe could mean $50K in uncovered damages.
3. Save Money on Premiums
Loyalty doesn’t always pay – Insurers often raise rates over time. Shopping around could cut costs.
Discounts change – Bundling, safe driving, or home security could now qualify you for savings.
Credit score improvements? Better credit = lower premiums in many states.
Pro Tip: Use a comparison site (like Policygenius or The Zebra) to check for better rates in minutes.
4. New Laws & Insurance Trends
Health insurance – ACA plans change yearly; missing open enrollment could lock you into a bad plan.
Auto insurance – Some states now require rideshare coverage if you drive for Uber/Lyft.
Climate risks – Flood & disaster coverage may be newly necessary in your area.
Example: If your state now requires PIP (Personal Injury Protection) and you haven’t updated, you could be fined or denied claims.