How to Actually Review Your Insurance Every Year — And Why Most People Don't
Most people set up their insurance once and forget about it for years. Life changes. Coverage shouldn't stay frozen. Here's a 15-minute annual review process that could save you money and prevent serious gaps.
Why People Skip the Annual Review
Insurance feels like a solved problem once you have it. You set it up, premiums come out automatically, and you move on with your life. Unless you have a claim, you probably don't think about your policies much.
The problem is that life doesn't stay the same. You buy a house. You get married. You start a business. Your kids grow up and move out. You buy a new car. You remodel your kitchen. Every one of these events changes your insurance needs — and without a review, your coverage drifts further from your actual life each year.
An annual review takes 15–20 minutes. Here's how to do it.
Step 1: Gather Your Policies (5 minutes)
You need your declarations pages — the one or two-page summary at the front of each policy that lists your coverage types, limits, deductibles, and premiums. If you can't find them, your agent can email copies immediately.
Make a simple list: what policies do you have, who are they with, when do they renew, and what are the primary limits and deductibles for each.
Step 2: Life Changes Checklist (5 minutes)
Go through this list and check anything that has changed since your last review:
- Home: Did you remodel, add a deck, finish a basement, or build an addition? Improvements increase your home's replacement cost and may require a coverage limit increase.
- Vehicles: New car? Paid off a car loan? Teenage driver in the household? All of these change your auto needs.
- Family: Got married or divorced? Had children? Kids moved out? Beneficiary designations on life insurance should be reviewed after any family change.
- Income: Significant income increase or decrease? New business venture? Changed jobs? Income affects what coverage limits make sense for liability and life insurance.
- Assets: Significant increase in savings, home equity, or other assets? Your liability limits should grow as your assets grow.
- High-value items: Acquired jewelry, art, musical instruments, firearms, or other high-value items? These typically require scheduled endorsements to be fully covered.
Step 3: Coverage Gap Check (5 minutes)
Review your current policies against this quick gap checklist:
- Do you have an umbrella policy? If not, and you have meaningful assets, this is the most underutilized protection in personal insurance.
- Is your home insured at current replacement cost? Construction costs in Colorado have risen significantly. If your limit hasn't been updated in 2–3 years, it may be insufficient.
- Do you have UM/UIM coverage on your auto policy? If you're not sure, you need to find out.
- If you own a business, do you have commercial coverage separate from your personal policies? Personal policies don't cover business activities.
- Do you have life insurance? Is the death benefit still appropriate for your current income and family obligations?
Step 4: Price Check (Optional but Worthwhile)
If you haven't shopped your insurance in more than two years, it's worth asking your agent to requote. Rates change, discounts appear and disappear, and your driving record or credit score may have improved in ways that benefit you.
Be careful about switching purely for price — the cheapest policy is rarely the best policy, and the service you receive at claim time is often worth more than a few dollars per month in premium savings. But a price check keeps your agent honest and occasionally surfaces genuine savings.
When to Do It
The best time to review is 30–60 days before your renewal date, when changes can be made without mid-term adjustments. Pick the same time every year — many people do it in January alongside other year-end financial reviews, or whenever they file taxes.
Put it on your calendar right now. Label it "Insurance Review." Set it to repeat annually. It takes less time than an oil change and could save you significantly more money.
The easiest approach: Call your agent and say "I'd like to do an annual policy review." Any good agent will walk you through all of this in a single conversation. If your agent doesn't offer this or seems reluctant, that's useful information about the relationship.
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Free, no-obligation policy review. Takes about 20 minutes.
Ryan Reardon
Ryan grew up in Littleton, CO, graduated from Colorado State University in Fort Collins, and now calls Colorado Springs home. Agency License #920206 · NPN: 21766210