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Reviewing Your Insurance Coverage

Medium 16 items · 1 hour
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testuser Published 1 month ago
Lifestyle

This checklist guides an annual review of your insurance portfolio—life, health, home, auto, and income protection. It’s for individuals or families who want to confirm adequacy, remove overlaps, and prepare for renewals.

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  1. Gather all current policies and declarations pages — Include life, health, auto, home, disability, riders, and declarations pages.
  2. Verify policy effective dates and renewal deadlines — Note renewal windows and any automatic renewals or cancellation deadlines.
  3. Confirm insurer and agent or broker contact details — Record phone, email, policy numbers, and your agent's best contact method.
  4. Review life insurance coverage for adequacy — Compare current death benefit to your family's needs and outstanding debts.
  5. Estimate replacement needs (income, debts, future expenses) — Include mortgage, education, funeral costs, and emergency funds.
  6. Confirm term length and permanent policy features — Check remaining term, conversion options, cash value, and riders.
  7. Review and update beneficiary designations — Ensure beneficiaries reflect your current wishes and life events.
  8. Assess health insurance coverage and out-of-pocket limits — Confirm premiums, deductibles, copays, and OOP maximums.
  9. Check in-network providers, prescription coverage, and prior authorizations — Verify your doctors and medications stay covered under current plans.
  10. Review home insurance for replacement cost and liability limits — Confirm dwelling coverage matches a current rebuild estimate and liability protects assets.
  11. Compare insured dwelling amount to current rebuild estimate — Use a local contractor estimate or online rebuild calculator.
  12. Check for separate flood, earthquake, or valuables coverage — Add endorsements or separate policies for excluded perils or high-value items.
  13. Inspect auto insurance limits, deductibles, and discounts — Confirm liability, collision, comprehensive, UM/UIM, and available discounts.
  14. Evaluate disability and income protection policies — Check short- and long-term benefits, elimination periods, and benefit periods.
  15. Search for duplicate coverage, review riders, and document premiums — Cancel overlaps, note exclusions, list premiums, and payment schedules.
  16. Set calendar reminders for renewals, required actions, and annual reviews — Add alerts 60 and 30 days before renewals and a yearly review date.
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