Most people buy insurance and then forget about it. That’s understandable. There are plenty of other things competing for your attention. But your insurance shouldn’t be a “set it and forget it” purchase. Your needs can change, sometimes without you even realizing it. 

Life’s biggest changes often start as memorable moments. And while not all milestones require a review of your auto and home insurance, each one is a good reminder to revisit whether your policies still fit your life.

Life Changes That Should Prompt an Insurance Review:

You get married or divorced.
A change in your household can affect your homeowners, renters, auto and other insurance needs. Make sure your policies reflect your current situation and that the right people and property are covered. 

You buy a home.
A new home comes with new responsibilities and risks. Your home insurance should reflect the home’s value, your belongings and your potential liability. Depending on where you live, you may also need to consider additional coverage, such as flood insurance. 

You renovate your home.
That beautiful new kitchen, finished basement or home addition may increase the value of your property. If your insurance coverage hasn’t been updated to reflect those improvements, you could potentially be underinsured. 

You move or rent a new place.
A new address can mean different risks and different coverage needs. Renters should also make sure they have appropriate protection for their belongings and personal liability. 

You buy a car.
A new vehicle is a good reason to review your auto policy and make sure the coverage matches the vehicle and your needs. 

Your teen starts driving.
Adding a young driver to your household can change your auto insurance needs significantly. It’s also a good opportunity to review liability limits and available discounts. 

You’re driving less.
Maybe you’re working from home, retired or simply spending less time behind the wheel. If your mileage has changed, ask your insurance professional whether you may qualify for a lower-mileage rate or another discount. 

You start a home-based business.
Working from home doesn’t necessarily mean your homeowners or renters policy automatically covers your business activities, equipment or inventory. Talk with an insurance professional to understand what protection you may need. 

You retire.
Retirement can bring significant changes to your lifestyle, income and driving habits. It’s a natural time to review your overall insurance picture and make sure your policies still make sense. 

It Can Be Tempting to Decide Based on Price

When reviewing your insurance, it can be tempting to focus on one number: the premium. 

But the lowest premium isn’t always the best value. A cheaper policy could come with lower coverage limits, a higher deductible or exclusions that leave you with less protection when you need it. 

Instead of asking only, “How much does this cost?” ask, “What am I getting for that cost?” 

Your coverage should make sense for your home, vehicles, possessions, finances and lifestyle. And as those things change, your insurance should change with them. 

Better Protection Could Mean Potential Savings

An insurance review isn’t just about finding gaps in coverage. It can also be an opportunity to save money. You may qualify for new discounts. Your driving habits may have changed. You may have added safety features to your home or vehicle. You may be eligible to bundle policies or discover that you’re paying for coverage you no longer need. 

So consider this your reminder to give your insurance a check-up. You don’t have to wait for your annual renewal to ask for a review. Take a fresh look at your coverage with your insurance provider, ask questions and make sure your policies still reflect the life you’re living today. After all, life changes. Your insurance should keep up.