Times to review your insurance

An insurance review is a process where you look closely at your insurance policies to confirm they match your life, needs and goals. This means looking at your coverage, premiums and beneficiaries, and updating them if anything has changed.

It can include life insurance, home insurance, car insurance, health insurance or any other type of coverage you may have. Regularly reviewing insurance may help you avoid gaps in protection and helps ensure you and your loved ones are covered if something unexpected happens.

When should you review your insurance coverage?

While it may be beneficial to review your insurance every year, there are several key times when you should complete an insurance review to keep your coverage up to date. Major life events, changes in your household or financial shifts often mean your needs have changed. Below are some situations when policy reviews can be important:

Your current insurance policies are about to expire

If your home, auto, life health insurance policies are about to expire, make time to meet with your agent. As your needs change, so should your coverage. Your agent can help you review what you want to help protect and what you may need. If any of your insurance policies are about to expire, it is important to schedule an insurance review. Your needs may change over time, and so should your coverage.

A policy review can help determine what you want to help protect and whether you need more or less coverage for your current situation. This way, you can help avoid unnecessary gaps in your insurance and help ensure you’re protected.

Your family status changes

Planning a wedding or expecting a baby? You may want to help protect your growing family with adequate life insurance and disability income insurance. When you lose a loved one through death or divorce, an insurance policy review may also be important.

Remember to review and change the beneficiary designations on your existing policies after a life change. Regular policy reviews help ensure your loved ones are protected as your family grows or changes.

Your children have matured to driving age

When you have a new teen driver, you may want to have adequate auto insurance for your needs. Consider doing a car insurance review with your agent to discuss coverage options and rates.

If your child is leaving for college or has recently graduated, you might want to consider renters insurance. Renters insurance helps provide personal property and liability protection for your child in their new living space.

You move or remodel your house

If you move, upgrade or remodel your home, the replacement cost of your property may change. Moving to a bigger home may leave you under-insured, while downsizing could mean you’re paying for more coverage than you need.

A home insurance review will help confirm your new property value is accurately insured — so you aren’t left uncovered in case of a covered claim or accident. It’s also smart to review your insurance after making significant changes or adding value.

You're starting a business

Starting a business may mean new risks and responsibilities. Whether you're renting office space or working from home, include a thorough insurance review in your start-up plans. Depending on your operation's size, you may have to consider property and liability insurance as well as commercial vehicle insurance.

If you have employees, you may also need workers' compensation coverage and a healthcare plan. If you're working from home, review your homeowners plan to verify that your business and equipment are properly insured. Policy reviews at this stage may help businesses operate safely and legally.

Your employment status changes

Job changes may affect your healthcare coverage. For example, if your current healthcare plan is up for renewal, you start a new job or you lose your employer’s insurance, it’s important to conduct a policy review.

To help protect your family’s health, compare health insurance options and features based on your family’s current needs. Furthermore, consider adding disability insurance to help protect your finances if you experience illness or injury. Reviewing insurance while your job status changes helps you avoid coverage gaps and unexpected costs.

You've decided to retire

As you prepare for retirement, help ensure you understand how your employer handles health insurance coverage once you're eligible for Medicare. For out-of-pocket costs not covered by Medicare, supplemental coverage may help.

A life insurance review is also important to consider your beneficiaries, coverage amounts and future needs. Reviewing insurance before and during retirement protects your new lifestyle and may help you plan for medical costs and family needs.

Updating your household's insurance coverage

Review your insurance policies every year. Annual insurance reviews help protect you and your loved ones, your home, your vehicles and your business — whatever happens next. By reviewing insurance policies annually or after big changes in your life, you may help keep your coverage current. Schedule a conversation today with your State Farm® agent about customizing your coverage options and keeping your insurance up to date.