Most people contact their insurance brokers or underwriters when there is a major event in their lives that requires new or revised risk coverage, perhaps when they buy a new home or it’s time to trade in the old car. However, far fewer remember to review their insurance at regular intervals or when more subtle changes in their coverage requirements occur.

Reviewing your insurance regularly helps ensure that your coverage is what you expect it to be in the unfortunate circumstance that you need to file a claim. It also helps you make informed coverage decisions and be proactive in minimizing your insurance costs.

There are many different circumstances that could possibly change your coverage requirements and prompt a call to an insurance professional for review. The examples below identify some of the instances when you might want to review your coverage:

• reforms – If you’re renovating your home, you’re also likely to be increasing its value. Whether it’s a new kitchen, bathroom, swimming pool or even expensive landscaping, remember to check your policy limits to make sure they’re still adequate in the event of an insured loss. If you’ve recently renovated your basement, also keep in mind that your water damage insurance will most likely need to be reviewed.
• You have been accumulating possessions… Have you done an inventory of your house lately? Most people have more personal possessions than they realize. Estimating the full value of your content is vital to help ensure that your limits are appropriate.
• You have purchased a high value item – Remember that some of your personal belongings have to be scheduled to be properly covered. Jewelry, antiques, collectibles, wine collections, and art are some examples of items that may require additional coverage.
• New coverages are available – The insurance industry frequently adapts to changing market conditions and offers coverage in areas that it has not offered in the past. For homeowners, insurance for land water damage and home repair problems (such as broken furnaces) has recently become available through some insurers, in some areas. Additionally, legal expense insurance, travel insurance, and pet insurance are available through brokers looking to cover more of your risk and insurance needs.
• Laws change to give you more or fewer options – Changes to auto accident benefits mean you should review your options.
• You become eligible for additional discounts – Changes in your personal circumstances may affect your eligibility for policy discounts. For example, if you install an alarm system, you may be eligible for a discount on your homeowners policy. If you use snow tires on your vehicle, many insurers offer a discount on your auto insurance policy. If you are between the ages of 50 and 55, you may be eligible for senior driver discounts.
• If you change jobs and have a shorter commute – You should report this to your insurance broker, as less driving is generally correlated with lower risk and less expensive premiums. If you have a certain job occupation, you may also be eligible for lower insurance rates.
• You have started a home business – A different use of your home, other than strictly residential, may require commercial insurance to adequately cover liability risks.
• Your personal circumstances change If you get married or have children, you may want to review your coverage to make sure your coverage levels are adequate to care for your dependents in the event of an accident.
• Your child gets a driver’s license – Always check to see if your child can be added to your policy. It is often the least expensive option to ensure they drive. If they get their own car, chances are you’ll also be eligible for a multi-car discount.
• If your child is moving to attend a college or university – See if your homeowners coverage can be extended to protect your child’s assets while they are in school. It may be more cost effective than purchasing a separate renters insurance policy.
• If you haven’t had an insurance review in over a year, Your coverage levels may be out of date. A key example of this is your home insurance. Property value and replacement costs can easily increase to the point where existing coverage limits do not allow for a total rebuild of your home in the event of a total loss.

Taking the time to speak with your insurance professional is always time well spent. Even if you don’t save on your insurance costs after the call, there’s no substitute for having the coverage you expect when a claim becomes necessary. Since most insurance policies have a one-year term, it’s a good idea to talk to your insurance professional before renewing your annual coverage.