Insurance policy review checklist: Tips to meet your needs

Posted in General, Auto, Home

A middle-aged couple sits down with their agent on adjacent couches and look at a laptop screen.

Performing an insurance policy review each year can help you stay up to date about what’s covered in your insurance policy. When you know exactly what to expect from your insurance, you can save yourself time, money and probably a few headaches. 

Later on in this article, we’ll cover an insurance policy review checklist you can use when you work with your independent agent. But first, let’s discuss why these annual reviews are so important.

Why review insurance?  

There are several ways you can benefit from sitting down with your independent agent to review your insurance coverage. During an insurance review, you can: 

  • Evaluate your coverage thoroughly. You can read the Declarations Page and ask your agent specific questions about the types and amounts of coverage you have.
  • Get the correct coverage for your needs. If you have a life event such as marriage or divorce, or complete a qualifying purchase like buying a new home or vehicle, you may need to adjust your coverage accordingly. Plus, some life events may make you eligible for insurance discounts. Talk to your agent to learn more.
  • Make sure you aren’t overpaying. When you take a closer look at your insurance policy, you may discover you’re paying for coverage you don’t need or want. During your insurance review, you can adjust said coverage so it’s a better fit for your needs.
  • Learn about pricing changes. If your premiums go up year over year, your agent can help explain where the added costs are coming from. Bundling your insurance may be an option for saving money. 
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Keep this insurance policy review checklist handy

There’s no right or wrong way to review your insurance, but these four steps can help you have a great experience.

1. Schedule a meeting or call with your independent agent

No matter how you choose to collaborate, working with your agent to review your insurance coverage will make the process simple from start to finish.

2. Prepare questions and scenarios

If you are curious if specific events or claims will be covered by your insurance, your agent can help you find the answer. If there’s a gap in your coverage or it’s not as complete as you’d prefer, you can take this time to explore additional policies that could help close the gap. 

This is also a great time to ask how to contact your agent and file a claim in the event you need to. Pro tip: Save the phone numbers of your independent agent and the number for filing a claim with your insurance in your mobile device for easy access. Consider adding your policy number as a note in each contact for extra help in your time of need.

3. Adjust your insurance coverage as necessary

Make sure your insurance fits your current life stage. Whether you add car seat replacement coverage to your auto insurance for your newborn baby or you bundle your home and auto insurance for a better premium price, your insurance should help you meet your goals.

4. Ask if you qualify for any discounts

It’s always a good idea to ask about discounts from your insurance carrier. You may be surprised to learn you can get a discount for paying in full or for using a certain payment method. Talk to your independent agent for a complete list of current discounts.

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Coverages described herein may not be available in all states. Please contact a local independent Integrity agent for complete details on coverages and discounts. If the policy coverage descriptions herein conflict with the language in the policy, the language in the policy applies. For the coverage to apply, a claim must be made and reported during the policy period. Scenarios above are not actual claims. The material provided above is for informational, educational, or suggestion purposes and does not imply coverage. WE RESERVE THE RIGHT TO REFUSE TO QUOTE ANY INDIVIDUAL PREMIUM RATE FOR THE INSURANCE HEREIN ADVERTISED. Integrity Insurance policies are underwritten by Integrity Insurance Company, an affiliate of Grange Insurance Company, and Integrity’s subsidiaries. Integrity companies not licensed in Pennsylvania. Not all Integrity companies are licensed in all states.

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