Many people only think about insurance when they need to file a claim. But as your life changes, your insurance coverage should change too. Whether you have homeowners insurance, auto insurance, or both, an annual insurance review helps ensure your policy reflects the way you live today.
Reviewing your policy around renewal time is a great opportunity to ask questions and understand any policy updates. Use this insurance policy review checklist to help guide the process and get the most out of your conversation with your insurance agent.
Why You Should Review Your Insurance Policies Every Year
Insurance isn’t something you set and forget. Maybe you’ve replaced your roof, remodeled the bathroom, or added a trampoline to the backyard. Even changes that seem small can affect your insurance coverage.
A yearly insurance policy review is a chance to learn about new coverage options, available discounts, and programs that may help you better protect your home, vehicles, and belongings. It can also help identify gaps in coverage before a claim occurs.
When you understand what your policy covers — and what it doesn’t — you can make more informed decisions and avoid surprises down the road.
Insurance Renewal Checklist
An insurance checklist is a great starting point for your annual review. It can help you identify changes that may affect your coverage and prepare questions to ask your insurance agent before renewal.
1. Think About Changes in Your Household
Think about what’s changed since the last time you reviewed your coverage. Have you moved, gotten married or divorced, or welcomed a new family member? These types of life events can affect your insurance coverage and may warrant updates to your policy. Even changes don’t seem insurance-related, such as retirement or bringing home a new pet, may be worth discussing with your agent.
If you’ve started a home-based business or side business, be sure to mention that during your review. Business property and general liability may not be fully covered under a standard homeowners policy.
2. Review Your Home Coverage
One of the most important questions to ask during a homeowners insurance checklist review is whether your current coverage would be enough to rebuild your home today. The cost to rebuild a home isn’t necessarily the same as its market value, and rising material and labor costs can affect how much coverage you need. Understanding the difference between replacement cost and actual cash value can help you better evaluate your coverage.
Think back to any changes you’ve made to your property since your last review. Renovations and upgrades — such as a finished basement, a new roof, a new pool, or a detached structure like a shed or fence — should be shared with your agent.
Finally, take a closer look at what your policy covers and whether your limits are still appropriate. You may find that your policy provides protection for situations you hadn’t considered.
3. Review Your Auto Insurance Coverage
Changes in commuting habits, annual mileage, where your vehicle is kept, or how it's used can all affect your insurance coverage. Vehicle ownership can also make a difference, especially if you’ve added or removed a vehicle, or if a vehicle has been paid off or refinanced since your last review.
The people behind the wheel matter too. A new teen driver, a child moving away to college, or an elderly parent moving into your household can all raise new auto insurance considerations. The same is true if you use your vehicle for ridesharing, food delivery, or other business purposes, as your current policy may not provide the appropriate coverage.
Don’t forget about recreational vehicles, either. If you’ve purchased a boat, RV, motorcycle, ATV, golf cart, or e-bike since your last review, let your agent know. These vehicles may require separate insurance coverage or updates to your existing policies.
4. Assess Valuable Property and Recent Purchases
A pair of diamond earrings, an upgraded gaming system, or a signed jersey from your favorite baseball team may not be top of mind when it comes to insurance, but they can represent significant investment.
Belongings tend to accumulate over time, making an annual insurance review a good opportunity to take inventory of what you own and identify items that would be difficult or expensive to replace if they were damaged or stolen.
While homeowners insurance typically covers personal property, some categories of valuables may be subject to coverage limits. Reviewing recent purchases and high-value items can help you determine whether those items are adequately protected.
5. Evaluate Your Deductibles and Liability Limits
Your deductible affects both your premium and what you’ll pay out of pocket after a covered loss. In general, a higher deductible can help lower your premium, while a lower deductible may reduce your out-of-pocket costs when a claim occurs.
However, not all deductibles work the same way. Some homeowners policies include separate deductibles for certain types of losses, such as wind or hail damage. Understanding these deductibles can help you anticipate your financial responsibility after a covered loss.
Liability limits deserve attention as well. If you have more savings, own a second home, have a teen driver, serve on a nonprofit board, or simply want additional financial protection, it may be worth asking whether your current liability limits are still appropriate. For some households, an umbrella policy can provide an additional layer of liability protection beyond the limits of a standard home or auto policy.
6. Consider Additional Coverages and Endorsements
Standard homeowners insurance provides a strong foundation, but it may not cover every risk you face. Depending on your situation, additional coverages — such as inland flood, cyber, or equipment breakdown — may be worth exploring.
Some policies, like our WesPak® home and auto package policy and WesPak Estate® high-value home and auto package policy, include certain coverages that may otherwise be added separately to a standard homeowners policy.
Reviewing your policy with your agent can help uncover potential gaps and determine whether additional coverage makes sense for you.
7. Ask About Discounts and Risk-Reduction Programs
An annual insurance review isn’t just about your coverage. It’s also a chance to explore the benefits, discounts, and services that may be available to you.
You may save money by bundling or packaging your home and auto insurance, participating in a safe driving program, or taking advantage of loyalty discounts. Some policies also offer discounts for home protection features like burglar alarms and water shutoff devices.
Many insurance companies provide no-cost tools to help reduce risk before a claim occurs. For eligible policyholders, Westfield offers the Ting® fire safety sensor and service, which helps detect potential electrical fire hazards in your home before they escalate.¹
8. Verify Contact Information and Policy Details
Throughout the year, it can be easy to overlook smaller changes, such as a new phone number or changes to your emergency contacts. Keeping this information current helps ensure your insurance company and agent can reach you when needed.
The insurance renewal process is also a good time to verify information related to your property and vehicles, including mortgage company details, vehicle lienholders, and beneficiaries. While you’re at it, take a moment to review your claims history and make sure everything is recorded correctly.
Schedule Your Annual Insurance Review
Whether you’ve made major purchases, renovated your home, or simply haven’t looked at your coverage in a while, taking time to review your policy before your next renewal can help make sure your insurance still works for you.
Use this insurance checklist to guide your review and jot down any concerns or insurance policy questions you’d like to discuss with your agent. They’re here to help identify areas that may need attention and explain your coverage options.
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