The Insurance Policy Review Checklist: How to Review Your Insurance Coverage & Avoid Costly Gaps

Reviewing your insurance policy is one of the most important steps you can take to protect your home, vehicle, business, health, and financial future. Yet, so many people set up their insurance once and don’t look at it again for years.

Why pay for coverage that no longer fits your life? Or worse, find out too late that you’re underinsured?

Use this insurance policy checklist to review your coverage quickly, confidently and effectively.

Why you should review your insurance policy

Think back 12 months ago – how different did your life look back then? Renovate your house? Grow your businesses or start a side hustle? Bought or sold livestock? Got married, divorced or had children?

Lots can happen in a year and all those changes can go unknown to your insurance agent and company. This is a great opportunity to make sure your insurance policy covers what you need, without costing you more than it should. In fact, reviewing your insurance can sometimes save you money!

Annual insurance reviews help you:

• Avoid dangerous coverage gaps

• Make sure your coverage limits reflect today’s costs

• Quality for new discounts

• Remove coverage you no longer need

• Stay compliant with lender or legal requirements

Step-by-Step Guide for Reviewing Your Insurance Policy

Here’s a simple 4-step process to guide your insurance policy review.

Step 1: Gather Your Insurance Policies

Start by collecting your active insurance policies. You may have the physical documents or an online account. If you’re missing anything, ask your insurance agent. Common policies to include are:

• Homeowners or renters’ insurance

• Auto insurance

• Health insurance

• Life insurance

• Landlord insurance

• Farm or ranch insurance

• Business insurance

• Recreational and specialty insurance (boat, ATV, snowmobile, RV)

• Valuable personal property (jewelry, fine art, musical instruments, firearms)

If you share policies with a spouse, business partner, or someone else, include them in this process. It can even be fun to treat the next step like a shared reflection activity.

Step 2: Identify what’s changed in the last year

Before digging into the details of each policy, brainstorm everything that’s changed in the last 12 months.

Ask yourself:

• Have you made home improvements, added square footage, or new structures to your property?

• Did you move or change addresses?

• Has your marital status changed?

• Did your household grow or shrink?

• Did your income significantly increase or decrease?

• Did your child start driving or go off to college?

• Did you buy or sell vehicles, property, or equipment?

• Did you start a business, farm, or side hustle?

Write down your answers. Even small changes can impact your insurance.

Step 3: Compare Your Life to Your Insurance Policy

Now it’s time to compare your real life to your policies. This is where many hidden issues come to light. 

Examples we see include:

• You installed a new roof, but your home insurance policy still lists your old one. Roofs are a major factor in home rating!

• You moved, but your car insurance policy still lists the old address. Premiums and coverage requirements vary by location.

• You sold a vehicle and it’s still on your insurance. You’re paying for something you don’t need!

• You received a major raise that affects your health insurance subsidies.

• Your kid started driving but isn’t listed on your insurance and, therefore, wouldn’t be covered if they are at-fault for an accident.

• You added a shop, barn, or equipment but it isn’t covered on your farm policy.

Any one of these issues could result in overpaying, denied claims, or serious financial risk.

Step 4: Take Action and Update Your Policies

Once you’ve identified gaps and outdated information, it’s time to make corrections.

Working With an Agent

Call or email your agent, let them know what needs to be updated, and they will handle the rest! Agents can also advise on coverages and clear up confusion.

Working Directly With a Carrier

If you purchased your insurance online directly through an insurance company, you’ll need to handle the changes yourself through the company’s online portal or calling their customer service. This can take a bit more time, but is still crucial to keeping your coverage up to date.

Questions to Ask Your Agent When Reviewing Your Insurance

Does my policy provide enough coverage to rebuild my home today? With inflation and rising construction costs, many homes are underinsured.

Am I eligible for any discounts? Paperless, telematics, and bundling are just a few ways you may be able to save a little on your insurance.

Do I need additional coverage for my high-value belongings? Jewelry, firearms, and collectibles often require special, additional insurance coverage.

Are there any important endorsements missing? Homeowners' policies especially benefit from this question.

What options are there for me to save money on my policy? Your agent can help review limits or remove unnecessary coverage.

What exclusions should I be aware of? It’s important to know what is and isn’t covered to prevent unexpected surprises later on.

Are my liability limits high enough to protect my assets? This question is especially relevant if you have high-value assets, like a business, farm, or multiple properties.

Does my policy cover my business, side hustle, or farm operations correctly? Standard homeowners policies may deny coverage if certain operations are happening within and around the home. There are options to get you properly covered. 

Get Help Reviewing Your Insurance Policy

At Hillock Insurance, we believe your coverage should evolve as your life does. Our team is happy to sit down with you to review your policies without pressure. Schedule an appointment by calling 541.426.4208 or emailing hello@hillockins.com.

A short conversation today can prevent a major financial surprise tomorrow.

Frequently Asked Questions

How often should I review my insurance policies?

At minimum, you should review your insurance policies at least once a year to prevent them from getting out of date. Create a reminder in your phone and tie it to an anniversary or easily memorable date like your birthday or the new year. 

You should also review your policies whenever you have a major life event like buying a home, getting married or divorced, having a child, starting a business, or purchasing valuable equipment.

What are the most common coverage gaps?

The most common gaps include:

• Underinsured homes due to rising repair and building costs

• Unlisted teen drivers

• Missing coverage for home upgrades

• Inadequate liability limits

• No coverage for valuable personal property

• Inadequate limits for a growing business or farm operation, or during peak season

  
  

How do I make corrections to my insurance policy?

The fastest and easiest way is to contact your insurance agent directly. They can submit corrections and endorse your policy properly. If you don’t use an agent, you’ll need to contact your insurance company through your online portal or by phone.

Can reviewing my insurance actually lower my premiums?

Yes. Many people discover unused vehicles, outdated information, or newly available discounts during their annual review. 

What happens if I don’t update my insurance?

Outdated policies can result in:

• Denied claims

• Reduced claim payouts

• Paying for coverage you don’t need

• Serious financial risk exposure after a loss