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Colorado Insurance Blog

What Is A Coverage Review?

The best policy isn’t necessarily the cheapest one. It’s important to have a policy that protects you and your family in your current situation. Life can change quickly, and as your life changes, your insurance policy may need to change with it.

During a coverage review, your agent will ask you about any life changes, changes to your home, and suggest coverage adjustments to best suit your current needs. Your agent’s goal is to make sure your policy is updated and you have the best coverage possible.

Your role during a coverage review is to be open and honest, and to ask questions to help understand your policies.

What will be discussed in a coverage review?

  • Contact info- It’s important to make sure all contact info on file is accurate. You may be asked to confirm your phone number, address, and email address.
  • Household members- Most insurance policies have specific definitions for who is covered by a policy. Knowing who lives in the household can help your agent make sure everyone has the coverage they need.
  • New toys- You’ll likely be asked if you’ve recently purchased anything that needs to be insured, like a boat, motorcycle, camper, or ATV.
  • Updates to your home- Your agent should go over a Replacement Cost Estimator with you to ensure your policy accounts for any unique features in your home. If you’ve recently made any updates or improvements, that may result in an increase to your Dwelling Coverage.
  • Education or job changes- If you’ve changed careers, that could warrant some changes to your insurance. Additional education can also result in an extra discount or lower rate, so your agent may ask about education or job changes during a coverage review.
  • Discount review- If anything has changed in your life, you may be eligible for additional discounts. Perhaps your commute is shorter and now you qualify for a low mileage discount. A discount review can help ensure you’re getting the best price for the coverages you need.
  • Review policy coverages options– Overtime, your insurance carrier may offer new coverages or limits. During a coverage review, your agent should go over the coverages you have and recommend any coverages you may be missing that could be beneficial for your protection.

How often do you need an insurance review?

It’s generally a good idea to review your insurance policies before each renewal. A quick check-in to make sure your coverages are still adequate can go a long way.

If you haven’t had any big changes, a simple call to your agent to ask about any new coverage recommendations or discount opportunities should be sufficient. Anytime you make a big change or an update in your home, you should call your agent and request a more in-depth coverage review. An extensive review should be done at least every 3 years to ensure your coverages are growing with your family and your needs.

The Insurance Information Institute recommends asking the following questions each time your policy renews:

  • Has the company made any changes in coverage since last year?
  • Does my policy now include a separate deductible for risks like hurricane or hail?
  • Should I raise the deductible to save money?
  • Am I taking advantage of all available discounts?
  • Do I need to raise the amount of coverage for liability, personal possessions or the structure?
  • Should I comparison shop for a cheaper rate?
  • Do I need flood, earthquake or an umbrella policy?

If you haven’t had a coverage review within the past couple of years, or if you’ve made any changes that could impact your insurance, give us a call or request a quote today. We’re happy to review your current policies and look for ways to improve your coverage at a price that is right for you.

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