The number one thing to remember about insurance is that, just like everything else, it changes over time. The top-of-the-line policy that you bought five years ago might not even be available or even used anymore. So, it's extremely important to review all of your insurance policies at least once every two years. Here's some of the important items that you should be checking on your insurance documents:

a) Coverage Limits - have your needs changed since the last renewal?
b) Coverage Minimums (by law) - do you have adequate coverage, as required by your state of residence?
c) Deductibles - are you able to pay the deductible listed on your policy if needed?
d) Premiums - is your premium payment still competitive with the current insurance poroducts?
e) Premium Discounts Available - have you asked for premium discounts for multiple policies with the same agent or insurer? (Read Bundle Your Insurance for Big Savings to see how to get the most out of your insurance discounts.)
f) Beneficiaries - when is the last time you reviewed your beneficiaries or checked that all members of your family were covered under the policy? (Read Update You Beneficiaries for more.)
g) Master List - what happens in the event of your death? How easy is it for your spouse or estate administrator to find all of your insurance documents; why not make a master list?

The question was answered by Steven Merkel.

  1. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
  2. How do I choose which insurance company to use?

    Picking an insurance company to use is not an easy task, considering the financial crisis of 2008 and 2009. Several financial ... Read Answer >>
  3. What are some examples of when insurance bundling is a bad idea?

    Learn about situations where insurance bundling may not be a favorable option. Bundling insurance is often a good idea, but ... Read Answer >>
  4. Why is my insurance premium so high/low?

    Insurance premiums can be affected by many factors including: type and amount of risk size of deductible amount of coverage ... Read Answer >>
Related Articles
  1. Insurance

    Insurance 101 For Renters

    If it's time for you to leave the nest, find out how to protect your new home from disaster.
  2. Retirement

    Does Life Insurance Make Sense When You Retire?

    Whether you need life insurance in your retirement depends on your existing insurance and your goals for passing on your wealth.
  3. Insurance

    For Top-Notch Insurance Coverage, Compare Quotes

    Find out how to use and compare policy options to get the best coverage at the best price.
  4. Financial Advisor

    5 Reasons You Should Check on Your Insurance

    Insurance gives you peace of mind, but you don't have to overpay for it. Rates change and discounts get added, which is why shopping around is important.
  5. Insurance

    5 Money-Saving Insurance Tips For Couples

    It may not be the best part of getting married, but saving money on insurance is a great financial benefit.
  6. Insurance

    5 Life Insurance Questions You Should Ask

    Confused about $1 million dollar insurance advertising claims? Decide whether they'll pay off for you.
  7. Insurance

    5 Insurance Policies Everyone Should Have

    Insurance policies come in a wide variety of shapes and sizes. Shop carefully and the right policies will go a long way towards helping you protect your assets.
  8. Insurance

    7 Insurance Tricks That Cost You Money

    Not all insurance companies are out to get you, but you should still learn how to save money when dealing with unscrupulous insurers.
  9. Insurance

    Ways To Make Insurance Exciting

    If you have no interest in insurance, these practices might make you care.
  10. Insurance

    The Best Type Of Life Insurance For You Right Now

    Different stages of life call for different amounts of life insurance coverage. Find out what you need, when and why.
  1. Insurance

    A contract (policy) in which an individual or entity receives ...
  2. Conversion Privilege

    An insurance policy in which the insurer is required to renew ...
  3. Insurance Coverage Area

    The geographic region in which an insurance policy’s benefits ...
  4. Personal Lines Insurance

    Property and casualty insurance products for individuals that ...
  5. Corridor Deductible

    Expenses that are paid by the insured in excess of an insurance ...
  6. Assessable Policy

    A type of insurance policy that may require the policyholder ...
Hot Definitions
  1. Wealth Management

    A high-level professional service that combines financial/investment advice, accounting/tax services, retirement planning ...
  2. Assets Under Management - AUM

    The market value of assets that an investment company manages on behalf of investors. Assets under management (AUM) is looked ...
  3. Subprime Auto Loan

    A type of auto loan approved for people with substandard credit scores or limited credit histories. There is no official ...
  4. Racketeering

    A fraudulent service built to serve a problem that wouldn't otherwise exist without the influence of the enterprise offering ...
  5. Federal Debt

    The total amount of money that the United States federal government owes to creditors. The government's creditors include ...
  6. Passive Management

    A style of management associated with mutual and exchange-traded funds (ETF) where a fund's portfolio mirrors a market index. ...
Trading Center