Hey everyone! I’m Adnan from The Insurtech Guide. Let me ask you a question: when was the last time you actually read your insurance policies? For most of us, insurance is a “set it and forget it” purchase. We sign up, the payments come out of our account, and we don’t think about it again until we need it.
But our lives are constantly changing. We move, get married, buy new things, or change jobs. The policy that was perfect for you last year might be a terrible fit today, leaving you with dangerous coverage gaps or causing you to overpay. That’s why a quick annual insurance review is one of the smartest financial moves you can make.
I used to dread this task—it felt like a mountain of paperwork. But now, I use a digital insurance wallet app to make the whole process take less than 30 minutes. In this guide, I’ll show you my simple, step-by-step process using an annual insurance review app.
Table of Contents
Why an Annual Review is a Financial Superpower
Before we get to the “how,” let’s quickly cover why this is so important. A yearly checkup of your policies helps you:
- Save Money: You can discover if you’re overpaying and find cheaper rates.
- Close Coverage Gaps: Ensure you’re protected after major life changes.
- Stay Organized: Have peace of mind knowing your coverage is up-to-date.
The Tool: Your Digital Insurance Wallet
The secret to making this process painless is using a digital insurance wallet (like Marble or a similar app). As we’ve discussed before, these apps bring all your policies from different companies into one clean dashboard. This is the perfect tool for an annual insurance checkup checklist because all the information you need is already in one place.
My 5-Step Annual Insurance Review Checklist
Here’s the simple process I follow once a year, right from my phone.
Step 1: See the Big Picture
The first step is the easiest. I open my annual insurance review app and look at my dashboard. I get an instant overview of all my policies, my total monthly cost, and my upcoming renewal dates.
Step 2: Review Your Auto Insurance
Next, I tap on my auto policy and ask myself a few key questions:
- Has my commute changed? Am I driving more or less? A significant drop in mileage could lead to a big discount.
- Is my car’s value correct? As a car gets older, you might be able to reduce certain coverages like collision.
- Are all my details correct? Is my address up-to-date?
Step 3: Review Your Home or Renters Insurance
Then, I move to my home policy.
- Have I made any major purchases? A new expensive TV, jewelry, or computer needs to be on your home inventory list to be properly covered.
- Did I make any home improvements? A new security system or a new roof can lead to significant discounts.
- Is my coverage limit still enough? With inflation, the cost to rebuild your home has likely increased. I check if my coverage is still adequate.
Step 4: Review Your Life Insurance
If you have a life insurance policy, this is crucial.
- Have I had any major life events? Getting married, having a baby, or buying a house are all reasons to review your coverage amount.
- Are my beneficiaries correct? This is the most important and easiest thing to check. Ensure the right people are listed.
Step 5: Quickly Shop Around
The final step is to see if I can save money. Now that I know exactly what coverage I need, I use a comparison tool (many wallet apps have one, or you can use a site like Policygenius) to get a few competing quotes. It takes just a few minutes.
During my last review, I realized my driving mileage had dropped by 4,000 miles a year. By re-shopping my auto insurance with this new information, I found a policy that was $30 cheaper per month. That’s a $360 annual saving from just 20 minutes of work using an annual insurance review app. It’s a no-brainer.
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