Run an annual insurance coverage review

Most coverage gaps are discovered during a claim. One hour a year is what it takes to find them earlier.

List every policy in one place

Write down insurer, policy number, what it covers, the deductible, the limit, and who to call. Store it with your household documents.

Health, dental, and vision
Disability, short-term and long-term
Life, including any employer-provided coverage
Home or renters, plus flood if applicable
Auto and umbrella liability

Check the coverage most households under-buy

Disability and liability are the two lines that most often fall short of what a serious event costs.

Disability: does it replace at least 60 percent of income, and for how long?
Life: does it cover remaining debt plus several years of household costs?
Liability: does your limit match your assets and future income?
Renters or home: is contents coverage at replacement cost, not depreciated value?

Confirm what is excluded

Exclusions cause more surprise than limits. Read the exclusions page of each policy once a year.

Flood and earth movement are usually excluded from home policies
Water backup and sewer coverage is often a rider
High-value items may need scheduling
Home-based business equipment is frequently uncovered

Match deductibles to your cash buffer

Raising a deductible lowers premiums, but only makes sense if the deductible is money you could produce this week.

Common questions

How often should I review my insurance?

Once a year, plus after any move, birth, marriage, divorce, job change, or major purchase.

Is employer life insurance enough?

Rarely. Employer coverage is usually one to two times salary and ends when the job ends, so most households with dependents need individual coverage on top of it.

See where your household stands

The Household Resilience Check scores this dimension along with seven others in about five minutes.

Take the Household Resilience Check →