End-of-Year Insurance Checklist: What to Review Before the New Year

As the year comes to a close, it's an ideal time to reassess your personal insurance coverage. Whether it’s your home, car, or umbrella policy, your insurance should evolve with your life changes and personal circumstances. 

The end of the year is a great opportunity to review your policies, update coverage limits, and identify any gaps to ensure that you're fully protected as you head into the new year.

Here’s a comprehensive end-of-year insurance checklist to guide you through the process of reviewing your personal insurance:

1. Review Your Auto Insurance

Your auto insurance policy should reflect changes in your driving habits, your vehicle, or your personal situation. Even if you haven’t had any accidents or claims, it’s important to periodically review your coverage to ensure it’s still the best fit for your needs.

What to do:

1. Evaluate your coverage levels

2. Check your deductible

3. Update your address

4. Add or remove drivers

5. Look for discounts.

2. Review Your Homeowners or Renters Insurance

Your homeowners or renters insurance is essential to protect your property and personal belongings. Over time, the value of your home and possessions can change, and it's important to ensure your coverage keeps up with those changes.

What to do:

1. Assess your coverage limits

2. Check your policy for exclusions

3. Review your deductible

4. Check for policy discounts

5. Inventory your belongings

3. Consider Adding or Updating Umbrella Insurance

If your net worth has gone up this year or you’ve made big purchases—like a second home, a boat, or even a pricey piece of jewelry—it might be time to bump up your umbrella coverage to better protect your assets. 

Similarly, if you now have a swimming pool, are renting out property, or hosting large parties—umbrella insurance can offer that extra layer of protection you need.

What to do:

1. Assess your liability risks

2. Review your coverage limits

3. Understand policy exclusions

4. Review Your Home-Based Business Coverage

If you run a business from home, your standard homeowners or renters insurance may not fully cover your business-related activities or property. If you’ve started a home-based business or have made changes to your business activities, it’s essential to review your coverage.

What to do:

1. Check your policy for business exclusions

2. Consider commercial liability insurance

3. Update your property coverage

5. Discover Ways to Save Money 

As the year wraps up, it’s a great time to check if you’re saving money where you can. 

What to do:

1. Compare bundling vs. separate policies

2. Ask about discounts 

Taking the time to review your personal insurance policies at the end of the year is an important step in ensuring you're adequately protected in the year ahead. Use this checklist to help you start the new year with confidence, knowing that you have the right protection in place.