The “Checkup” That Helps Protect Your Home, Car, and Family: Annual Personal Insurance Review:
Most people don’t ignore their annual physical. But many of us go years without a close look at our insurance – until something happens.
An annual insurance review is a simple, once-a-year conversation (or self-check) that helps you confirm your coverage still matches your life: your home, cars, health plan, valuables, pets, and the people who depend on you.
It’s worth doing annually because:
- Your life changes (often faster than you think)
- Costs change (especially home rebuilding costs)
- Policies and discounts evolve
- Small gaps can become big out-of-pocket surprises
Consumer organizations like the NAIC recommend reviewing your policies at least once a year to make sure coverage is still adequate.
What is an “annual insurance review”?
An annual review is a structured check of:
- What you own and what you’re responsible for
- What your current policies cover (and what they don’t)
- Whether your limits, deductibles, and endorsements still make sense
- Whether anything changed that should be documented
- Whether there’s a better way to protect you (same carrier or another)
Think of it as making sure your coverage still fits your real-world risk before you’re forced to find out the hard way.
Why annual reviews matter more now than they used to:
- Home rebuilding costs can rise faster than you expect
Even if your home value hasn’t changed much, rebuilding can. The Insurance Information Institute (Triple-I) reported cumulative replacement costs related to homeowners insurance rose 55% from 2020 to 2022. If your dwelling limit hasn’t kept up, you may be unintentionally underinsured.
- Policies often include “surprises” people don’t realize
Many coverage gaps are not obvious until claim time – like sub-limits on jewelry, water backup coverage, or exclusions for certain types of damage.
- Michigan auto insurance decisions are especially important
In Michigan, PIP medical coverage choices can significantly affect both protection and cost, and the state outlines the available options and requirements (including the Medicare Parts A & B opt-out rules).
Signs you’re overdue for a review:
Even if nothing “big” happened, these are common triggers:
- You renovated, finished a basement, replaced a roof, added a deck, or upgraded systems
- You bought or sold a vehicle
- A teen driver joined the household
- You started working from home or changed commute habits
- You bought higher-value items (ring, guitar, e-bike, camera, tools)
- You got married/divorced, had a child, or your child moved out
- You started a side business
- Your income changed significantly
- You’re carrying more assets than you did a year ago (savings, home equity, investments)
Triple-I lists renewal time and major lifestyle changes as key moments to review coverage.
The Annual Insurance Review Checklist (Personal Insurance)
Below is a practical checklist across the core personal lines coverages Finlan typically helps Michigan clients with: home, auto, health, umbrella, watercraft, pet, scheduled property, and life.
1) Homeowners (or Renters/Condo)
Goal: Confirm your home’s replacement cost and your liability/property protection still match reality.
Key items to review:
- Dwelling limit: Does it reflect today’s rebuild cost – not the Zillow price?
- Deductible: Could you comfortably pay it tomorrow?
- Other structures: Garage, fence, shed – are they included and sufficient?
- Personal property: Is your contents limit realistic for your household?
- Loss of use: If your home is unlivable, is the limit practical for local rents/hotels?
- Endorsements you may need: water/sewer backup, equipment breakdown, service line, etc. (availability varies by carrier/policy)
- Special hazards: Flood coverage is typically separate; ask what your policy actually includes.
Situation to avoid:
You renovated the kitchen, finished the basement, and prices climbed – but your dwelling limit didn’t. If a major fire happens, the gap can become a five-figure (or more) out-of-pocket problem.
Goal: Make sure your protection matches your driving reality and your financial risk.
Key items to review:
- Liability limits: If you caused a serious accident, would your limit realistically protect your assets and income?
- PIP medical selection (Michigan-specific): Confirm you chose the level you intended (and still qualify for it). Michigan provides consumer guidance on PIP medical options and eligibility rules.
- Collision & comprehensive: Are you overpaying for an older car or under-protecting a newer one?
- Deductibles: Are they set to what you can actually afford?
- Household drivers: Any changes (teen drivers, college students, new roommates)?
- Garaging address/commute: Working from home can change rating factors.
Coverage Gap Example:
A serious at-fault accident can exceed basic liability limits quickly. The difference between “enough” and “not enough” is often the difference between an insurance claim and a personal financial setback.
Goal: Confirm your plan still fits your medical needs and your budget.
Key items to review:
- Network: Are your preferred doctors/hospitals in-network?
- Deductible / out-of-pocket max: Is it manageable if a surprise happens?
- Prescription coverage: Any new meds this year?
- HSA/FSA: Are you set up correctly if eligible?
- Coordination with auto PIP: Especially relevant in Michigan – make sure you understand how your health plan and auto coverage interact (this is a key “review conversation” item).
Goal: Add a second layer of protection above your home/auto liability limits.
What to review:
- Do your assets and lifestyle warrant additional liability protection?
- Are your underlying limits high enough to qualify (many umbrellas require certain auto/home liability minimums)?
- Any new exposures: pool/trampoline, dog bite risk, rental property, teen drivers, frequent entertaining?
Why it matters: Umbrella coverage is about lawsuit-sized losses, not just “wealthy people problems.”
Situation to avoid:
A major injury claim can go beyond your auto or homeowners liability limit. Umbrella coverage may help prevent a worst-case financial outcome when underlying limits are exhausted.
Goal: Confirm your boat, personal watercraft, and related liability/property exposures are properly covered.
Review items:
- Agreed value vs. actual cash value (varies by policy)
- Liability limits
- Accessories/equipment (electronics, trailers, safety gear)
- Where you use it (Great Lakes vs. inland lakes, out-of-state travel)
- Storage and winter layup details
Goal: Confirm your plan still matches your pet’s age, breed risks, and your budget.
Review items:
- Reimbursement %, annual limit, deductible
- Waiting periods and exclusions
- Whether ongoing conditions are covered per your plan terms
- Any new pet in the household (multi-pet discounts may apply)
7) Scheduled Property (Jewelry, fine art, collectibles, instruments, cameras, etc.)
Goal: Make sure high-value items are covered for their actual value and with appropriate terms.
Most homeowners policies have category sub-limits for valuables. Scheduled personal property coverage is designed to cover specific items more appropriately than standard built-in limits.
Review items:
- What is scheduled vs. not
- Updated appraisals/receipts
- Coverage territory (at home, while traveling, etc.)
- Any new purchases this year
Situation to avoid:
A ring is stolen and your homeowners policy has a sub-limit that’s far below its value. Scheduled property coverage can be the difference between “mostly covered” and “barely covered.”
Goal: Confirm your coverage amount, beneficiaries, and policy type still align with your responsibilities.
Review items:
- Beneficiaries: still correct after marriage/divorce/new child?
- Coverage amount: enough to cover income replacement, debts, and family needs?
- Term length: does it match your timeline (mortgage, kids, retirement goals)?
- Employer coverage: is it portable if you change jobs?
How do you know if you have “adequate” insurance coverage?
A practical way to think about adequacy:
For property (home, contents, valuables)
- Can you realistically repair or replace what you’re insuring if the worst happens?
For liability (auto, home, umbrella, watercraft)
- If a major accident happens and someone is seriously injured, would your coverage protect:
- your savings and investments
- your home equity
- your future income (wages can be at risk in certain legal outcomes)
For life/health
- Would your plan protect your household from financial disruption if someone got sick, injured, or passed away?
If the honest answer is “I’m not sure,” that’s exactly what an annual review is for.
If you think you need to switch providers or add coverage, what should you do?
With Finlan, all you have to do is give us a call or set up a review and we'll handle all the heavy lifting and walk you through exactly what you need to do. To ensure a seamless transition and that we find you the best coverage fit, our approach looks something like this:
- Gather your current declarations pages (home, auto, umbrella, etc.) and note major life changes since last year.
- Provide an apples-to-apples comparison. Cheaper isn’t better if coverage is thinner, exclusions are broader, or deductibles are higher.
- Prioritize coverage fit first, price second. The goal is fewer surprises.
- Avoid coverage gaps. Never cancel an existing policy until the replacement is bound and effective.
- Ask what discounts you may qualify for (bundling, vehicle safety, home updates, loss-free, etc.). Bundling is commonly a review topic.
- Document upgrades and purchases so your policy reflects reality (renovations, new roof, valuables, etc.).
- Make it a yearly habit. NAIC and Triple-I both point to annual reviews as a smart baseline.
Bottom line:
Insurance works best when it’s kept current. An annual insurance review is one of the simplest ways to reduce risk, prevent coverage gaps, and feel confident you’re not “hoping for the best” with your home, vehicles, and financial security.
If you’re a Michigan homeowner, driver, or family and you’d like a second set of eyes on your personal coverage, Finlan can help you review what you have, explain it in plain English, and map out next steps.
Frequently Asked Questions:
How often should you review your insurance policies?
At least once a year, and anytime you have a major life change (new home, renovation, marriage, baby, new driver, new assets).
Does an annual review mean my rates will go up?
Not necessarily. Many updates are about correcting gaps, adjusting deductibles, documenting home improvements, or finding better-fitting options.
What should I bring to an insurance review?
Declarations pages, a quick list of life changes, major purchases, and any home/vehicle updates since last year.
In Michigan, what’s one auto item I should always confirm?
Your PIP medical selection and eligibility, since Michigan’s no-fault structure makes that choice especially important.