Insurance Coverage Checklist

December 6, 20256 min read

Use this checklist to evaluate your insurance coverage and identify gaps. Review annually or after major life changes.

· Insurance Content Specialists
Expertise: Insurance Industry Analysis, Consumer Protection, State Insurance Regulations, Health Insurance Policy, Life Insurance Planning

Contents

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Insurance Coverage Checklist

Use this checklist to evaluate your insurance coverage and identify potential gaps. Review your coverage annually or whenever you experience a major life change.

Personal Insurance Checklist

Health Insurance

  • Do you have health insurance coverage?
  • Is your coverage adequate for your medical needs?
  • Have you reviewed in-network providers?
  • Do you understand your deductible and out-of-pocket maximum?
  • Have you considered an HSA if you have a high-deductible plan?
  • Is your prescription drug coverage adequate?

Auto Insurance

  • Do you have the state minimum liability coverage?
  • Is your liability coverage high enough to protect your assets?
  • Do you have collision and comprehensive coverage (if your car is financed or valuable)?
  • Have you considered uninsured/underinsured motorist coverage?
  • Are all drivers in your household listed on the policy?
  • Have you asked about all available discounts?

Home/Renters Insurance

  • Is your dwelling coverage enough to rebuild your home completely?
  • Does your policy cover replacement cost (not just actual cash value)?
  • Have you inventoried your belongings and ensured adequate personal property coverage?
  • Do you have valuable items that need a scheduled rider (jewelry, art, collectibles)?
  • Do you have adequate liability coverage?
  • Do you need flood insurance?
  • Do you need earthquake insurance?

Life Insurance

  • If you have dependents, do you have life insurance?
  • Is your coverage amount sufficient (generally 10-12x annual income)?
  • Are your beneficiary designations current?
  • If you have term life, will it last until your dependents are independent?
  • Do you have coverage through work? (Note: it usually ends if you leave)

Disability Insurance

  • Do you have disability coverage (short-term or long-term)?
  • Does it cover at least 60% of your income?
  • Do you understand the elimination period (waiting period before benefits start)?
  • Does the definition of disability match your occupation?

Umbrella Insurance

  • Do your assets exceed your auto/home liability limits?
  • Do you have risks that increase your liability exposure (pool, trampoline, teenage drivers)?
  • Have you considered a $1-2 million umbrella policy?

Business Insurance Checklist

Required Coverage

  • Workers’ compensation insurance (required in most states if you have employees)
  • Commercial auto insurance (if using vehicles for business)
  • Professional liability/E&O (required for some licensed professionals)
  • General liability insurance
  • Business owner’s policy (BOP)
  • Professional liability/errors & omissions
  • Cyber liability insurance
  • Business interruption insurance
  • Commercial property insurance
  • Employment practices liability (EPLI)
  • Directors and officers (D&O) insurance
  • Fiduciary liability insurance

Annual Review Questions

Life Changes to Consider

Have any of these occurred in the past year?

  • Got married or divorced
  • Had a child or adopted
  • Bought or sold a home
  • Started or closed a business
  • Changed jobs
  • Received a significant raise or bonus
  • Inherited money or property
  • Purchased valuable items (jewelry, art, collectibles)
  • Added a teenage driver to your household
  • Had a child go off to college
  • Retired or planning to retire soon

Coverage Review

  • Have you shopped for better rates in the past year?
  • Are your policy limits still adequate for your needs?
  • Have you updated beneficiary designations?
  • Are your emergency contacts and policy information easily accessible?
  • Do you understand what’s NOT covered by your policies?

Emergency Preparedness

Document Your Coverage

  • Store policy documents in a safe, accessible location
  • Keep digital copies in secure cloud storage
  • Note your insurer’s claims phone numbers
  • Document your possessions with photos/video
  • Keep receipts for valuable items

Know How to File a Claim

  • Understand your policy’s notification requirements
  • Know what documentation you’ll need
  • Save your agent’s contact information
  • Download your insurer’s mobile app for easy claims filing

Next Steps

Based on your checklist review:

  1. Identify gaps: Make note of any unchecked boxes that represent risks
  2. Prioritize: Address the most critical gaps first
  3. Get quotes: Shop around for any new coverage you need
  4. Review annually: Set a calendar reminder for next year

Frequently Asked Questions

Common questions about reviewing your insurance coverage answered below.

Frequently Asked Questions

How often should I review my insurance coverage?
Review your insurance at least once a year, ideally 2-3 months before renewal. Also review after any major life change: marriage, divorce, having a baby, buying a home, starting a business, or significant income changes. These events often create coverage gaps or opportunities for savings.
What are the signs I'm underinsured?
Warning signs include: liability limits below your net worth, home coverage less than rebuild cost, life insurance under 10x income (if you have dependents), no umbrella policy with assets over $300K, or gaps in coverage for new risks (home business, teenage driver, valuable items). If a major loss would financially devastate you, you’re likely underinsured.
What are the signs I'm paying too much for insurance?
You may be overpaying if: you haven’t shopped rates in 3+ years, you’re not bundling auto and home, you have collision/comprehensive on an old low-value car, your deductibles are very low ($100-250), or you’re missing available discounts (good driver, multi-policy, home security). Get 3-5 quotes annually to benchmark your rates.
Should I use an insurance agent or review coverage myself?
Both approaches work. Self-review is fine for straightforward situations—use this checklist and get online quotes. Consider an independent agent if you have complex needs (business, high net worth, multiple properties), want someone to advocate during claims, or prefer personalized advice. Agents can also find discounts you might miss.
What should I do if I find a coverage gap?
First, assess the risk level—how likely is the event and how severe would the financial impact be? For critical gaps (no health insurance, inadequate liability), act immediately. For moderate gaps, get quotes within 30 days. Document what you need, compare options from multiple insurers, and don’t let cost alone drive decisions—the cheapest policy may have exclusions you’ll regret.
Do I need to review insurance if nothing has changed?
Yes. Even without life changes, insurance rates fluctuate annually, new discounts become available, your home’s rebuild cost changes with construction costs, and your policy may have auto-renewed with changes you didn’t notice. A quick annual review takes 30-60 minutes and can save hundreds of dollars or catch dangerous gaps.
What's the most commonly missed insurance coverage?
The most overlooked coverages are: umbrella liability (protects assets beyond auto/home limits), disability insurance (replaces income if you can’t work), flood insurance (not included in homeowners), and adequate life insurance for stay-at-home parents. Many people also miss updating beneficiaries after life changes.
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This checklist is for educational purposes. Consult with a licensed insurance professional to ensure your specific needs are met.

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