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

This checklist is for educational purposes. Consult with a licensed insurance professional to ensure your specific needs are met.