The Importance of Insurance Policy Reviews

Many people treat the purchase of an insurance policy as a one-time event. In truth, your insurance coverage needs change over time and life events will require you to adjust your insurance portfolio. Regular policy reviews will make sure that you have the coverages you need at all stages of your journey.  


Your auto insurance policy needs to be reviewed to ensure that you have adequate liability coverage. Over time you have accumulated assets that need to be protected, such as a home, retirement account, vacation property, boat, ATV, or motorcycle. Those assets likely require a greater amount of coverage than when you started your policy. 

Another important time to look at your auto policy is when you add a teen driver. The Centers for Disease Control reports that newly licensed 16-year-olds crash at a rate 1.5 times higher than 18-19 year-olds. Given the increased likelihood that a young driver will have an accident you want to make sure that you have sufficient coverage to protect your financial future. 

As your cars age and decrease in value, you might consider removing physical damage coverage to lower your premiums. A policy review can help you weigh the pros and cons to removing comprehensive and collision coverages. 


Due to inflation and ever-increasing construction costs, your home can become underinsured over time. If a loss were to happen, you might find yourself without enough coverage to rebuild your home. Policy reviews can help to make sure that you are adequately insured and will be able to rebuild your home if the worst were to happen. 

Also, a review can help uncover any changes to your home that would change the amount of coverage that you need. An addition, remodel, or other improvement can increase the value of your home. 

Personal Property 

Have you acquired any jewelry, fine art, firearms, or sporting equipment? Those items might have limited coverage under your homeowner’s policy and could warrant special consideration. 


A policy review is a great time to discover discounts for which you might qualify, including: home and auto, good student (for youthful drivers), or defensive driver (for those over 55 years of age). On your home, a security system or updates to your roof, electrical, plumbing, or HVAC can provide a discount. 

Life Events that Necessitate a Policy Review

  • Birth / Adoption 
  • Newly licensed teen driver 
  • Death 
  • Marriage / Divorce 
  • An addition or renovation to your home 
  • Receiving an inheritance 
  • Starting a business 

We here at TGIF Solutions are available to help you understand your policies and ensure that you have the correct coverages for your unique situation. Please contact us to schedule a policy review!