My Yearly Policy Review

As I mentioned the other day, I have been doing my yearly review of my insurance policies. A few people have let me know that they don't review their policies once they obtain their coverage, and others mentioned they hadn't really thought about a yearly review.

I think it's a good idea. Whenever you are paying hundreds of dollars a year for health, homeowners, and car insurance, it's your responsibility to make sure you have the coverage you need at prices that are reasonable and competitive.

For years I never looked at my policies. Not even once. I was with the same insurance company, for car insurance from the time I learned to drive until I turned 37 years old. I never questioned the rates I was being charged and I assumed my coverage was complete. I was lucky nothing ever happened, because I found out I was lacking a few areas that could really have come back to bite me in the butt if I had been in an accident.

Around the same time I realized my coverage was lacking, I found out I was going to have to pay a hefty price to increase my coverage. That's when I decided to get online quotes and look around. I'm glad I did. I saved almost 25% from what I was paying (before the increase) and I couldn't be happier. And that is why I review my policies once a year.