When should I review my insurance policy?


Whether it's car, home, health or life, everyone will at some point need insurance. With that in mind, Bankrate sat down with some of the top experts in the insurance field to get their thoughts on the industry and what consumers need to know.

Madelyn Flannagan, Vice President of Educational Research and Agent Development, Independent Insurance Agents and Brokers of America:

"Well, yeah, I always recommend that you take a look at your policy every year, talk to your agent, go over your coverages, and make sure that you're getting the service and the coverage that you need. But also understand that there are a lot of companies today that will pay you sort of a discount for staying with them. So you might get a longevity discount and you might get a claim forgiven meaning you won't be charged for a claim if you've been with the company for a long time."

Jim Whittle, Chief Claims Counsel, American Insurance Association:

"That is a good time to take stock of how much insurance do I need. Am I adequately insured to cover my residency to replace my residence, to replace my contents. That is an important thing. The worst thing that could happen to a consumer who has been paying their insurance premiums all this time is if they haven't taken the steps to protect themselves and make sure that they have adequate insurance or a loss. You don't want to be left with inadequate money to rebuild your home. An annual review of that is a good idea."

Madelyn Flannagan:

"Also, every year when you do your annual checkup ask your agent, are there things I can be doing to save money? If I put an alarm in my home, if I live in a gated community, what are the things that can save me money, give me a list, and work on them, and I'll get you the information that you need."

To learn more or shop around for the best insurance rates, visit the insurance section at


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