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Texas Department of Insurance
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Make the most of your annual insurance review

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Hey, we know reviewing your insurance isn't the most fun way to spend an afternoon, but it beats cleaning out the garage. Here are some tips to get you started.

First, make sure you've got updated contact information for your insurance agents, and that they've got your current information if you've moved or changed phone numbers in the past year. Here are more suggestions to help you get the most from your insurance policies.

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  1. Health policies

    • Do you know the closest emergency room in your health plan's provider network? Knowing this in advance can help you avoid surprise bills after an emergency.
    • Do you know what health care options you have if you're sick? Ask your plan.
    • Do your New Year's resolutions include losing weight or giving up smoking? Check to see if your health plan covers programs that will help you meet your goals. Many plans cover smoking cessation help, include wellness programs, or offer discounts for weight loss programs or gym memberships.
  2. Home and auto policies

    • Are you paying for collision and comprehensive coverage on an older car that’s paid off? Make sure the value of the car is worth more than you’re paying for that coverage.
    • Do you still need gap insurance on your car? Cancel the policy when you owe less than your vehicle is worth. This usually takes about two years. Compare how much you owe on your loan with online car value guides. If you pay off your loan early or sell the vehicle, it’s time to cancel the policy.
    • Is the value of your home different due to renovations or rising property values in your neighborhood? If so, check to make sure you still have enough coverage to rebuild in case of a fire or disaster. Also redo your home inventory to make sure you have enough coverage to replace the items in your house. And don't forget about your collectibles and other valuables.
    • Do you need flood coverage? Homeowners policies don't cover damage from flooding so it's a good idea to periodically review your need for flood coverage.
    • Do you know what discounts your insurance company offers? Plans often add new discounts so looking over your insurance company's list every year could help you save money.
  3. Life insurance policies

    • If you don't have life insurance, consider whether you need a policy. Think about your mortgage and other debts, how much income would need to be replaced, money to cover a funeral, and college for the kids.
    • Has your income or family situation changed? Did you buy a home or take on new debt? Review your life insurance coverage annually to make sure it will still meet the needs of your family.
    • Are your beneficiaries up to date? Contact your life insurance company to confirm that your beneficiary designations and their contact information is current.
    • Do loved ones know about your life insurance policy or annuity contract, will, health directives, and any end-of-life wishes you have? This can be a difficult discussion, but it may be easier when it is part of your annual insurance review.

Resources

 

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Last updated: 6/30/2022