As life changes, insurance coverage needs can also change — use this 5-minute guide to review your policies and help you identify potential coverage gaps, avoid unexpected expenses, and make sure you're not paying for coverage you no longer need.
1. Make Sure Your Coverage Still Fits Your Life
Consider whether any major life changes have occurred recently, such as:
- Starting a new job or experiencing a change in income
- Moving or changing your living situation
- Getting married, divorced, or adding a dependent
- Buying or selling a vehicle, or adding a new driver
Why it matters: A policy that met your needs a year ago may not provide the right protection today.
2. Review Your Deductibles
A deductible is the amount you're responsible for paying before your insurance coverage begins.
Ask yourself:
- Do you know the deductible amounts on your health, auto, or homeowners/renters insurance policies?
- Could you comfortably afford those costs if you needed to make a claim tomorrow?
Why it matters: Lower premiums sometimes come with higher deductibles. Make sure you're prepared for the tradeoff.
3. Understand What's Covered
Take a quick look at what your policies include and, just as importantly, what they don't.
Questions to consider:
- Does your homeowners or renters insurance cover personal belongings?
- Does your auto insurance include comprehensive and collision coverage?
- Do you have life or disability insurance if others rely on your income?
Why it matters: Making assumptions about your coverage can lead to costly surprises when you need protection most.
4. Watch for Duplicate Coverage
Having multiple policies doesn't always mean you're better protected.
Review whether:
- More than one policy covers the same loss or expense
- Benefits available through your employer overlap with coverage you've purchased separately
Why it matters: Duplicate coverage can increase costs without providing additional value.
When It's Time for a Closer Look
If any of these questions raise concerns, consider spending a few extra minutes reviewing your policies.
- Contact your insurance provider and request a policy summary.
- Ask for a policy review if your coverage seems outdated or unclear.
- Compare your current coverage to your current needs.
You don't need to be an insurance expert. The goal is simply to understand what you have and make informed decisions about your coverage.
Support When You Need It
A few minutes spent reviewing your insurance coverage today may help prevent costly surprises later and give you greater confidence in your financial future.
If you'd like to learn more about insurance coverage options, CEFCU Insurance Services, Inc. offers insurance solutions designed to help protect what's most important to you.
Our partner, GreenPath Financial Wellness, also offers free confidential financial counseling and personalized financial guidance. Their National Foundation for Credit Counseling (NFCC)-certified counselors are ready to meet you wherever you're at, without shame or judgment. Learn more about GreenPath Financial Wellness Resources at GreenPath.com/cefcu.
