Spring Cleaning Your Insurance: What to Review This Season

Spring has a way of making us take a fresh look at things. Closets get organized, garages get cleaned out, and long-overdue to-do lists finally get attention. 

It's also a great time to take a closer look at something many people forget about: their insurance coverage.

An annual insurance policy review helps ensure your coverage still reflects your life today. Over time, things change. Families grow, homes are updated, businesses purchase equipment, and financial priorities shift.

Taking a little time each spring to review your policies can help make sure everything is up to date and working the way it should.  Here are a few important areas worth reviewing this season.

Review your life insurance beneficiaries

Many people set their life insurance beneficiaries when they first purchase a policy and rarely revisit them. But life doesn't stay the same.

Marriage, divorce, children, and other life events can change who you want listed as a beneficiary. If those updates aren't reflected in your policy, the benefits may not go where you expect.

When reviewing your policy, take a moment to confirm:

• Your primary beneficiary is still correct

• A contingent beneficiary is listed

• Contact information is up to date

• Benefit percentages are accurate

It's a simple step that can make a big difference for the people you care about most.

Make sure your life insurance coverage still fits your life

Beyond beneficiaries, it's also worth asking whether your current coverage still matches your needs. Life insurance is designed to help support your family financially if something happens to you. But the amount of protection you needed ten years ago may not be the same today.

Consider whether any of these changes have occurred:

• You purchased a home

• Your family has grown

• Your income has increased

• You paid off major debts

• You started or expanded a business

If your situation has changed, reviewing your life insurance coverage can help ensure your protection still reflects your responsibilities today.

Create or update a home inventory

One of the most helpful things homeowners can do during an insurance review is create a home inventory. 

In the event of a fire, theft, or other major loss, insurance companies often require a detailed list of damaged or destroyed items. Trying to recreate that list after the fact can be extremely difficult. A home inventory makes the claims process much smoother.

Your inventory should include:

• Item descriptions

• Brand or model numbers

• Estimated value

• Purchase dates (when available)

• Serial numbers for electronics or appliances

• Photos or video of your belongings

• Receipts for higher-value items when possible

It's also helpful to organize your inventory by room so nothing is overlooked.

Items people often forget to include are:

• Jewelry and watches

• Tools and garage equipment

• Sports gear

• Home office equipment

• Collectibles or artwork

• Kitchen appliances and equipment

A simple spreadsheet works well, or you can record a video walkthrough of your home and store it securely in cloud storage. The goal is to simply document your items so the recovery process is easier if you ever need to file a claim.

Review your home and auto insurance coverage

Spring is also a great time to review your homeowners and auto insurance policies. Many homeowners make upgrades over time without realizing those changes may affect their coverage.

These might include:

• Renovating a kitchen or basement

• Adding a deck or outdoor structure

• Purchasing high-value electronics or furniture

• Installing a home office

These changes can impact your home's replacement value and personal property coverage.

Your auto insurance may also need a review if anything has changed in your household, such as:

• A new driver in the family

• A vehicle purchase or sale

• Changes in commuting habits

• Adjustments to liability coverage

A quick review can help ensure your policies still reflect your current assets and responsibilities.

Review liability protection and umbrella coverage

As your assets grow, it's worth reviewing whether your liability protection still fits your situation. Home and auto policies include liability coverage, but in some cases those limits may not be enough to protect you from a serious accident or claim.

An umbrella policy provides additional liability protection that sits above your existing home and auto policies.

This type of coverage may be worth discussing if you:

• Own a home

• Have teenage drivers

• Host guests or gatherings regularly

• Own rental property

• Have growing savings or investments

• Own a dog

• Own motorized vehicles like motorcycles, ATVs, RVs, and boats

• Enjoy a swimming pool and trampoline on your property 

An umbrella policy can provide an extra layer of protection and peace of mind.

Don't overlook valuable items and collectibles

Many homeowners assume items like jewelry, watches, artwork, or collectibles are fully covered under a standard homeowners policy. In reality, many policies include limits for certain high-value items.

If you've recently acquired engagement rings, heirloom jewelry, collectibles, or artwork, it may be worth reviewing whether those items should be scheduled separately on your policy. This step ensures they are properly documented and protected.

Businesses and organizations should review equipment and coverage

For local businesses and community organizations, an annual insurance review is just as important. This is especially true for volunteer fire departments, EMS organizations, and other service groups that rely on specialized equipment.

Over the course of a year, many organizations:

• Purchase new equipment

• Retire older apparatus

• Add tools or technology

• Update vehicles or trailers

If these changes aren't reflected in your policy, you could end up with coverage gaps—or paying to insure items you no longer own or need.

When reviewing business or department policies, it's helpful to confirm:

• Equipment inventories are current

• Replacement values are accurate

• New purchases are included on the policy

• Retired equipment has been removed

Keeping equipment lists up to date can make a major difference if a loss ever occurs.

A simple spring insurance review checklist

If you're not sure where to start, these questions can help guide your review.

• Have I experienced any major life changes in the past year?

• Are my life insurance beneficiaries still correct?

• Does my life insurance coverage reflect my current responsibilities?

• Do I have a current home inventory?

• Have I purchased valuable items that may need additional coverage?

• Have I made upgrades or improvements to my home?

• Has my business or organization purchased new equipment?

Even reviewing a few of these items each year can help ensure your coverage stays aligned with your life.

A spring insurance review can make all the difference

Spring cleaning is about more than organizing closets. It's a chance to step back and make sure the important parts of life are in order, too.

Insurance is easy to set up and forget about, but over time, your life changes. Taking time each year to review your policies helps ensure your coverage continues to reflect those changes. Whether it's confirming your life insurance beneficiaries, updating your home inventory, reviewing liability limits, or making sure business equipment is properly listed, a quick insurance review can bring valuable peace of mind.

If it has been a while since you reviewed your coverage, the team at Keller-Brown is always happy to help. With more than 125 years of experience serving families, farms, businesses, and community organizations, our team can walk through your policies, answer questions, and help make sure everything is aligned with your needs today.

Give our office a call or schedule a coverage review with our team this spring.