Insurance is one of the most "set and forget" purchases people make — and that's exactly the problem. Your life changes constantly; your coverage should too. Here are the situations and timelines that should trigger a coverage review.
Annual Review (Even Without Changes)
Even when nothing dramatic has changed, an annual review is critical because:
- Replacement costs change (especially after construction inflation)
- New products and discounts become available
- Rates change between carriers — sometimes dramatically
- You may have accumulated discounts you're not getting
- Life events you forgot to mention may have changed your risk profile
Life Events That Trigger a Review
1. Marriage / Divorce
Both events change household composition, assets, and beneficiaries. Time to combine or separate policies, update auto coverage, review life insurance beneficiaries.
2. Birth of a Child
Life insurance becomes critical. Health insurance changes. Possibly increase liability limits.
3. New Job / Income Change
Higher income may justify higher life insurance and umbrella coverage. New employer benefits may overlap with personal policies.
4. New Home / Moving
New address may change premium dramatically. Different home = different coverage needs. New mortgage = new lender requirements.
5. New Vehicle
Different vehicle = different premium. Newer vehicles may benefit from new car replacement coverage.
6. Teen Reaching Driving Age
Adding a teen driver is one of the most expensive events. Shop multiple carriers — quotes vary by $1,500+/year.
7. Adult Child Moving Out
Remove them from your auto policy. They may need their own renters insurance.
8. College Departure
Distant student discount on auto. Renters insurance for off-campus apartments.
9. Marriage
Combining auto policies, reviewing home liability, updating life insurance beneficiaries.
10. Retirement
Pleasure-use auto rates if no longer commuting. Health insurance to Medicare. Lower life insurance need (often). Long-term care planning.
11. Home Renovation
Significant renovations change replacement cost. Notify your insurer or you may be underinsured.
12. Buying Recreational Vehicles
Boats, RVs, motorcycles, snowmobiles, ATVs all need separate policies. Bundle them.
13. Starting a Business
Home office may need business endorsement or separate BOP. Commercial auto if driving for work.
14. Significant Asset Growth
Inheriting money, selling a business, retirement account growth — all reasons to increase liability protection (umbrella, higher home/auto limits).
15. Significant Purchase
Engagement ring, expensive art, valuable collectibles, new audio equipment — schedule them.
16. Pet Changes
New dog (especially certain breeds), new pet insurance considerations.
17. Driving Record Improvement
Tickets and accidents age off your record at 3-5 years. Re-shop to capture lower rates.
18. Health Improvement (Life Insurance)
Quit smoking, lost significant weight, controlled health condition — let us review your Farmers life policy. Improved health can qualify you for a better rate class on a new policy.
Why People Don't Review
The most common reasons people skip reviews:
- "It's working, why change it"
- "I don't want to deal with shopping"
- "Auto-pay means I forget about it"
- "I assume my agent already knows"
The problem: insurance carriers don't automatically update your coverage when your life changes. You have to tell them — or have an agent who proactively reviews with you.
How Knight Family Agency Handles Reviews
We reach out to clients annually for a brief review — even if just by phone. We update changes, check for new discounts, re-shop carriers when appropriate, and identify coverage gaps that life changes may have created.
Get a Free Insurance Review
Whether you're a current client or considering switching, we offer free coverage reviews. Bring your declarations pages and we'll identify savings opportunities and coverage gaps. Fill out our quote form to start.
Get a Free Michigan General Insurance Quote
Local Farmers Insurance agent in Belding, MI. Most clients save $1,200+ per year.