Insurance Review Month: What to Review Every Year (and What Actually Changes Your Price)

Most people treat insurance like a dentist appointment: ignore it until something hurts, then panic. The problem is, insurance pricing and coverage don’t just “stay the same” because you didn’t look at them.

A quick annual policy review helps you:

• Avoid paying for the wrong thing (or too much of the right thing).
• Catch coverage gaps before a claim makes them “exciting.”
• Make sure your policy matches your real life, not your life from three jobs and two cars ago.

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Below is a simple yearly checklist, plus what actually moves your rate.

The Yearly Review Checklist (15–20 minutes that can save you real money)

1) Life changes that matter

Insurance rates and coverage are built around risk. When your life changes, your risk profile can change too.

Review if any of these happened in the last 12 months:

• New job or new commute (or remote work)
• Moved to a new home or new ZIP code
• Marriage, divorce, or adding a partner
• New baby or a teen starting to drive
• A driver moved in or moved out
• Retired or driving significantly less
• Bought or sold a vehicle
• Started driving for delivery/rideshare (huge one)

Why it matters: Many of these affect how much you drive, where you park, who drives your vehicles, and how much liability you need.

2) Mileage and commuting

Mileage is one of the most common “quiet” money leaks.

Ask yourself:

• Are you still driving what you estimated last renewal?
• Did your commute change?
• Are you working from home more?

What changes your price: Generally, more miles and longer commutes raise premiums. Lower mileage can reduce them. If you’re paying for 15,000 miles/year but driving 7,000, you’re basically donating money to the insurance universe.

3) Drivers and household members

This is where policies get messy.

Review:

• Who is listed as a driver
• Who lives in the household
• Who has access to the vehicles

If someone moved out, you may not need them rated on the policy anymore. If someone moved in, they may need to be disclosed (even if they “never drive”).

What changes your price: Adding a teen driver, drivers with tickets/accidents, or even just more drivers in the household can increase rates. Removing a driver can lower them.

4) Credit-based insurance score (where allowed)

In many states and with many carriers, credit-related factors influence insurance pricing.

Review:

• Any major credit changes (paying down debt, opening accounts, missed payments)
• Whether you’ve improved your credit since last year

What changes your price: Better credit often correlates with lower premiums. Worse credit can push rates up. It’s not “fair,” but it’s real.

5) Coverage: liability limits (the part people under-buy)

If you only review one thing each year, make it liability coverage.

Liability protects you if you cause an accident and someone else is injured or their property is damaged. Medical costs and lawsuits are… not trending downward.

Consider reviewing:

• Auto bodily injury liability
• Property damage liability
• Umbrella policy option if you have assets to protect

What changes your price: Higher limits usually raise the premium, but often the jump from “okay” to “actually protective” is smaller than people expect. This is one of the best “value” upgrades in insurance.

6) Deductibles (your “I can handle this” number)

Deductibles are your share of a covered loss before insurance pays.

Review:

• Auto collision and comprehensive deductibles
• Homeowners deductible (including wind/hurricane deductibles if applicable)

What changes your price: Higher deductibles typically lower your premium. Lower deductibles typically raise it. The key is choosing a deductible you could comfortably pay tomorrow without stress.

7) Home updates and big purchases

If you improved your home, you might need to adjust coverage. If you made the home safer, you might qualify for discounts.

Review:

• New roof, HVAC, electrical, plumbing
• Renovations (kitchen, bathrooms, finished basement)
• New deck, pool, fence, shed
• Major valuables (jewelry, watches, collectibles, instruments)

What changes your price:

• Rebuild cost changes (materials/labor) can change premiums.
• Roof age/type can heavily impact homeowners pricing and eligibility.
• Pools/trampolines can impact liability and underwriting.

Also: expensive items often need scheduled coverage rather than assuming a basic homeowners limit will handle it.

8) Bundling and policy structure check

Bundling (home + auto, sometimes renters/condo + auto) can create meaningful savings and simplify life.

During the review, check:

• Are home and auto with the same carrier?
• Would bundling reduce the total cost?
• Are you missing discounts (home security, safe driver, multi-car, claims-free, paid-in-full, etc.)?

What changes your price: Bundling discounts vary by carrier and situation, but it’s one of the most consistent ways to lower total premium without cutting protection.

What Actually Changes Your Insurance Price (the short list that matters)

Auto insurance pricing movers

• Tickets and accidents (especially recent ones)
• Mileage and commute changes
• Driver changes (teen drivers, new household drivers)
• Vehicle changes (cost to repair, safety tech, theft rates)
• ZIP code/garaging location
• Credit-related factors (where allowed)
• Coverage limits and deductibles
• Industry-wide increases (repair costs, parts, medical, litigation)

Homeowners insurance pricing movers

• Replacement cost changes (construction/labor/materials)
• Roof age/type and condition
• Claims history (yours and sometimes area trends)
• Home characteristics (age, wiring, plumbing, heating)
• Liability exposures (pool, dogs, certain property features)
• Deductible levels
• Bundling
• Carrier appetite changes (some companies tighten rules even if nothing changed on your end)

Common Review Mistakes (easy fixes)

• Not updating mileage after commuting changes
• Leaving old drivers on the policy or not listing household drivers correctly
• Keeping low liability limits while your assets and income grew
• Assuming renovations don’t matter (they can raise rebuild cost and change risk)
• Chasing the lowest price by cutting coverage instead of optimizing structure and discounts

The Simple Way to Do This Without Headaches

At J&R Insurance Agency & Financial Services, we do these reviews all the time. You don’t need to come in with spreadsheets and a crisis. Just tell us what changed, and we’ll handle the comparison, discount check, and coverage cleanup.

CTA: Free Policy Review + Bundling Check

If you’re in “Insurance Review Month” mode (or just tired of guessing), request a free policy review. We’ll:

• Confirm your drivers, mileage, and life changes are accurate
• Review liability limits and deductibles for smarter protection
• Check home updates and any missing endorsements
• Run a bundling check to see if combining policies lowers your total cost

Result: You either save money, improve protection, or both. If nothing needs changing, you at least get peace of mind, which is basically priceless in human terms.

Disclaimer: This article is general information and not legal or financial advice. Coverage and eligibility vary by carrier, state, and individual underwriting.