When should property and casualty insurance typically be reviewed?

Property and casualty insurance should typically be reviewed when you experience significant life changes because these events often affect your risk profile and insurance needs. Examples of significant life changes include getting married, having children, buying a new home, or changing jobs. Each of these milestones can alter the coverage you require or the amount of coverage that is appropriate for your circumstances.

Reviewing your insurance policy at these pivotal moments ensures that your coverage aligns with your current situation. For instance, if you purchase a new home, the coverage amount may need to increase to reflect the new property's value. Similarly, starting a family might necessitate additional liability coverage to protect against any potential risks associated with having children.

While some might think that an annual review suffices, significant life changes can happen at any time and may require immediate adjustments to your insurance coverage. This proactive approach helps prevent gaps in coverage and ensures that you are adequately protected against unforeseen events.