Insurance renewal review checklist

A renewal is a new contract term, offered on terms the insurer chooses. Premiums, coverage and conditions can all change, sometimes with a short notice. This checklist is general information for reviewing a renewal. Rules about renewal notices, non-renewal and cancellation differ by state, and your policy and your insurer have the final word. If you are unsure what applies to you, ask your agent, or contact your state insurance department.

Find the dates first

• Locate the renewal notice or offer and note the date it arrived.
• Write down the date the current policy ends and the new one begins.
• Check the date any payment is due, and whether coverage depends on it.
• Look at your state’s rules on how much notice an insurer must give of non-renewal or a major change, through your state insurance department.
• If you plan to shop around, allow time for quotes before the end date. A lapse in coverage can cause problems with lenders, landlords and contracts.

Compare the documents

Put last year’s declarations page next to this year’s. The guide to the declarations page explains each field.

• Compare named insureds, addresses and insured items.
• Compare each coverage and its limit.
• Compare each deductible, including any percentage deductibles.
• Compare the list of forms and endorsements. Note any that were added, removed or replaced.
• Look at the cover letter or change notice for a summary of what changed, then check it against the documents themselves.
• Ask in writing about any change you cannot explain.

Check what has changed in your life

Coverage written last year may not fit this year.

• Have you made improvements, additions or renovations to the property?
• Have you bought, sold or changed vehicles, equipment or inventory?
• Has anyone joined or left the household or the business?
• Has the use of a property changed, such as a home office, a rental or a vacancy?
• Have you signed contracts that require particular coverage or additional insured status?
• Have staffing levels, work locations or services changed in a business?

Tell your agent or insurer about changes. Failing to report a material change can complicate a claim.

Review the price

• Compare the premium with last year’s and ask what drives the difference. Insurers can explain whether it comes from the rate, the value insured, a change in your risk, or a removed discount.
• Ask which discounts apply to you and whether any have lapsed.
• Check whether fees, taxes or surcharges have been added.
• Ask what changes in deductible or coverage would do to the premium, and what you would carry yourself if a loss happened. The deductible break-even calculator can help you compare two options once you have the quoted premiums.

Get comparison quotes

• Ask for quotes on the same coverages, limits and deductibles, so that the comparison is fair.
• Compare exclusions and endorsements, not only the price. A cheaper policy may omit something you rely on.
• Check the financial strength and complaint record of any insurer you have not used. Your state insurance department is a primary source for complaint information.
• Be honest and complete on applications. Wrong answers can affect coverage later.

Ask your agent

• What would not be covered if the most likely loss happened?
• Are there sublimits or exclusions that matter for my property or business?
• How is a loss valued, at replacement cost or at actual cash value?
• What happens if I need to make a claim: who do I call, and what is the time limit?
• Are there coverages I do not have that people in my situation often carry?

Before you accept

• Read any new exclusion or condition word for word.
• Confirm in writing any change you asked for, and ask for a corrected declarations page.
• Pay from a method you can document, and keep proof of payment.
• Store the new policy with the old, and discard neither until you are sure no open claim depends on them.
• Put the next renewal date in your calendar now.

If a loss happens later, the claim filing checklist covers the first steps. For definitions, see the insurance terms glossary.