Reviewed by Tom Moore, Agency Partner, CA Agency Insurance License 6003355
Last reviewed: 6/10/2026
Key takeaway: How often should you review your insurance policy? Once a year at minimum, and again any time something material changes — you move, you marry, you renovate, you buy a vehicle, you start a side business. An annual review checks that your coverage limits still match what you own, your deductibles still match what you can afford, and you're still getting every discount you qualify for. This applies to every Spokane homeowner, renter, driver, and small business owner — regardless of who writes your policy.
Most people in Spokane have an insurance policy they bought once and haven't looked at since. The policy renews automatically. The premium creeps up a little each year. Nobody calls to ask what changed in your life, and you don't call because — honestly — who wants to read a 40-page policy on a Tuesday night.
Then something happens. A pipe breaks. A teen driver gets added. The roof needs replacing. And the gap between what you thought you had and what you actually have shows up at the worst possible moment.
A real policy review takes about 30 minutes if you have the documents in front of you. Here's how to do it, when to do it, and what to look for.
Outline
The short answer — once a year, plus after any major life event
Annually, at renewal. That's the floor. Most carriers send a renewal packet 30 to 45 days before your policy renews, and that's the natural cue. Pull the declarations page, compare it against last year's, and ask whether anything in your life looks different on paper than it did 12 months ago.
The other trigger is event-based: any time something material changes — your address, your household, your vehicles, your job, your business. The Insurance Information Institute recommends a full review at every renewal and after any significant life change, and that's the standard most agents work to.
Twice a year isn't a bad idea either — once at renewal, once mid-year if you have a household that changes often (new drivers, frequent renovations, growing business). But once is the minimum. Less than that and you're guessing.
Why an annual insurance review actually matters
Three things change every year, whether you notice them or not. Your assets change — you bought new furniture, added a deck, traded in a vehicle. Your risks change — you started working from home, your kid started driving, you took on a contracting gig on the side. And the carrier's pricing changes — rates move, discounts get added or dropped, and replacement cost calculations get recalibrated based on local construction costs.
Spokane's housing market is a clean example. The Washington State Office of the Insurance Commissioner tracks property insurance trends in the state, and replacement costs here have moved meaningfully over the last several years. A home insured for $400,000 in replacement cost five years ago may need $500,000 or more to rebuild today. If nobody updated the dwelling coverage limit, the homeowner is underinsured and doesn't know it.
The review isn't about finding a cheaper policy. It's about catching the gap before the gap catches you.
Life events that should pull your review forward
If any of the following happen, don't wait for renewal. Call your agent within 30 days.
Home and property changes
You bought a home. You sold one. You finished a basement, added a garage, built a deck, put in a pool, or installed solar. You started renting out a room on Airbnb. You bought a second property. You added a fence and a dog. All of these change either your coverage need or your liability exposure, and most are not automatically picked up by your existing policy.
Family and household changes
Married. Divorced. New baby. Adult child moved out. Adult child moved back in. Aging parent moved in. Teen driver got their license. Every one of these affects your auto policy, your liability needs, and often your life insurance picture. The III maintains a useful checklist for life-event-driven coverage updates, and most of it boils down to: when the household changes, the policy should change with it.
Vehicle and driver changes
You bought a vehicle. You sold one. You started a long commute. You're driving fewer miles because you work from home now. You added a teen driver, removed a driver, or changed who the primary driver is on a given vehicle. Mileage and driver assignment both move your premium and your coverage. Carriers don't catch these automatically.
Business and income changes
You started a side business. You're freelancing on the weekends. You took on contract work from your home office. You opened a small storefront, hired your first employee, or started selling on Etsy at scale. A homeowner's policy almost never covers business activity, and most people don't find that out until a claim gets denied. The Washington OIC has clear guidance on when business activity triggers a need for commercial coverage.
What to look for when you review your insurance policy
Pull the declarations page — the front page that lists your coverages, limits, deductibles, and premiums. That's where the review starts. Don't try to read the whole policy. Read the dec page, ask questions about anything you don't understand, and request the full policy language only for the specific clauses that matter.
Coverage limits
The number that should match your actual exposure. For a home, dwelling coverage should equal current replacement cost — not market value, not what you paid. For auto liability, the limit should reflect what you'd lose in a serious at-fault claim. The NAIC recommends reviewing limits at every renewal because home values, vehicle values, and personal assets shift.
Deductibles
The amount you pay before the carrier pays anything. Raising your deductible lowers your premium — but only raise it as high as you could actually write a check for tomorrow. A $2,500 deductible that you can't afford in an emergency isn't a discount, it's a delayed problem.
Discounts you may no longer qualify for — or newly qualify for
Multi-policy. Claims-free. New roof. Security system. Defensive driving course. Paid in full. Teen with good grades. Carriers add and drop discounts constantly, and they don't usually call you to apply a new one. Ask your agent to run the discount list every year.
Policy exclusions and endorsements
What's specifically not covered, and what optional add-ons you have or could add. Earthquake. Flood. Sewer backup. Identity theft. Scheduled jewelry. Detached structures. These are the gaps that show up in claim disputes. Read them — or have your agent read them with you.
Replacement cost vs. actual cash value
Two very different things. Replacement cost pays to replace your stuff at today's prices. Actual cash value pays today's depreciated value. A 10-year-old roof at actual cash value pays out a fraction of what a replacement-cost roof does. The III breaks down the difference clearly, and it's worth knowing which one applies to your dwelling and your personal property.
The Spokane-specific things most people miss
Wildfire risk. Spokane County has seen the line move on wildfire exposure over the last decade, and some carriers have tightened underwriting in the surrounding areas. If you're in Liberty Lake, Mead, Cheney, or anywhere with significant tree cover, ask whether your carrier still writes new business in your zip code — and what that means for your renewal. The Washington State Department of Natural Resources tracks wildfire risk by region.
Snow load and ice dams. Spokane winters do real damage to roofs. Most standard policies cover sudden roof collapse from snow weight, but ice dam damage gets disputed constantly. Know what your policy says about gradual water damage before you have it.
Detached structures. A surprising number of Spokane homeowners have detached garages, shops, or sheds that are either underinsured or excluded entirely under "Coverage B" of a standard homeowner's policy. If you've built or upgraded a shop on your property, check the limit.
Short-term rentals. If you've put a room or a basement apartment on Airbnb or VRBO, your standard homeowner's policy almost certainly excludes commercial activity. You either need a rider, a separate landlord policy, or a host-specific product.
How to actually run the review (a simple checklist)
- Pull your declarations page for every active policy — home, auto, life, umbrella, business if applicable.
- Compare each coverage limit against your current reality. Has the value of what you own gone up? Has your liability exposure changed?
- List every life event in the last 12 months. Anything from the section above? Flag it.
- Check your deductibles. Are they still right for your current savings?
- Ask for a full discount review. Specifically ask your agent to run every available discount on each policy.
- Read your exclusions. Not the whole policy — just the exclusions and the endorsements you have or could add.
- Confirm replacement cost on the dwelling and contents. If anyone wrote "actual cash value" on your dec page, ask why.
- If something doesn't match, ask before renewal — not after.
- The whole thing takes about 30 minutes with the documents in front of you. Less if you do it every year and know what changed.
When to use your agent vs. when to shop the market
A review is not a shopping trip. The first conversation is with the agent who already has your policy, because they have the fastest path to fixing whatever's wrong. Adjust the limit. Add the endorsement. Apply the discount. Move the deductible.
Shop the market when something structural is off — your carrier is pulling out of your zip code, your premium jumped more than 15% with no claims and no underwriting changes, or your agent isn't returning calls. Otherwise, the cost of switching often outweighs the savings, especially if you're bundled.
An independent agent — which is what we are — can do both inside one conversation. We can review what you have, fix what's broken, and quote the market only if it makes sense to. That's the model. One review, all your policies, no surprise at renewal.
If your last policy review was the day you bought the policy, you're due. We'll pull your declarations pages, run a full coverage and discount check across every line, and tell you straight what's working and what isn't — no pressure, no pitch, just an honest look at where you stand. Start your review here at All Lines Insurance — or call us at (509) 327-1658.
Frequently Asked Questions
How often should you review your insurance policy?
Once a year at minimum, ideally at renewal, and again any time a major life event happens — moving, marrying, divorcing, adding a driver, starting a business, finishing a renovation. Once a year is the floor, not the ceiling.
What should I check during an annual insurance review?
Coverage limits against current values, deductibles against your current savings, every discount you qualify for, your exclusions and endorsements, and whether your dwelling and personal property are insured at replacement cost or actual cash value.
Does my insurance company automatically update my policy when things change?
No. Carriers adjust pricing and apply broad changes at renewal, but they do not track individual life events. If you got married, added a teen driver, finished a basement, or started a side business, you have to tell your agent. Otherwise the policy doesn't change.
Will reviewing my policy raise my rates?
A review by itself doesn't raise your rate. What can raise it is finding underinsurance and correcting it — which is the point. The alternative is a claim that doesn't pay what you assumed it would.
How long does an insurance policy review take?
About 30 minutes if you have the declarations pages and a list of what's changed in the last year. An independent agent can usually run a review on every policy in one sitting.
When should I shop the market vs. stay with my current carrier?
Stay if your carrier is competitive, responsive, and still writing in your area. Shop if your premium jumped meaningfully with no claims, if your carrier exited your zip code, or if your agent can't answer basic questions about your policy.
Do I need to review my insurance more often if I own a business?
Yes. Business income, employees, equipment, vehicles, and customer activity all change faster than personal life events. A small business owner should plan on a review at renewal plus a mid-year check.
What's the easiest first step to reviewing my insurance?
Pull the declarations page for every active policy and put them in front of one agent. That single document tells you almost everything you need to know about whether your coverage still matches your life.
