Most people don’t think about their insurance until they need it.

You purchase a homeowners or auto policy, pay the premium, and renew it each year. But while your policy may stay relatively similar, your life probably doesn’t.

A new home, renovation, teenage driver, expensive purchase, or other major change can affect your insurance needs. If your coverage doesn’t change along with your life, you may discover a gap when it’s time to file a claim.

At Elliott, Powell, Baden & Baker Insurance, we’ve helped Pacific Northwest families navigate changing insurance needs for more than 70 years. Here are five times when it’s worth calling your independent insurance agent for a coverage review.

1. You Buy or Renovate a Home

Buying a home is an obvious time to review insurance, but renovations are easy to overlook.

A kitchen remodel, home addition, finished basement, new deck, or accessory dwelling unit (ADU) can change the cost of rebuilding your home.

Remember, homeowners insurance is generally based on the estimated cost to rebuild the home, not its real estate market value. As construction materials and labor costs change, your dwelling coverage should be reviewed periodically as well.

Tell your EPB&B insurance agent about significant improvements so your home’s current features can be considered when evaluating your coverage.

2. You Add a New Driver

Adding a newly licensed teenager, or another household member who regularly drives your vehicles, is an important insurance conversation.

Your EPB&B insurance agent can help you understand how adding a driver may affect your premium, available discounts, vehicle coverage, and liability limits.

This is also a good opportunity to review whether your current auto liability limits still provide the level of financial protection you want.

3. You Make a Major Purchase

Jewelry, artwork, collectibles, sporting equipment, and other valuable possessions may have coverage limitations under a standard homeowners or renters policy.

If you’ve recently purchased or inherited something valuable, don’t automatically assume it’s fully covered.

Ask one of our team members if the item falls within your existing personal property coverage or whether scheduled coverage or another endorsement should be considered.

4. Your Assets or Income Increase

As you build savings, investments, property, or other assets, your liability exposure deserves another look.

The liability limits you selected several years ago may no longer reflect your current financial situation.

This is also a good time to discuss umbrella insurance. A personal umbrella policy can provide additional liability protection above the limits of certain underlying policies, such as homeowners and auto insurance, subject to the policy’s terms and requirements.

5. Your Household Changes

Marriage, divorce, children moving away to college, adult children returning home, retirement, or purchasing a second property can all create insurance questions.

For example, a college student living in a dorm may have some personal property coverage through a parent’s homeowners policy, while a student renting an off-campus apartment may have different insurance needs.

Rather than assuming existing coverage extends automatically, talk with your EPB&B advisor whenever there’s a significant change in your household.

Why an Annual Insurance Review Matters

You don’t need to wait for a major life event to review your insurance.

An annual conversation with your EPB&B agent can help identify changes in your property, vehicles, household, assets, and insurance needs.

It can also uncover something that’s easy to miss: your insurance company and policy may have changed, too.

Coverage options, deductibles, endorsements, underwriting requirements, and premiums can evolve over time. Because an independent insurance agency can work with multiple insurance carriers, we can help evaluate your current coverage and explore alternatives when appropriate.

Your Insurance Should Change When Your Life Does

Insurance works best when it reflects what you’re actually protecting today, not what your life looked like five or ten years ago.

For more than 70 years, Elliott, Powell, Baden & Baker Insurance has helped individuals and families throughout the Pacific Northwest understand their coverage and navigate changes in their insurance needs.

If it’s been a while since you’ve reviewed your policies, you don’t necessarily need to change anything. Start by asking a simple question: