How Often Should I Review Home and Auto Insurance?

A super quick article this week. Sorry to disappoint. It is another item that is something your financial planner should be discussing with you at least annually. I amended the previous article on things your advisor should be doing every year after some recent conversations with clients. Video at the bottom.

As some background, I meet with clients four times a year. There is a lot going on in the world of physician clients and meeting once or twice a year just doesn’t cut it. Plus, I do a lot more than just discussing investments. 

Our first meeting of the year is to set the plan for the remainder of the year. Well, a couple of conversations changed plans for all clients. And it has to do with the most boring possible thing – insurance. Side note – I am reminded of that old joke: If you want to be left alone, just tell someone you sell insurance. 

Also, I do not have my insurance license. I dumped that years ago. However, I still get deep into insurance conversations and risk management. 

Back on topic. Two conversations with clients told me we need to at least discuss their Home and Auto Insurance coverage annually. I am sure you know why – increasing costs. 

Now, the two conversations that started this were with clients not living in what you might consider insurance hotspots. You know, SoCal and FL. However, they are still looking at double-digit increases in what they are paying for Home and Auto Insurance. 

I won’t get into the specifics of what we discussed. This is just more of the old friendly advice to be sure to review your policies, their costs and hope that your financial advisor includes this in your financial plan. Because I don’t know about you, but when a required cost increases by 50% it is a topic my clients and I absolutely talk about.