Regularly reviewing your insurance policies is crucial to ensure that your coverage aligns with your current needs and circumstances. Life is dynamic, and changes such as marriage, the birth of a child, purchasing a new home, or starting a business can all impact your insurance requirements. By staying proactive and conducting regular policy reviews, you can avoid being underinsured or paying for unnecessary coverage.

For example, if you initially purchased a life insurance policy when you were single with no dependents, a review may reveal that you now need additional coverage to provide for your growing family in the event of your untimely passing.

Similarly, a homeowner's insurance policy may need to be updated if you've renovated your home or acquired valuable possessions that are not adequately covered under your current policy.

References:

• According to the Insurance Information Institute, it's recommended to review your insurance policies annually to account for any changes in your life or assets.
• Insurance industry experts advise policyholders to reassess their coverage whenever they experience significant life events, such as getting married, having children, or retiring.