An annual insurance review is an opportunity to consider your current policies and whether any life events over the past year have impacted your coverage needs. The following checklist can be a starting point for reviewing your policies and identifying any coverage gaps.

If you are a homeowner, consider whether your current policy still provides sufficient coverage for your home's value. For example, think back to when you purchased the home and whether you have made any recent renovations, you could have certain gaps to cover. Even if you have not made any renovations, your home's value can increase over time, thanks to a desirable location or the sale of recent properties in your area.

You may also wish to consider the value of the items inside your home. Perhaps you recently upgraded your living room furniture and home entertainment system. New items or upgrades, including custom work, may impact your coverage needs.

Keep in mind that landscaping and outdoor living improvements also can have an impact on your home's value. For example, maybe you installed a new sprinkler system, added a large outdoor shed to store tools, or installed a hot tub on your deck.

Consider whether your current policy provides sufficient coverage for valuables, such as jewelry and wedding rings, artwork, and musical instruments. If you inherited family heirlooms or antiques in the last year, these could be items that you would want the right coverage for.

A change in your job impacts more than your commute times — it could also help lower your auto insurance costs. If your commute is now shorter or you're parking in a secure company garage every day, these changes could lower your auto rates. If you and your spouse are both working from home full-time, this change in driving habits could also result in lower rates. Let your agent know if this part of your work life had adjusted.

Combining or separating households can impact your insurance needs. If you were recently married, you and your spouse may wish to have a single auto insurance policy. Whether you currently rent or own your home, you may need to complete a new home inventory of shared possessions, if you have not done so already.

A yearly insurance policy review doesn't have to be complicated or time-consuming. Just like your car's annual tune-up or yearly home maintenance, this annual review ensures your policies are helping to work their hardest for you and your family. Make a list of any changes or questions to ask with your agent — and start the New Year with added peace of mind.