Thinking about worst-case scenarios like damaging storms or theft of precious family heirlooms is never a pleasant experience. Unfortunately, failing to keep a close eye on your insurance policies could mean you’re overpaying for coverage you don’t actually need-or worse-that your family is lacking essential coverage and is under-protected. Insurance is meant to protect you and your family against risks that you may face. Since these risks can change over time, your insurance coverage may need to change, too. Getting married, moving to a new home, having a baby, or inheriting treasured family mementos are all examples of life events that can change your insurance needs.

As you start the new year, now is the perfect time for a quick insurance policy check-up. Take time now to review your current policies and discuss any changes with your insurance agent so you and your family will be protected.

Did you inherit your Great Aunt’s jewelry collection or her antique writing desk? When things change, your coverage may need to change, too. However, people sometimes forget to adjust their insurance coverage after making major purchases or coming into inheritances. Forgetting to update your policy could leave you without coverage in the event of loss or theft.

For example, let’s say your engagement ring was appraised for $10,000 back in 2005. A decade later, the value of your ring may have increased, and your coverage may need an adjustment to reflect this appreciation. Additionally, if you inherit something that could be of great value, have it professionally appraised.

Your to-do: Ask your agent if you need to increase your coverage -it’s better to pay a little more now than to find out later that your possessions are not fully covered, especially jewelry and family heirlooms.

Also, don’t forget to notify your agent if you’ve installed safety devices like burglar alarms since they may help you qualify for discounts.