Your Annual Insurance Review Checklist: What’s Changed This Year?
A lot can happen in twelve months. Your teenager got their license. You finished the basement. You traded in the minivan, started a side business, or finally bought that boat you’ve been eyeing at the lake.
Your insurance policy doesn’t know about any of it unless you tell us.
Most home and auto policies renew automatically, which is convenient. But it also means the policy on renewal day is built on information from last year, or the year before. A quick annual review helps make sure your policy details are still accurate and that your coverage still fits the way you live now.
Here’s the checklist we use with clients across Rosemount, Apple Valley, Lakeville, Eagan and Farmington. Take ten minutes before your renewal date, jot down anything that’s changed, and bring it to your next conversation with us.
Why an Annual Review Matters
Insurance is priced and written based on the details you’ve given us: who drives, where vehicles are kept, what your home looks like, and what you own. When those details change and the policy doesn’t, a few things can happen:
You might be paying for something you no longer need.
You might have a gap you don’t know about until you file a claim.
Your bills or documents might go to an old address or a lender you no longer use.
An annual review isn’t about selling you more coverage. It’s about keeping your policy accurate. Sometimes that means adding something, and sometimes it means removing something.
Your Renewal Review Checklist
1. Contact, Billing and Payment Preferences
Let’s start with the easy ones:
Has your phone number, email or mailing address changed?
Do you have a new bank account or card for payments?
Would you like to switch to paperless billing, autopay or a different payment schedule?
These seem small, but a missed bill or an outdated email can create headaches no one needs.
2. Vehicles and How You Use Them
Did you buy, sell, trade or lease a vehicle this year?
Has the place where a vehicle is parked overnight changed? (For example, a car now kept at a college apartment or a second home.)
Is anyone commuting farther? Maybe a new job means more time on Highway 3 or Cedar Avenue.
Is any vehicle used for business, deliveries or rideshare?
That last question is an important one. Coverage for business or rideshare use varies from policy to policy and carrier to carrier, so it’s worth a conversation with your agent before you start driving for work or an app.
3. Household Members and Drivers
This is where the biggest changes often happen, especially for South Metro families with teens.
Has anyone moved in or out of your home?
Has there been a marriage, divorce or new dependent?
Is there a new driver in the house, or a teen about to get their permit or license?
Do you have a student away at college?
Students living away from home, new drivers, and changes in who lives with you can all affect how your policy is set up. Your agent can walk through the options available with your carrier.
4. Your Home and Property
Did you move, refinance or change mortgage lenders?
Have you finished any renovations, additions or major updates? Think finished basements, kitchen remodels, a new roof, or updated electrical, plumbing or HVAC.
Did you add a new feature like a pool, deck, fence, detached garage, trampoline or solar panels?
Are you renting out any part of your home, even occasionally?
Renovations and upgrades can change what it would cost to rebuild your home. It’s worth reviewing whether your dwelling coverage still reflects your home as it is today. Some updates, like a newer roof or updated systems, may also be worth mentioning when your policy is reviewed.
If you’re renting out space, including short-term rentals, talk with us first. Rental use can change how a homeowners policy applies.
5. Valuables and Recreational Items
Did you make any large purchases this year, like jewelry, art, collectibles or high-end electronics?
Did you buy a boat, ATV, snowmobile, golf cart or camper?
Do you have updated appraisals, receipts or photos of valuable items?
Standard homeowners policies often have limits for certain types of personal property, such as jewelry. If you’ve added something valuable, it’s worth asking whether it should be listed separately on your policy. Recreational vehicles and watercraft usually need their own coverage too, so check before you head up north for the season.
6. Work, Business and Liability
Has your job changed, or are you working from home more often?
Did you start a business or side hustle, whether that’s from home or out of a truck?
Did you get a new pet?
Have you taken on anything that might increase your liability, like a rental property, a pool, or hosting more gatherings?
Home-based businesses and side gigs are common, and many people assume their homeowners policy covers business equipment or business-related liability. That isn’t always the case. If you’ve started something new, let’s talk it through.
This is also a good time to ask about umbrella coverage. An umbrella policy can add a layer of liability protection above your home and auto policies. It’s especially worth discussing for families with teen drivers, rental properties or growing assets.
What to Have Ready for Your Review
To make your review quick and productive, gather what applies to you:
Household info: Updates on who lives with you, new or upcoming drivers, and any major life changes
Billing info: New payment method, bank details, or mortgage lender information
Vehicle and property info: VINs, loan or lease details, and a list of home updates with approximate dates
Valuables and liability info: Appraisals, receipts or photos of valuable items; rental details; business details; pet information; and any questions about umbrella coverage
You don’t need everything on this list. Just bring what’s changed. We’ll take it from there.
The Advantage of Reviewing with an Independent Agent
When you work with an independent agency, your review isn’t limited to one company’s options. Sentinel works with several carriers, so if your needs have changed, we can look at what fits best, not just what’s easiest to renew.
And because we’re right here in Rosemount, off County Road 42, we know the South Metro. We know what it’s like to add a new driver in Lakeville, finish a basement in Apple Valley, or start a small business in Farmington. We’re your neighbors, and we’re here to help you understand your options so you can make the decision that’s right for your family.
Schedule Your Annual Review
Your renewal is a natural checkpoint. Instead of letting your policy roll over on autopilot, take a few minutes to walk through this checklist, then reach out.
Contact Sentinel Assurance Group to schedule your annual review. We’ll go through what’s changed, answer your questions, and help make sure your policy still reflects your life today.
This article is for general educational purposes and doesn’t change or replace the terms of any insurance policy. Coverage depends on your specific policy, carrier and circumstances. Please review your options with a licensed Sentinel agent.
If you’ve ever shopped for insurance in Minnesota — home, auto, health, or otherwise — you’ve encountered the word “deductible.” It’s one of the most fundamental concepts in insurance, yet it’s also one of the most misunderstood.
Get this one concept right, and you’ll be far better equipped to choose the right coverage and avoid unpleasant surprises when you actually need to file a claim.
The Simple Definition
A deductible is the amount you pay out of pocket before your insurance company starts paying on a claim.
Think of it like this: your insurance policy is a safety net, but you’re responsible for the first portion of any loss. That portion is your deductible. After you’ve covered the deductible, your insurance kicks in and covers the rest — up to your policy limits.
A Simple Example
Let’s say you have a homeowners insurance policy with a $1,000 deductible, and a storm causes $8,000 of damage to your roof.
Your deductible: $1,000
Your insurance pays: $7,000
Your out-of-pocket cost: $1,000
Now imagine a smaller claim — say, $600 in damage. Because the damage is less than your deductible, your insurance wouldn’t pay anything. You’d cover the full $600 yourself. This is one reason it’s not always a good idea to file a claim for every minor incident.
How Deductibles Work Across Different Insurance Types
Deductibles function slightly differently depending on the type of insurance:
Auto Insurance
Auto policies typically have separate deductibles for collision coverage (when you’re in an accident) and comprehensive coverage (theft, weather, hitting a deer, etc.). These deductibles apply per claim — meaning each time you file, you pay the deductible amount.
Example: $500 collision deductible. You back into a pole and cause $2,200 in damage. You pay $500; your insurer pays $1,700.
Homeowners Insurance
Like auto, homeowners deductibles apply per claim. Most policies have a standard dollar-amount deductible, though some — particularly in high-risk areas — use percentage-based deductibles for specific perils like wind or hail.
Percentage deductibles are based on your home’s insured value. A 2% deductible on a $300,000 home means $6,000 out of pocket before insurance pays. It’s important to understand which type your policy uses.
Umbrella Insurance
Umbrella policies often have what’s called a “self-insured retention” rather than a traditional deductible, but the concept is similar — there’s a threshold you absorb before the umbrella coverage activates.
Life Insurance
Life insurance policies do not have deductibles. When a claim is paid, the full benefit goes to the beneficiary.
Commercial / Business Insurance
Business policies follow a similar structure to homeowners and auto — deductibles apply per claim, and the amount can vary significantly depending on the type of coverage and the risk involved.
The Deductible-Premium Relationship
Here’s one of the most important things to understand about deductibles: they have a direct inverse relationship with your premium.
Higher deductible = lower monthly/annual premium
Lower deductible = higher monthly/annual premium
Why? Because when you accept a higher deductible, you’re agreeing to absorb more of the financial risk yourself. The insurance company is taking on less risk, so they charge you less.
This creates a real choice every policyholder has to make:
Lower Deductible: You pay more each month, but face less out-of-pocket cost if something happens. Better if you don’t have much in savings.
Higher Deductible: You pay less each month, but need to be able to cover a larger amount if something happens. Better if you have an emergency fund.
How to Choose the Right Deductible
There’s no one-size-fits-all answer, but here are the key questions to ask yourself:
1. What Can You Afford to Pay Out of Pocket?
Your deductible should be an amount you could realistically cover without financial hardship. If you choose a $2,500 deductible to save on your premium, but you don’t have $2,500 available in an emergency, that’s a problem.
2. How Often Do You Expect to File Claims?
If you’re a careful driver with a clean record and a newer car in a safe area, a higher deductible might make sense — you’re less likely to need it. If you live in an area prone to severe weather or have a long daily commute with high accident risk, a lower deductible might be worth the higher premium.
3. Does the Math Work?
Compare the premium savings of a higher deductible against how much more you’d pay out of pocket in a claim. For example, if raising your deductible from $500 to $1,000 saves you $200/year on your premium, you’d need 2.5 claim-free years just to break even. That analysis helps you decide.
Common Deductible Mistakes to Avoid
Choosing a deductible you can’t actually afford: The savings feel great until you need to file a claim and can’t cover your portion.
Forgetting that deductibles apply per claim: If you have two separate incidents in one year, you pay the deductible twice.
Confusing percentage and dollar deductibles: Always confirm which type applies to your policy, especially for homeowners coverage.
Filing small claims just because you’re covered: Filing a $700 claim with a $500 deductible might not be worth it — you only get $200, and your premium could increase at renewal.
Should You File a Claim or Pay Out of Pocket?
This is a question worth asking every time something happens. A general rule of thumb: if the cost of the damage is only slightly above your deductible, it may be better to pay out of pocket. Filing a claim — especially multiple claims in a short period — can lead to premium increases or even policy non-renewal.
A good agent can help you think through whether filing makes sense in a given situation.
The Bottom Line
Your deductible is the foundation of how your insurance policy actually works in practice. Getting it right — choosing an amount you can afford that balances your premium cost — is one of the most important decisions you make when purchasing a policy.
When in doubt, talk it through with your insurance agent. That’s exactly what we’re here for.
Have questions about your deductibles? Whether you’re reviewing an existing policy or shopping for new coverage, our independent agents can walk you through your options and help you find the right balance of coverage and cost. Contact us today for a free review.
One of the most certain things in life is uncertainty. Your dog could bite the neighbor’s kid. Your teen driver could hit a cyclist. A guest could fall down your stairs. A rainy morning commute on worn-out tires could result in a multi-car accident. And you could be held liable to others for the cost of damages – injuries, property destruction, emotional distress, lost wages and more.
Good thing you have insurance. But, wait, your policy covers $300,000 of liability, and, in a lawsuit, you’re judged liable for $1 million. That leaves $700,000 left to pay. How will you cover it?
If you have umbrella insurance and your policy covers the incident, the additional $700,000 will come from your policy. If not, it will come from the assets you have now, such as your home and savings, and from future assets, such as your wages or inheritance.
The fact is, it only takes one serious accident and a resulting lawsuit to put everything you own – and will own – at risk. And it only takes one umbrella policy to help protect it all.
Here are a few things you should know about umbrella insurance:
Personal umbrella policies typically offer between one and five million dollars of liability coverage. Consider your net worth when choosing your coverage – you could be sued for everything you have.
An umbrella policy is not a stand-alone policy. Your insurance carrier will typically require you to meet certain qualifications, such as having an auto policy with a certain level of liability coverage, in order to purchase umbrella insurance.
Even when you have umbrella insurance, your car or home insurance is your first line of defense. For example, if you are liable for $2 million in a car accident and your auto insurance covers $500,000 of liability, your auto policy covers the first $500,000. Your umbrella policy covers the remaining $1.5 million, assuming your policy covers the incident and that you purchased that much coverage. If you are liable for $250,000 in an accident on your property and your homeowners insurance covers $300,000, your umbrella policy won’t be needed.
If you insure a motorcycle, ATV, golf cart, snowmobile, motorhome, or watercraft, your umbrella policy may provide additional liability coverage on top of those policies as well. Be sure to check with your agent to confirm your coverage on these types of vehicles.
A single umbrella policy typically covers all of your family members who are residents of your household.
Essentially, an umbrella policy gives you excess liability coverage on top of what your other policies provide. If you’re at fault for a serious accident, you’ll need it.
Umbrella insurance also gives you liability coverage in instances where other policies don’t. Examples include driving in a foreign country or renting a boat. If you’re curious about how umbrella insurance might play a role in protecting the life you’ve built or plan to build, talk to us at Sentinel Assurance Group today.
High school is full of defining moments for our Rosemount teens and two of the highlights for most are prom and graduation. Both Danielle & Amy have sons graduating this year, so this topic hits close to home!
However, this time of year often sees other, more tragic defining moments – serious car accidents involving teens who are distracted or even under the influence of alcohol or drugs.
At Sentinel Assurance Group, we want to help make this season one to celebrate for you and your teen. So, with the help of the National Highway Traffic Safety Administration, here are some tips that can keep your teen safe.
First, encourage your teen to follow these general safe-driving rules:
Absolutely no alcohol
Always use seat belts
No cell phone use (including texting) while driving
Special circumstances
Of course, special events such as prom and graduation often present special circumstances. There may be dinner with dates before the dance, and parties before or after either event. It’s a good idea to discuss your expectations well before each event, putting some guidelines into place before your teen heads out for the night. Here are some ideas:
Make sure you know the itinerary of the evening, as well as who else will be with your teen. You should have contact information for everyone.
Have a way to contact your teen at all times. You may want to require them to check in with you once or twice over the course of the evening.
Set a curfew, whether they are coming back to your home or staying with a friend. If they are staying elsewhere, make sure the curfew will be enforced by a responsible adult.
Discuss with your teen how to handle difficult situations, such as facing pressure to drink, or accepting a ride with someone who shouldn’t be driving. It’s a good idea to provide your child with money for a taxi just in case.
Offer a “no-questions-asked” ride home, should they need one during the evening.
If you’re worried about your teen driving, consider alternate transportation. A car service or limousine will provide a responsible, experienced adult driver. You also will be able to limit changes to the itinerary and contact the driver.
Prom and graduation are special times in a teen’s life. And just a little common sense will go a long way toward making sure your young adult is around to enjoy the other milestones that are sure to come.
When the temperature finally heats up in Minnesota, all you can think about is cooling off at the local pool or even at one of our local lakes. Just remember: Where there’s water, there’s risk.
That doesn’t mean you shouldn’t jump in (carefully) and have some fun with family and friends. It just means you should keep these safety tips in mind any time you swim in Minnesota:
Don’t go it alone. Swim only in designated areas, with a lifeguard if possible, and use the buddy system – even adults shouldn’t swim when no one else is around. As for children, they should never be left unattended in or near the water or supervised by another child.
Mind the rules. If an area forbids diving or is closed for swimming, that means it’s unsafe to do so. Save yourself a trip to the hospital and follow all posted rules and warnings.
Keep away from drains. In a pool or spa, a drain’s powerful suction can trap children and adults. Be sure everyone knows to keep their distance. The same goes for riptides and currents if you’re in an open body of water.
Know how to respond. When someone is missing, especially a child, always check the water first. Learn CPR and other skills that can save lives.
Use common sense. Don’t use drugs or alcohol during water activities. Do have life jackets for inexperienced swimmers, and keep plenty of sunscreen and water on hand to help everyone beat the heat.
Alert a lifeguard if you see someone struggling. Alternately, you could throw the person a floating object or reach out with a long object.
With a little caution, and a whole lot of supervision, you can help ensure your day at the pool or lake goes swimmingly. Have fun getting wet!
Life is unpredictable. Common situations like having a teenage driver, owning a pet, posting on social media, or having people visit your home carry a certain amount of risk. An unexpected incident can quickly turn into a lawsuit that costs you thousands of dollars, if not more.
You don’t have to be a millionaire to be sued like one. If something happens on your property or you are at fault, do you have enough coverage?
What does umbrella insurance cover?
An umbrella policy adds an extra $1 million (or more) of coverage above and beyond your existing policies. Many people only carry $100,000 of liability coverage. Although that sounds like a lot of money, it doesn’t go very far when a serious injury occurs. Medical bills, lost wages, and other bills can add up quickly.
That’s why umbrella insurance is so important. It gives you greater peace of mind and protects you against life’s unexpected surprises.
Do I need umbrella insurance?
Umbrella coverage isn’t just for high earners. It’s for everyone, especially if you:
Own a home
Have regular income
Have retirement savings and other assets to protect
Entertain guests in your home
Have a teenage driver
Host sleepovers, children’s parties, carpool children, or allow your teen to babysit
Serve on a volunteer board or participate in your HOA
Use social media
Own rental properties
Travel outside the U.S.
Own a watercraft, RV, snowmobile, ATV, golf cart, or other “toy”
Have pets
Own firearms or other recreational weapons
But doesn’t my home or auto insurance policy cover a loss?
Unfortunately, home and auto insurance policies don’t protect you against every type of liability.
Consider these two scenarios:
1) You hear a juicy piece of gossip about one of your neighbors. You spill the tea to your closest friends at a BBQ and swear them to silence. Unfortunately, your neighbor finds out what you said. You get sued for slander, and it isn’t covered by your homeowners policy.
2) You go on a vacation to Europe. Instead of taking a tour, you decide to rent a car. You forget to drive on the other side of the road and cause a collision. Someone is injured, but your auto policy doesn’t cover you because you were outside of the U.S. and Canada.
In both of these instances, an umbrella policy may have provided coverage to protect you. Without an umbrella policy, your assets, savings, and even your future income could be at risk if you are held legally responsible for a claim.
Peace of mind costs less than you think.
For about the cost of a dollar a day, an umbrella policy offers an affordable way to prepare for the unpredictable. Schedule a risk assessment with your independent insurance agent to understand your coverage needs and find out if an umbrella policy is right for you.
