From regular oil changes to changing furnace filters and annual trips to the dentist, smart consumers know that preventive maintenance can avoid costly repairs down the road. Insurance is another item that needs to go on your routine maintenance list.

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No one wants to think about insurance unless forced to. But at least once a year, it’s important that you do a quick review to make sure you have the right amount of coverage at the best price.

Some of us have to learn these things the hard way. I really don’t know how many years we paid for a special rider to cover my husband’s photography equipment on our homeowner’s policy. Sure, it was a good idea when he was actually a photographer. But that rider rode on for many years after he’d sold the equipment.

And then there’s my friend Lucy who got tired of me nagging her and agreed to shop her car insurance. Within 15 minutes after calling an insurance broker, she had a quote for identical coverage at $500 less per year. Her problem was the loyalty she felt for the agent she’d been with for 13 years. But $500 is a lot of money so she called him to break the news that she would be moving on to cheaper pastures. “Wait,” the agent pleaded. “Give me one day to try to beat that quote.” He did, and rewrote her policy for $600 less per year with no changes in coverage.

As your policies come up for renewal, take a little time to shop around. Read more