Insurance Coverage Assessment

Compare your cover levels to industry benchmarks: life insurance should be 10-15x annual income, homeowners insurance should match full replacement cost (not market value), and personal property coverage should cover the total replacement value of your possessions. Most US adults are underinsured by over $200,000 on life cover alone.

At minimum, most US adults need homeowners insurance (if you own) or renters insurance, auto insurance (legally required), health insurance, and life insurance if anyone depends on your income. Disability insurance and critical illness cover are strongly recommended if you have a mortgage or dependents.

The insurance coverage assessment scores your protection against three benchmarks: life cover should be at least 5x annual income, homeowners insurance should be based on full replacement cost (not market value), and you should hold disability insurance if you rely on your salary. Research shows 60% of US households fail at least one of these tests and have insufficient coverage to maintain their lifestyle after a major incident.

The insurance coverage assessment calculates life insurance needs by adding outstanding mortgage debt, 10x annual income for family expenses, childcare costs until your youngest child is 18, and funeral costs (average $8,000-$12,000), then subtracting existing savings, employer group life benefits, and existing policies. The result is your specific coverage gap, scored alongside disability, home, health, auto, and critical illness gaps in one report.

Disability insurance pays up to 60-70% of your salary if you cannot work due to illness or injury. It is worth it because the average US worker has savings to cover only 30 days of expenses. One in four workers will be off sick for more than a month during their career. Premiums average $50-$100 per month depending on age and occupation.

Review all insurance policies annually at renewal time and after major life events such as buying a property, having a child, changing jobs, or receiving a pay rise. Auto-renewing without comparing typically costs 10-30% more than switching. A full coverage audit every 2-3 years ensures no gaps have developed.

It evaluates 10 areas: coverage level, deductible, personal property valuation, security measures, flood risk, claims history, renewal habits, provider comparison, valuables documentation, and emergency planning.

Home, life, business, auto, health, and travel insurance, with priority recommendations based on your situation.

The insurance cover vs risk benchmark compares five key dimensions: dwelling cover versus full property replacement value, personal property cover versus actual contents value, life cover versus income multiple, deductible level versus US average, and premium versus market average.

Most US businesses need general liability (for customer or visitor claims), workers' compensation (required in most states the moment you have any staff), and E&O insurance if you give advice or provide services.

The insurance coverage gap assessment scores your protection across 10 categories in one place, life, disability, critical illness, home, personal property, auto, travel, pet, business, and personal liability, so you can see exactly which gaps are urgent.