CFO Corner Week 15: Are You Overpaying for Insurance?

Welcome back to CFO Corner  - your weekly 10-minute money check-in with Meghan. This is the space where we slow things down, take one intentional action, and make sure your money is actually working for your life.

This week's task: reviewing your insurance coverage.

Not the most exciting topic  - but one of the most worth doing. Insurance is the kind of thing that quietly pulls money out of your account every single month, and most people haven't looked at their policies since they first set them up. A quick review can help you catch where you're overpaying, identify gaps in coverage before you need it, and make sure what you have still actually matches your life.

Meghan also shares a personal example: she noticed her auto insurance had jumped significantly year over year at renewal. After digging in, it turned out mileage had been incorrectly reported  - leading to an underpayment one year and a catch-up the next. The numbers were ultimately accurate, but the lesson stuck: when something looks off, ask the question.

What you'll actually do in this episode:

You're not calling every insurance company. You're not switching anything today. You're simply pulling up your policies and looking at them  - probably for the first time in a while.

Meghan walks through four policy types:

Auto  - Check what's covered, review your deductibles, and look at what you're actually paying. If you've paid off your car loan, you might have room to adjust your coverage. If your emergency fund has grown, raising your deductible could lower your premium.

Home or Renters  - Has your stuff changed since you got this policy? More valuables, new furniture, or maybe you've actually downsized? Your coverage should reflect what it would actually cost to replace what you own. And if you rent and don't have renters insurance  - make a note.

Life Insurance  - Do you have it? Do you know what it covers? Has your life changed since you got it  - marriage, kids, a mortgage, paid-off debt? You don't need to overhaul anything today, but you should know what you currently have.

Disability Insurance  - The one most people forget about entirely. Check your employer benefits  - you might already have short- and long-term coverage and not realize it. Know what percentage of your income it replaces and how long it would last.

Two questions to ask yourself after the review:

1. When did you last shop around? Insurance companies often reward new customers and quietly raise rates for existing ones. If it's been more than two or three years, it might be worth getting a few quotes.

2. Are you bundling? Combining policies (like auto + home, or auto + renters) can unlock meaningful discounts  - but it's worth checking whether bundling is actually the better deal in your situation.

One final reminder from Meghan: if you do find savings  - don't let them disappear into everyday spending. Put them toward savings or investments. Be intentional with every dollar you free up.

Set a reminder to do this again next spring. That's it. You're done.

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