Insurance is an incredibly boring topic for most people - aside from the fact that it causes us to focus on extremely negative scenarios, but proper insurance can save you when something happens.

Most mortgages require insurance.  It was probably setup at the time you purchased your home, and you may not have thought about it since.  It is often included in escrow payments to your mortgage company, and paid by them to your insurer annually.

It is worth having a real conversation with your insurance agent every year or two.  Here are some things to ask:

• Am I insured for the proper amount? Construction and replacement costs change.  Your insurance agent has tools to assist you in arriving at the proper value.
• What exclusions have been introduced?  Do I need any riders to my policy to protect me or my property?
• Do I need an umbrella policy?  And what does the umbrella cover (it doesn't cover everything)?
• If you own a condo, you should have special insurance to cover your interior (walls, floors, appliances, etc.).  You should also have a copy of your associations policy covering the structure.  Make sure your coverage picks up where the associations ends.  I have seen a number of gaps in coverage in this scenario.
• If you have rental property, you still need insurance for the structure, appliances, etc.  You should require your renter to provide proof of insurance on their contents.  Your insurance will not cover their possessions.
• If you don't have all of your insurance with one company, have them provide a new quote for everything.  Insurers change the portfolios they want as often as banks.  They could be 50% different or more on a premium - in particular a bundle one year vs. another.