Empowering Women in Insurance: The Importance of Coverage Reviews
As Women's History Month shines a spotlight on achievements and advancements, it also presents an opportunity for women—particularly those who are single, divorced, or heads of households—to assess their future insurance coverage needs. Recent data indicates a significant presence of women as homeowners and policyholders, with single women owning 58% of homes owned by unmarried individuals in the U.S.
Home and renters insurance often receive less attention compared to auto policies, which can lead to potential coverage gaps. The Zebra emphasizes the importance of routine policy reviews, taking into account changing life circumstances that may necessitate updates in coverage.
Women's roles in managing household wealth have increased, with over two-thirds taking primary responsibility for financial decisions, according to CFP Board's 2025 data. Additionally, the National Association of Realtors reports that the percentage of homebuyers who are single women has nearly doubled over four decades, accounting for 20% of all home purchases compared to 8% for single men.
Insurance analyst Beth Swanson from The Zebra notes, "More women are not just homeowners, but the primary decision-makers for their insurance policies." This trend includes independently choosing coverage limits and reviewing deductibles, which are crucial aspects of long-term financial planning.
As women gain financial independence, securing adequate property and liability protection becomes paramount. Dennis Shirshikov, a finance and economics professor at City University of New York/Queens College, states, "Insurance planning is an extension of financial independence for women. It's about preserving the progress achieved."
Insufficient coverage can disproportionally impact women due to factors like income disparities and longer life expectancies. Safeguarding property—often a major financial asset—is essential. Swanson highlights that underinsurance is widespread and recommends discussing coverage types and limits with an insurance agent to ensure full protection.
Addressing these gaps is crucial, as many homeowners find their coverage reflects the property's purchase price rather than current rebuilding costs. Liability protection is also necessary to cover potential injuries or lawsuits, especially as assets grow. Additionally, a failure to update insurance post life changes can lead to significant complications. For renters, it’s important to evaluate whether their insurance can cover possessions at today's costs, highlighting the necessity for regular policy reviews for comprehensive coverage.