The New Year has begun, and it's time to take a look at your finances to make sure everything's in order. One key issue that many people neglect is whether they have the insurance coverage they need at a price they can afford.

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at how you can do your own checkup on your insurance coverage. Dan gives two matching rules that sum up what you should look for: make sure you have the coverage you need, but also make sure you need the coverage you have. Dan looks at various situations that warrant adjusting your insurance coverage, including changes in family status and changing needs with respect to your property. He also talks about two ways you can cut insurance costs, using the competition between Berkshire Hathaway's (NYSE:BRK-A) (NYSE:BRK-B) Geico unit, Allstate (NYSE:ALL), and Progressive (NYSE:PGR) as an example of how you can often get better rates just by shopping around. Dan concludes by sharing tips about raising your deductible to cut your premiums, assuring you that you can figure out your insurance needs just by spending a bit of time looking into the coverage you have.