5 life changes that should signal a call to your insurance agent
Most people don’t spend a great deal of time thinking about their insurance on a regular basis. There are, however, a few life changes that should cue you to give your agent a call and review your policy. Do you know what they are?
#1- Drivers in your Household
A change in the number of drivers in your household can greatly affect your auto insurance policy. For example, if a teenage son or daughter has just recently earned their drivers license you need to update your insurance policy right away. Even if they don’t have their own vehicle or are not allowed to operate yours, they are still considered drivers living in your home and must be included on your policy. Likewise, if a driver moves out of your home you will want to remove them from your auto policy. Whether this be a child going out on their own, or a roommate that is no longer residing with you- you’ll want to tell your insurance agent.
#2- Marriage and Divorce
Whenever your marital status changes you will want to review all of your insurance policies including automobile, homeowners, life and health. Make sure your policies accurately represent your current living situation and make any changes needed to insured persons, beneficiaries, etc. (Tip: Married couples typically benefit from insurance discounts on their auto policy, so be sure to ask your agent if you aren’t already taking advantage).
#3- Moving into a new home
Moving into a new home is an exciting adventure, however, you want to make sure your home and your possessions are insured against various perils. If you are purchasing a home, start shopping for homeowners insurance early so you can get a great rate on adequate coverage. If you are renting a home, ask your insurance agent about renter’s insurance to make sure you have coverage for your personal possessions.
#4- A new baby
In the early weeks you may be thinking of nothing else than sleep, however, it’s important to think about your changing insurance needs with a new child in your life. Most importantly, you want to consider your options for health insurance to be sure the child is covered. You will probably want to look into this before delivery to make sure you have adequate coverage for the hospital. Secondly, especially if this is your first child, you will want to think about a life insurance plan. In the event you and/or your spouse passed away, would there be the funds necessary for your child?
#5- A new job
Most people wouldn’t think of insurance as a major concern when switching jobs but there are actually a few items to take into account when changing professions and/or places of work. First, if you are taking advantage of company health insurance benefits before and after the switch, you will want to consider the change in coverage, premiums and plan differences. Secondly, if you have had a significant pay decrease you may want to review your insurance deductibles to make sure they still represent a figure you are comfortable paying out of pocket in the event of a claim. Lastly, if you start your own business you will want to look into business insurance to protect your business against common losses.
