Life is full of ups and downs, and it’s easy to let months or years slip away without reassessing your insurance coverage. However, failing to do so can unwittingly leave you unprotected if an accident occurs. What are some of the changes in your life that you should immediately tell your insurance agent about?
Marrying or Divorcing
Marriage and divorce are two major life events that have many ramifications, and your insurance policies will need to be adjusted to reflect your status. For example, if you currently have a car insurance policy that covers both you and your ex-spouse, it must be adjusted. Additionally, if you are buying a new home with your spouse, your home insurance policy will need to reflect your new marriage.
Moving or Purchasing a Home
Home insurance is a fantastic way to protect your property and your belongings, but it can only work if it is applied to the correct address. Any time that you move or purchase a new home, contact your insurance agent for an updated home insurance policy. Without an accurate and active policy, you will not have financial protection in the event of a fire, if someone gets hurt on your property, or if certain types of natural disasters occur.
Starting a New Job
Did you know that some policies have discounts for those who work in the military or certain other occupations? Starting a new job may also increase your income dramatically, which means that your life insurance policy should be adjusted. Be sure to inform your insurance agent of the new job, when you will be starting, and any dramatic changes to your income.
Having a Child
Adding a bundle of joy to your family is incredibly exciting. There are numerous ways that you can act to protect your little one, including ensuring that your home insurance policy adequately covers the new furniture and gadgets you have for the baby and that your life insurance policy includes enough coverage. If you have health insurance through your insurance agent, adding your child to your policy is also prudent.
Remodeling Your House
Any time the value or square footage of your house changes significantly, you should reach out to your insurance agent. Even something like finishing your basement can increase the value of your house enough that your current home insurance policy won’t be adequate. Once you contact your insurance agent with the list of updates that you’ve made, they can let you know of any changes that need to be made.
Buying a New Car
If you sold or traded in your old vehicle and purchased a new one, your insurance agent must be one of the first to know. They can handle coordinating the updates and adjusting your premium if needed. Depending on the type of car that you purchased and some other factors, your premium might increase or decrease. Purchasing a new car for a teen driver in your family will also require updates to your car insurance policy.
Starting a Business
Even if your new business will be operating out of your home, there are additional insurance policies that are necessary to protect you and your assets. Talk with your insurance agent to share more about your business and determine the best insurance policies for your situation. Additionally, they may be able to bundle your business insurance policies with others so that you get the best deal possible.
Letting Years Go By Without Updates
Finally, it’s a good idea to check in with your insurance agent every year or two, even if you can’t think of any major changes in your life. It’s always better to understand what your coverage is before an accident happens, and your insurance agent can answer any questions that you have and make sure that your coverage is right.