Life Events that Affect Your Insurance Needs
Life Events that Affect Your Insurance Needs
by sch43yt9824huilb

Life Events that Affect Your Insurance Needs

 

As we age and reach different milestones in our lives, our insurance needs change. In order to
ensure adequate coverage, contact your insurance broker if you’re affected by any of the following
life events:

New home ownership— Purchasing a new home is a big investment—one that you will want to
protect. After purchasing a home, ensure that you have homeowners insurance to protect against
things like fire, weather damage, theft, vandalism and accidental damage. This advice also holds
true if you are buying a new condo or vacation home.

Home renovations—Once you own a home, you may want to make updates to create a better living
space. Be sure to report major home improvements to your insurance company to protect any increased
value to your home.

New children—Having or adopting children is not only a huge life change, but it’s also a
major financial commitment. As such, it’s important to purchase the right policy to secure your
child’s future. Add your child as a beneficiary on any life insurance policies, and make sure your
coverage is sufficient.

Teenage drivers— Teen drivers often carry the highest risk of auto accidents. While you want
your teen driver to remain safe on the road, costly accidents can happen without warning. Consider
adding your teen driver to your auto policy, as it is generally cheaper than purchasing a separate
policy.

Retirement—When you retire, you may change residences. If you have more than one home, this
is a good time to let your insurance provider know where you plan to spend your time.

Valuable purchases—A standard homeowners policy has limited coverage for highly valuable
items. Supplement purchases and gifts that exceed the policy’s limits with a floater—a separate
policy that provides additional insurance.

Marriage—When your marital status changes, so do your insurance needs. Marriage typically
leads to the combination of households, vehicles and other property, so it is critical to update
your insurance policies accordingly. What’s more, life insurance is vital to married couples as it
can ease the financial burden in the event of an untimely death of a partner. Ask about discounts
on car insurance for married policyholders.

Purchasing or selling a business—If you’re an entrepreneur, there will likely come a time
when you will either buy or sell your business. During these times of major change, the proper
coverage is crucial.

Insurance is critical for nearly every stage of life. Seeking coverage should be an active process,
and individuals shouldn’t assume their insurance needs remain steady over time. Consider contacting
your broker today to better understand your insurance and
future needs.

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