Can Life Events Impact Your Insurance?

Most of us buy insurance in this order; auto insurance, renters’ insurance, home insurance, and then life insurance.  However, many of us do not think about how the events in our lives may affect our need for different kinds of insurance.  As your life changes, the need to protect your life, investment, and family also changes.

Here are some major life events that will affect your need for personal insurance

College –– If you have a child heading off to college, you may need to update your auto and home insurance.  If your child has a car, the rates may be less in the city of the college.  You will need to notify your insurer regarding the new location.  In addition, if your child is renting, you may need to provide renters’ insurance to the property owner.

Retirement – If you had commuted regularly to your job, your mileage has likely plummeted in retirement.  If so, you should report it to your auto insurer to significantly lower the cost of your auto insurance premiums.  In addition, you will need to consider other insurance options.

Marriage or Divorce –– Changes in marital status, or even just moving in together, means the combining of households, cars, and other property, so you’ll want to update your insurance policies accordingly.  Are you both protected? Are coverage limits adequate?

Having a baby –– When your family grows, you may want to consider life insurance to protect your loved ones.  Life insurance can provide the financial security for many years, and give you peace of mind.

Moving –– Whenever you move, you will need to update your auto and home insurance.  New addresses may actually lead to lower costs.

Home Renovations – If you have made major improvements to your home, such as adding a new room, enclosing a porch, or expanding a kitchen or bathroom, report those changes to your insurance company.

Apple Insurance Specialists is an Austin-based independent insurance agency offering a wide range of cost effective solutions to individuals, families and businesses.

Homeowner’s Insurance 

pfree vgggHomeowner’s Insurance 

We always ask about smoke detectors and security systems in your home. Many insurance companies offer discounts for those homeowners who have security systems. Here are few of the different kinds of security systems that can help reduce your home insurance costs.

Outside lights- Set these up on timers so they come on even when you are gone. Also, motion detecting lights are an excellent deterrent and can be installed at a low cost.Cameras are also a good deterrent.  Place cameras around outside doors and your yard. Many home improvement stores offer cost-effective products.

Alarms are always a good idea. Alarm systems that are connected to a central station will yield the best discount.

Other Home Insurance Credits

Most insurance companies offer many types of discounts for homeowners. We are committed to keeping up on all these discounts to make sure you are getting the best coverage and price. Some of these discounts can include:

Gated communities

Community security

Updates in wiring and/or plumbing

New roof

No claims

Non smokers – The No. 1 cause of home fire fatalities in the United States is smoking.   Smoking caused 16,000 residential fires in 2012, killing over 500 people and causing $376 million in residential property loss. Source- U.S. Fire Administration

Sprinklers- Many new home building codes require sprinklers. These can be expensive but will provide home insurance discounts.