Is Your Insurance Keeping Up With Your Life?

Is Your Insurance Keeping Up With Your Life?

Often major life events like marriage, divorce, the birth of a child, children heading off to college, or even the death of a loved one can trigger a need for a change in your personal insurance coverage.  Let us look at few of the life events that can affect your personal insurance.

Change in marital status creates a need to update your auto insurance.  If you have a new person living in your household, your auto insurance will need to reflect that change.

Children heading off to college in another city also create a need to update your auto insurance, especially if they are taking a vehicle to college with them.  In addition, your homeowner’s insurance should be updated if your student is taking any personal property to college such as a television, computer, or other items.

If you are newlyweds, you will need to update your homeowners or renter’s insurance to reflect new policyholder information as well as the replacement value of your personal property.  If you have renter or homeowner’s insurance now, and you and your spouse or partner combine households, you are automatically covered by the existing policy.  However, it is still important to call your agent.

When there are changes in marital status, it is essential to update your health, life, and disability coverage.  There may be new names that need to be added or removed as beneficiaries.

When children start arriving in your home, it is essential to consider updating your life insurance to reflect the additional expenses necessary to manage the household in the event the primary breadwinner is gone.

Homeowner’s Insurance

You buy home insurance to protect your most important asset.  There are many items to consider and we can help you through the process of finding the right coverage for you and your family. Remember not all homeowner’s insurance policies are considered equal.

There are many factors that go into determining your homeowner’s insurance premiums.  We thought it might be fun to address our “top ten list” of things every homeowner should know before purchasing insurance.  As your agent we can help you identify the best possible combination of coverage, price and service.

  1. You are a statistic. To an insurer, you are a set of risks. An insurer bases its premium (or its decision to insure you at all) on your “risk factors” including your occupation, who you are, what you own, and where you live. To us, you are a person and we value our relationship with you.
  2. Know your home’s value. Before you buy a policy, it is important to know your home’s replacement cost.
  3. Insurers differ. As with anything else you buy, what seems to be the same product can be priced differently by different companies. You can save money by comparison shopping.
  4. Don’t just look at price. A low price is no bargain if you don’t have the right coverage.
  5. Go beyond the basics. A basic homeowner’s policy may not promise to entirely replace your home.
  6. Look for discounts. Insurers provide discounts to reward behavior that reduces risk.
  7. Be sure that you have the proper documentation if you have a claim. Your idea of fair compensation may not match that of your insurer. Your insurer’s job is to restore you financially. Your job is to prove your losses so you get what you need.
  8. Know your policy. Keep your policy updated, and reread it before you file a claim so there are no surprises.
  9. Check you deductibles. It may benefit you to increase your deductible, especially if you have a good claims experience.
  10. Your policy excludes Quake and Flood. Check with us and we will provide you with a quote.