7 life changes that mean it's time to review your insurance
Major life events can change your insurance needs more than you might expect. Whether you're getting married, buying a home, welcoming a child, or preparing for retirement, it may be time to review your insurance coverage and make sure your policies still fit your life. Taking time to update your coverage after important milestones can help you avoid gaps and protect what matters most.
Here are seven common life changes that mean it's time for an insurance coverage review:
1. Getting married
Saying “I do” is more than just a merging of families. It usually means you're combining households, assets, and finances as well.
Insurance to review after getting married:
- Update your policy to include your spouse and reflect any legal name changes.
- Getting married may qualify you for discounts on certain insurance policies.
- If you're moving in together, make sure your renters or home insurance is high enough to protect both of your belongings.
2. Buying a home or making major renovations
Buying a house is likely one of the biggest purchases you'll ever make. But even if you're just improving your current home, you need to make sure it's properly protected.
Insurance to review when buying or renovating a home:
- Make sure your homeowners insurance provides the right coverage for your home.
- Home additions (such as pools and detached garages) may require additional coverage.
- Many insurers offer a discount for bundling your home and auto policies.
3. Moving or renting a new place
Moving is stressful enough without having to worry about what would happen if something happened to your stuff. A change of address may also require a change of insurance.
Insurance to review when you move:
- If you're new to renting, consider getting renters insurance.
- If you already have life insurance, update your beneficiaries.
- You may want to increase your life insurance coverage to account for the added financial expenses.
4. Having a baby or growing your family
Whether you're welcoming a newborn or finalizing an adoption, growing your family means more people to protect and a shift in financial priorities.
Insurance to review when your family grows:
- Consider getting a life insurance policy if you don't already have one.
- If you already have life insurance, update your beneficiaries.
- You may want to increase your life insurance coverage to account for the added financial expenses.
5. Buying a new car
Upgrading your ride can come with a heavy price tag. That's why it's important to make sure you have the right insurance coverage to protect your investment.
Insurance to review when buying a car:
- Before you can drive your new car off the lot, you'll need to make sure you have car insurance.
- If you financed your car, look into adding gap insurance.
- You qualify for a discount if your vehicle comes with certain safety features like anti-theft technology.
6. Getting a pet
Bringing a new furry friend into your family guarantees a lot of laughs, endless affection, and a whole new set of responsibilities.
Insurance to review when getting a pet:
- Consider getting pet insurance to help cover any unexpected vet visits.
- Talk to your insurance agent if additional homeowners/renters liability coverage is needed.
7. Approaching retirement
While many people focus on their retirement savings, they often overlook the fact that their insurance needs can change dramatically in the 5-10 years before and after retirement.
Insurance to review as you approach retirement:
- Check for potential gaps in your insurance coverage (e.g., changes in homeownership status, relocation, etc.).
- Make sure your life insurance beneficiaries are up to date.
- No work commute may mean less driving, which could qualify you for a better car insurance rate.
Key takeaways:
- Review all active insurance policies.
- Confirm named insureds and beneficiaries.
- Update address and household members.
- Review coverage limits and deductibles.
- Ask your insurance agent about potential discounts.
- Check for gaps or overlaps in coverage.
Think it's time to review your insurance coverage? Reach out to a local Comparion Insurance agent today. They can look over your policy with you and make sure you have the right insurance coverage to fit your unique needs.
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