We may be the last place you think to call when you experience a life change, but this could be a big mistake. There are a lot of events that your insurance agent should be aware of, whether big or small. In general, you should call your insurance agent to report any changes in the physical structure of your home, living arrangements and/or finances. It’s better to be safe than sorry. Coverage you have may need to be updated or changed if you are:
- Changing your marital status. If you get married or divorced this year, you should call your insurance agent. There are a lot of things worth discussing including buying a new home, changing names on auto policies or even insuring your engagement ring. If you are getting a divorce, your plan will also need to be adjusted.
- Expecting a baby. This is another reason to check your life insurance coverage. Whether you’re employed or a stay-at-home parent, both hold true.
- Moving or renovating your house. A new house or apartment will need new coverage, whether that be homeowners insurance or renters insurance. If you are building an add-on to your house, you may need a higher limit on your insurance.
- Sending a child to college. You may have changes in your insurance and an agent can tell you what’s covered when your child is away from home. Also, if you’re a cosigner for a loan, your agent can tell you about life insurance for student loans.
- Buying a new car. Like any other new addition, a new car means could mean a new auto insurance policy.
- Starting a business. Even if it’s a home-based business, you’ll most likely need extra coverage to ensure that all of your assets have the proper protection.
- Starting a new job. If your new job comes with a new salary, you may need extra life insurance protection. There could be life insurance through your job, but it is most likely not enough to fully protect your loved ones in an unthinkable event.
- Switching mortgage or auto lenders. If your old lender is still listed on your policy, claims payments can get confusing.
These life events can be exciting or nerve-wracking. Either way, we are here to provide guidance on the best way to protect yourself and your loved ones. When you’re ready to discuss any adjustments that may need to happen with your coverage, feel free to reach out to us at 301.937.0400.