Top 5 Life Changes to Review Your Coverage
Major life changes often come with new insurance needs. In this two-part series, we cover the top 10 events that should prompt you to review your policies or connect with your insurance agent.
Here are the first five life events to keep in mind.
1. Moving or Buying a New Home
Buying a home is one of the largest financial decisions you will make. Homeowners insurance can vary widely between carriers, and coverage is rarely identical from one policy to another.
When reviewing your policy, consider:
- When the home was last updated, including roof or electrical
- Whether you have a dog or a pool
- Bundling home and auto policies for discounts
- Whether an umbrella policy makes sense
Each of these factors can impact both your coverage and your premium.
2. Buying a New Car
Vehicles today come with advanced features that can affect your insurance. It is important to share details about your car so your coverage is accurate.
You may be asked:
- What safety features the vehicle has
- How the vehicle will be used
- Who will be driving it
- How much you financed
- Whether you need gap coverage
These details help ensure you are properly covered and may help identify potential discounts.
3. Adding a New Driver
Adding a new driver, especially a teenager, can significantly impact your policy.
Key things to consider:
- Ask about good student discounts
- Consider which vehicle they will drive
- Review coverage levels and deductibles
- Evaluate whether higher liability limits are neededMany families also consider adding an umbrella policy for additional protection.
Many families also consider adding an umbrella policy for additional protection.
4. Starting a Family
Starting a family is a good time to review your life insurance. It is important to think about how your family would be supported financially if something unexpected happens.
Getting coverage earlier in life can often result in better rates and more flexible options.
5. Kids Leaving Home
When children leave home, your insurance may need to be adjusted.
Consider:
- Whether they qualify for an away-at-school discount
- How their belongings are covered while living elsewhere
- Whether they should remain on your auto policy
In some cases, removing a driver or adjusting coverage can help reduce costs.
Final Thoughts
Life changes can happen quickly, and your insurance should keep up. Reviewing your policies during these moments helps ensure you have the right protection in place.
Stay tuned for Part 2, where we cover additional life events that can impact your insurance, including home updates, marriage or divorce, retirement, and more.
If you have questions or want to review your coverage, contact G2 Insurance Services at (262) 784-0644.