Bravera Bank
Life doesn’t stop after you obtain insurance coverage. As your circumstances change, don’t forget to keep your insurance professional in the loop about events that may affect your auto or home insurance and premiums.
Maybe you decided to add that much-needed extra bathroom to your home or inherited your grandparents’ precious antiques. Perhaps you have a teenager going off to college or you’re starting a new business. You will likely need to adjust your coverage to align with your new circumstances.
Here are 16 life experiences that should prompt a call to your insurance professional:
1. Getting married or divorced
Many insurance companies offer benefits like marriage discounts, multicar
discounts and bundled insurance policies. You may have wedding or engagement rings that are insured. If your marriage is ending, your policies should be adjusted and any name changes submitted.
discounts and bundled insurance policies. You may have wedding or engagement rings that are insured. If your marriage is ending, your policies should be adjusted and any name changes submitted.
2. Buying a new home or moving
A new house or rental will need new coverage. It would be terrible to lose your home in a fire or hurricane and find out that you were not insured for the loss. Get your home insured before you move in. If you rent, make sure your personal belongings are protected and you have adequate liability coverage in case someone is injured inside your residence. An economical renters policy is a wise investment.
3. Purchasing a new car
If you buy a vehicle, call your insurance professional with the make, model and vehicle identification number (VIN). Depending on both your old and new vehicle, your insurance rate may change significantly – either up or down.
4. Becoming a business owner
No matter where your business is located or how big it is, you’ll probably need coverage to ensure everything is properly protected. There are a variety of commercial insurance policies and you can obtain the coverage that best suits your business needs. Starting a business can be extremely risky, especially from a financial standpoint. Make sure your personal assets are also covered.
5. Doing home renovations
Major improvements to your home, such as adding a new room, remodeling your kitchen or enclosing a porch can put you at risk of being underinsured. An increase in the value of the structure may require an increase to your homeowners insurance coverage limits.
6. Having a new teen driver
When your teen gets their driver’s license, they need to be properly insured. Getting insurance for them can be pricey, so make sure they attend all the necessary driver’s education classes. And be sure to let your insurer know so you can take advantage of any discounts.
7. Acquiring something expensive
Anytime you inherit or buy something valuable, you should reevaluate the contents coverage portion of your home insurance policy. Normally there are coverage limits for these valuables, and that limit may not be enough to fully cover them. An umbrella policy allows you to add additional coverage on top of your existing auto and homeowners insurance.
8. Heading off to college
If your college student is moving to on-campus or off-campus housing, you should review your insurance policies to make sure their personal possessions and vehicle are adequately covered.
9. Joining a carpool
If you're a regular carpool driver, your liability insurance should reflect the increased risk of additional passengers in the vehicle.
10. Installing a security alarm
This is just one of the ways that you can qualify for a discount.
11. Switching mortgage or auto lenders
Claims payments can get confusing if your old lender is still listed on your policy. Your insurance company may need to issue a check to both you and your lender when there’s a claim. If the wrong lender is listed, it can delay claim processing.
12. Driving less
Working from home, living closer to your office or joining a carpool will reduce your mileage.
Auto insurance companies consider less mileage the same as reduced risk, so most companies will reward you with a cheaper rate.
Auto insurance companies consider less mileage the same as reduced risk, so most companies will reward you with a cheaper rate.
13. Buying a second home
The very factors that make a vacation or second home desirable, whether it’s a beachfront property or a mountain getaway, can sometimes create risks. Especially if your second home will be vacant for long periods of time, don’t skimp on insurance.
14. Traveling internationally
If you plan to drive outside the United States, your current coverage may not protect you abroad.
15. Having your identity stolen
If you’ve been the victim of this kind of crime, you may want to invest in identity theft coverage to protect you and your family in the future.
16. Retiring
You might be able to get a discount on your homeowners insurance when you retire. In addition, if you commuted regularly to your job, your annual mileage may drop significantly.
As the years go by, your auto and home insurance needs will change.
Your insurance professional wants to hear from you to help you maintain adequate financial protection and make sure you aren’t paying for more than you need.
Questions about insurance?
Contact one of our insurance advisors by calling 877-483-6811 or by contacting us online. You can also request a quote online.