Life doesn’t stand still, and neither should your insurance. Major life events often mean your coverage should be reviewed to ensure it fits your new reality. Here are some life stages and events that typically require insurance updates:
- Buying a New Home: Purchasing a home is one of the biggest financial commitments you’ll make, so protecting it with the right insurance is essential. Homeowners insurance can cover your property against fire, weather damage, theft, vandalism, and accidental damage. If you purchase a condo or vacation home, you’ll want to ensure those properties are similarly protected.
- Making Home Renovations: Updating your home can increase its value and your insurance needs. Whether it’s a kitchen remodel or a backyard addition, notify your insurer about major improvements. This ensures any increase in property value is reflected in your coverage.
- Welcoming a Child: Starting a family is a rewarding journey with new financial responsibilities. Updating your life insurance to cover the future needs of your dependents is important. Add your child as a beneficiary and ensure you have a sufficient policy to secure their future if anything happens to you.
- Adding a Teenage Driver: When your teenager starts driving, it’s best to add them to your existing auto policy. Teen drivers are statistically more prone to accidents, so having them on your plan may save you money versus a separate policy.
- Getting Married: Marriage involves merging finances and assets, including insurance. After marriage, you may be able to qualify for discounts when combining auto policies. Additionally, updating life insurance to reflect your spouse as a beneficiary can provide peace of mind.
- Approaching Retirement: In retirement, your insurance needs shift. If you own multiple properties, such as a winter home, inform your insurance company of where you’ll spend most of your time. Your primary residence should reflect this for accurate coverage.
- Acquiring High-Value Items: If you buy high-value items like jewelry, art, or collectables, consider adding a floater policy, which supplements your homeowners’ insurance for items exceeding its typical limits.
- Buying or Selling a Business: When your professional life evolves, your business insurance needs may change, too. Buying or selling a business can have significant coverage implications, especially regarding liabilities and property assets. Make sure you review and update these policies accordingly.
Life is full of change, and insurance is meant to protect you through it all. Reviewing your policy regularly, especially after major life events, keeps you prepared and well-covered.
For more assistance with adjusting your policies, reach out to McHugh Insurance Group.
Posted in Business Insurance