Common sense says that you should review your insurance policies every so often to make sure that they match your life. There are the obvious changes - you bought a new car, your dream house at the ocean just became a reality, your "little girl" just earned her drivers license - that most of our clients know to give us a call about, but there are some that are a little less clear. Here a few major life events that require you to revisit your insurance protection.
1) Getting Married
Once the wedding is over and you're home from the honeymoon, it is time to look at your insurance. First on the list should be your auto insurance. If you haven't already decided to combine your policies, now would be a good time to do that. Call your agent and let them know that you are now married, and you may also need to update your mailing address. We can also guide you through that process of adding your spouse, and changing any other information that needs updating after your big day. With some companies, married people often qualify for lower insurance rates...which might offset any tickets your new spouse failed to mention!
The next piece of insurance you should consider is your homeowners coverage. Did you two just move in together? Are you renting? Did you just buy a home? Depending on your situation - and whether or not you just combined all of your belongings - your homeowners coverage may need adjusting. We are always more than happy to help determine the right coverages and the right amount of those coverages.
Lastly, take a look at your respective health insurance plans. Would you benefit from adding a spouse to one or the other? Sometimes employers offer coverage for spouses at favorable rates and it would be a good idea to make sure you have the coverage you need.
2) A New Baby
If you are expecting a new baby, congratulations are in order! But there are a few other things that need to be put in order as well...have you and your spouse considering life insurance? As depressing as it sounds, new parents (and current parents with another on the way) should consider life insurance. Typically, life insurance helps support the surviving family members in the event one spouse or parent passes away. With rising childcare costs and other such expenses, it is something to seriously consider.
Along that line, take a look at your health insurance plan. What new-baby coverage is there? You might want to consider what is covered, and what isn't and whether or not that is enough for your comfort level.
3) Moving Day
Moving to a new home is a very exciting, and often stressful, time. If you are buying, we will need to secure coverage for both the home itself and your belongings inside. And if you're renting, you may need to adjust some of the coverage on your belongings since most of us have a tendency to redecorate when we move to a new home.
Secondly, auto insurance rates are often based in part on zip code. Depending on how far you'd moved, your auto rates may shift. Give us a call and while we update your home insurance we can adjust your auto insurance to reflect your new address.
And as a final note of common sense, make sure you change your mailing address on all your insurance policies...and the other important things in your life.
For more information and tips on when to re-evaluate your insurance after life events, visit the research center on our website: www.mcdonaldmcgarry.com/research-center
. And, of course, you are always more than welcome to call our office!