Being completely honest, the only time most people think about talking to their insurance agent is if they get into a car accident or if they know they need to renew their policy. However, there are a considerable number of changes in your life that will require you to make a phone call to your insurance agent, many of which can reduce your rates. Here’s 13 of them:
1. You’re getting married or divorced:
Tying the knot comes with many changes that need to be made to your insurance, including consolidating auto policies, making sure your significant other is properly protected under your life insurance policy, and protecting that pricey engagement ring. Additionally, a divorce will require changes as well.
2. You’re having a baby
It’s the best thing that’s ever happened to you. Make sure your little one is well protected under your life insurance policy
3. You’re moving or buying a new car:
This one’s kind of a given, but during the stressful home or car buying and moving process, you may have forgotten to call your insurance agent. A new home or car equals new insurance.
4. You’re starting a new job:
A higher salary might mean that you need to get extra life insurance protection for your loved ones. If applicable, you will also want to discuss the life insurance that is offered through your new job.
5. You’re switching mortgage/auto lenders:
Having your old lender listed on your policy can make claims payments confusing.
6. You have a child going away to college:
Your agent can tell you what’s covered when your child is away from home and there may also be changes in your insurance. If you cosign a student loan your agent can also tell you about life insurance for student loans.
7. You’re making home renovations:
If you have guaranteed replacement cost coverage, you’re probably required to report any major home renovations/improvements. Otherwise, adding on to your home may require you get a higher limit on your homeowners policy to make sure everything’s protected.
8. You’ve decided to start your own business:
If you’re starting a new business, it’s essential to get it covered. Some important types of business insurance include: general liability insurance, property insurance, workers’ compensation insurance, commercial auto insurance, management and professional liability insurance, and business income insurance.
Even if it’s a small business and you’re working from home, you may still need additional coverage to make sure everything is protected.
9. Your home is vacant or being rented out:
A vacant home is at a greater risk for vandalism, theft, and other perils and your policy is based on the lower-risk assumption that it is occupied. If your home is unoccupied for 60 or more days and you do not contact your insurance agent your policy could be voided. If your home is being rented out changes will need to be made to your policy as well.
10. Someone new has moved into your home:
If someone new moves into your home and they are not listed as insureds on your policy they might not have liability or personal property coverage in the event of a covered loss.
11. Your teen just started driving:
If you have a teen who’s about to get behind the wheel, you’ll need to add him/her to the policy. Unfortunately, due to inexperienced drivers being more likely to cause accidents, this can increase the cost of your policy. Thankfully, many insurance companies offer good student discounts.
12. You just bought a new dog:
If you just bought a new dog, it’s important that you call to get liability coverage in the event of a dog bite. You also need to be fully honest about the breed as well, as it is a key factor in determining whether the dog is insurable.
13. You have recently bought a lot of expensive personal property:
Certain types of personal property need special property coverage if they exceed the limits of standard personal property coverage. This can include:
jewelry
art
guns
collectibles (ex. baseball cards)
antiques
furs
silverware