Insurance protects you, your family and your home from the unexpected, but it can only do its job if the coverage is up to date. Use the occasion of a major life event to make sure your insurance is still suited to your needs.
Review your insurance annually or during key life changes such as these:
1. Your family configuration changes. If you’re marrying, expecting a baby or adopting a child you’ll want to protect your growing family with adequate life insurance and disability income insurance.
Losing a family member through death or divorce should also prompt a policy review. Remember to change the beneficiary designations on your existing policies as needed.
2. Your children grow up. When you have a new teen driver, adequate auto insurance is a must. Your agent can tell you about discounts that may be available. If your student is leaving for college or has recently graduated, it’s a good time to consider personal property, liability and renters insurance for the new living arrangements.
3. You’re planning a move. Whenever your address changes, reassess your homeowners insurance to make sure the new property is adequately protected. An impending move is also a good opportunity to update your home inventory — whether you’re adding items such as new furniture or scaling back for a move to a smaller home. Even if your address doesn’t change, review your coverage when you add rooms to or significantly renovate your current home.
4. You’re starting a business. Whether you’re going to rent office space or open a home-based business, include a thorough insurance review in your start-up plans. Depending on the size of your operation, you may have to consider property and liability, commercial vehicle and workers’ compensation coverage, as well as a health care plan for employees. If you’re a sole proprietor working from home, be sure to review your homeowners plan to see that your business and equipment are fully covered.
5. You need health insurance options. In today’s rapidly changing health care environment, protecting your family’s health can be a challenge. If your current plan is up for renewal or if you’ve been downsized and need brand-new coverage, take the time to compare plan features against your family’s current or anticipated needs.
Whether you have an impending life event or it’s just been awhile since you reviewed your coverage, contact your insurance agent for assistance.Information provided by Eric Schepers, State Farm Insurance, 516 Nile Kinnick Drive S., Suite A, 993-3482.