5 Life Events To Review Your Insurance Policy
Insurance policies aren’t one-size-fits-all, nor is the same policy sufficient for you throughout your life. Whenever you experience a change—marriage or divorce, new children, moving, or another significant event in your life—you need to make sure your insurance policy properly covers you. Aside from your annual renewal, there are a number of events that might require an revision to your current policy. An insurance review is a simple way to give you peace of mind in knowing that your family and your assets are protected.
No matter how your life changes, here are six essential times we recommend you review your policy:
- A new career or lifestyle change — Did you make a career change, have a significant change in income, or retire altogether? Or, are you traveling more or less for work or leisure? Each of these instances alone is enough to require a review of your policy to make sure your coverage is aligned with your new lifestyle.
- Changes to your immediate family — Getting married, divorced, adding a new child to the family, loss of a loved one, a new pet, taking in an in-law or other family member, and sending a child off to college are common life events — and in all the excitement and/or stress of this new change, you may forget to update your insurance policy. If one of these happens in your life, don’t wait until your annual review to double-check your coverage.
- DIY home projects or remodels — If you’ve refinished a basement, remodeled a kitchen, added a pool to your backyard, completed a renovation on your home, or even finished a DIY project yourself around the house, make sure your current home insurance policy is sufficient coverage. Depending on the project, you may even need additional liability coverage if there is an increased risk of injury. Learn more about how rising construction costs may also affect your homeowners insurance here.
- New drivers in the family or new uses of your vehicles — For those with a new driver in the house, you will need to add them to your policy. Similarly, if you’re using your vehicle to be a delivery driver or for another new service, make sure you connect with your local agent and update your policy to reflect these changes.
- Starting a new business — From selling crafts online to offering consulting services out of your home, and everything in between, you will likely need an amendment to your policy. Your standard home insurance policy likely does not cover any loss related to business. You would need to adjust your coverage. Learn more about protecting your home-based business here.
These are some of the most common times to review your policy, but there are also other instances when it would be beneficial to review your policies with your agent. For example, installing a new security system or a rise in the threat of natural disasters in your area. To be on the safe side, we recommend you check in with your agent throughout the year to make sure you’re protected no matter how your life changes.
At Bearingstar we are here to help with your insurance needs. Contact your local Bearingstar agent to review your policy today.