Often major life events like marriage, divorce, the birth of a child, children heading off to college, or even the death of a loved one can trigger a need for a change in your personal insurance coverage. Let us look at few of the life events that can affect your personal insurance.
Change in marital status creates a need to update your auto insurance. If you have a new person living in your household, your auto insurance will need to reflect that change.
Children heading off to college in another city also create a need to update your auto insurance, especially if they are taking a vehicle to college with them. In addition, your homeowner’s insurance should be updated if your student is taking any personal property to college such as a television, computer, or other items.
If you are newlyweds, you will need to update your homeowners or renter’s insurance to reflect new policyholder information as well as the replacement value of your personal property. If you have renter or homeowner’s insurance now, and you and your spouse or partner combine households, you are automatically covered by the existing policy. However, it is still important to call your agent.
When there are changes in marital status, it is essential to update your health, life, and disability coverage. There may be new names that need to be added or removed as beneficiaries.
When children start arriving in your home, it is essential to consider updating your life insurance to reflect the additional expenses necessary to manage the household in the event the primary breadwinner is gone.