When major events happen in your life, it’s likely that insurance isn’t your main concern (just taking a wild guess). But that doesn’t mean it isn’t important to check your various policies — especially after certain milestones — to make sure you’ve still got adequate, reliable coverage at a nice price.
To help make sure your insurance is keeping up with your life, here are a few important times to review your policy.
1. You’re getting your first apartment
Ah, sweet relief — the last box is unpacked and it’s time to put your feet up and relax in your new apartment. There are few better feelings than newfound freedom in a place of your own. Even better, though? Knowing your precious belongings — whether clothes, jewelry, furniture, television, or pretty much anything else you own — are protected.
That’s where renters insurance steps in to protect your stuff from theft, vandalism, fire, and a bunch of other hazards. It can even safeguard your belongings while you’re away from home, like if your phone gets stolen from your car or your laptop gets swiped from your suitcase.
And as you acquire more goodies for your new place, check your policy to make sure your coverage limits are still high enough to repair or replace your valuables if life ever takes a turn for the worse.
2. You’re adopting a pet
Some of us get human roommates while others prefer those of the four-legged variety. If you couldn’t resist Fido’s fuzzy face or Felix’s feline charm, that’s completely understandable. But you might want to look into pet insurance for your new companion, which can help pay for vet exams, dental treatments, surgeries, prescription medications, and more. Plus, getting them covered early on will usually save you some major cash over the life of the policy.
If you already have pet insurance and are looking to bring home a new furry friend, ask your insurer beforehand if your plan covers the species and breed you’re leaning toward.
The same can be said for your renters coverage — always double-check that your new comrade’s a permitted breed under your plan in order to avoid potential coverage conundrums down the line.
3. You’re getting married
Congratulations! And may we suggest taking a gander at a few of your insurance policies?
Car insurance: Whether you’re insuring multiple cars on the same policy or simply getting car insurance together as a married couple (and in some cases, a domestic partnership), you could score some big savings.
Life insurance: If you don’t already have life insurance, now would be a good time to look into the benefits. Since you never know what tomorrow may bring, it’s important to financially safeguard your loved ones if you can’t be around to protect them.
Health insurance: Some companies offer better rates for married couples who pair up on the same health policy.
4. You’re getting promoted
Anytime you experience a change in income, it’s a good idea to review any insurance policies in your name. A few questions to ask include:
- Can I increase my insurance coverage limits for additional financial protection?
- Can I lower my deductible so I don’t incur as much out-of-pocket cost if I ever need to make a claim?
- Can I increase my contribution toward my life insurance policy’s cash accumulation fund in order to boost savings?
- Does my new job or title earn me any discounts or additional opportunities to save money on my premium?
It’s always wise to carry the highest coverage limits you can comfortably afford, so don’t hesitate to ask a licensed insurance agent for help with managing your policies.
5. You’re expecting a baby
Starting a family can be incredibly exciting — and often equally as hectic. Before the stork arrives, touch base with your health insurance company to help you decide on doctors, clinics, and procedures covered by your plan. They can also help you estimate any potential out-of-pocket expenses, explain your deductible (assuming you have one), and so much more.
And if you want to help send your little one to college someday, a life insurance policy that incorporates a cash accumulation fund is a great way to set aside money for your child’s future. Since life insurance can be pretty complex, it’s a good idea to speak to an agent to secure a policy that fits your family’s needs.
6. Your teen’s getting a drivers license
So your kid’s finally getting that first set of wheels (or at least the legal ability to drive some). A licensed agent can help you gauge what coverages and limits are often recommended when adding your child to your policy. Plus they can look into additional discounts you might be eligible for, like savings for your teen’s good grades.
Bonus tip? Check whether or not your health plan covers injuries related to car accidents, just in case. If not, you may want to look into adding medical payment coverage to your car insurance for extra protection in the event of an accident.
7. You’re buying a house
Definitely one of the larger material investments you’ll make in your lifetime, buying your own home comes with a host of benefits (on top of living the American dream, of course).
Homeowners insurance is pretty darn important too. Though you can legally own a home without buying homeowners insurance, it’s generally not the best idea. Not only is the coverage required by most mortgage companies, but it’s also the best way to protect your new purchase — and the stuff inside of it.
Coverage for your home helps protect not only the structure itself, but also your beloved belongings from mishaps like fire, damage from wind and hail, burglary, falling objects like tree branches, and more. A homeowners policy can also offer liability coverage, medical payment coverage if a guest’s injured on your property, and protection for detached structures such as carports and storage sheds.
After you’ve got that home insurance on lock, check in with your car insurance company too. There’s a good chance you could save some cash for being a card-carrying homeowner and an even better chance if you insure both your ride and your home with the same company.
And if you’ve got some large-scale investments or simply want additional monetary protection after you’ve maxed out the coverage limits on your other insurance policies, you may want to look into umbrella insurance.
We’re here to help every step of the way
Whether you bought a new car or lost 10 pounds, became a homeowner or quit smoking, got married or caught all the green lights — it’s these victories, big or small, that make life sweet. And life can be even sweeter if you know when to review your insurance to ensure you’re properly prepared for wherever your journey takes you.
At Esurance, we like to lend a helping hand from the get-go with a wide range of product options like dependable car, motorcycle, renters, and homeowners coverage in addition to a fleet of top-notch partner companies for virtually all your other insurance needs. You can even compare free online quotes to be sure you’re getting the most bang for your buck, plus innovative tools like Coverage Counselor® can help you tailor coverages specifically to your lifestyle.