What Life Changes Require You to Assess Your Insurance Coverage?  

When was the last time you thought about your insurance coverage? Maybe it’s time to re-examine what you have and make it a point to review it regularly from now on.

We all know that changes are an inevitable part of life, often followed by hectic periods of time. When you have experienced a life event, adding insurance reviews to your checklist of things to do during this time is essential.

Life Events that Impact Your Insurance Needs

You should consider reviewing your insurance when the following life events occur:

• You purchase a new home or property. When you buy a new house or property, it’s essential to make sure you have the proper insurance in place. This could be homeowners insurance, landlord insurance, commercial property insurance or condo insurance.
• You renovate. Once you own property, you may want to make updates to create a better living space. Be sure to report significant home improvements to your insurance company, as these changes will most likely increase the value of your home.
• You have or adopt a child. Having or adopting children is not only a huge life change—it’s also a significant financial commitment. As such, obtaining the correct insurance to secure your child’s future is essential. You may also want to update your life insurance policy by adding your child as a beneficiary and ensuring you have sufficient coverage.
• You have a new driver in your home. New drivers, especially teenagers, often carry the highest risk of auto accidents. Adding a teen driver to your existing policy is typically cheaper than purchasing a separate plan.
• You change residences. If you move, you will need to update your policy with your current address and assess any new risks that may be present in your new location.
• You make a valuable purchase. If a high-value item exceeds the sub-limits specified in your homeowners or renters policy, you may want to consider purchasing additional coverage. This can provide higher coverage limits specifically for valuable items like jewelry.
• Your marital status changes. Marriage typically leads to combining assets, making it essential to update your insurance policies accordingly if you get married or divorced.
• You purchase or sell a business. If you’re a business owner, there will likely come a time when you will either buy or sell off assets. During these times of significant change, the proper coverage is crucial.

Insurance in Cranston , RI

Insurance is critical for nearly every stage of life. Reviewing coverage should be a regular occurrence as insurance needs change over time. Contact Gaulin Insurance Agency to understand your insurance and future needs better.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.