It’s a good idea to do an occasional review of your auto and home insurance policies; you’ll sleep better at night knowing you are protected against expected surprises if you have a claim. You might also find savings if a traffic ticket falls off your record or you are driving an older vehicle with a decreased value.
If you’ve never had a review, here are seven examples of when you should contact your insurance adviser for one:
- You got married. Newlyweds often pay less for insurance than when they were single. You can also find discounts by combining your autos with one insurance company. You should ask if all those expensive new gifts you received might need extra protection.
- You got divorced. You probably are no longer sharing a vehicle and moved into a different residence. You’ll need to inform your insurance company to set up separate auto and home or renters insurance.
- Your teen got a driver’s permit or license. You need to let your insurance company know if they are driving your vehicles, or if you bought them one. Make sure that you take advantage of good student discounts and additional multi-vehicle savings.
- You bought or inherited valuables such as antiques, fine art, jewelry or other collectables. Your standard homeowners or renters insurance policy provides limited coverage of high dollar items. This is a good time to purchase scheduled personal property endorsements to cover your new valuable possessions.
- You’ve added on to your home or done extensive remodeling. Improvements to your house mean there is more to protect. Contacting your insurance company is a good way to make sure that you have enough coverage. This also applies for a new gazebo, shed or hot tub.
- You’ve gotten your first apartment. You need renters insurance to protect your possessions and to provide liability coverage. Many renters think their landlord’s insurance covers them (it doesn’t) or that they don’t have enough things to cover. Renters insurance is a great value, costing between $15 and $30 per month – compared to the expense of replacing electronics, beds, clothing, bicycles silverware, kitchen and cooking items, etc.
- You’ve retired. This often means you are driving less, which could significantly reduce your insurance costs. Drivers over 55 also often get discounts from their insurance companies and you can further reduce your premiums by completing a driver safety course.
Knowing more about your insurance could save you money on your premiums and heartache if you ever need to make a claim.