Life Changes: When You Should Talk to Your Insurance Agent

When you
first search for home or auto insurance, you’ll likely work with an insurance
agent. Your agent’s role is to inform you of the coverage options available to
ensure that the things that matter most to you are protected. 

There
are many benefits of utilizing an independent agent for your insurance needs.
Establishing a relationship with an independent agent means someone else is
personally looking out for what it is that you want to insure. Independent
agents can shop your policy, matching your needs across multiple insurance
carriers. They can also help you evaluate discounts to make sure you are taking
advantage of available savings opportunities. 

It is
important to stay in contact with your agent and keep them informed as your
life continues to evolve. If your agent isn’t aware of your life changes, your
insurance policies will not reflect them, potentially leaving you under or even
over insured. Policy renewal can be a great time to regularly check in with
your agent, but feel free to contact them more often if needed. 

Consider
contacting your independent insurance agent when one or more of the following
life changes happen: 

Buy or rent a
new property
When you move or invest in a new home or property, you’ll want to
make sure you are covered. Let your agent know when you’re planning to
move and give them as much information as possible about the new place to
get policy research started. You’ll want your policy to start the same day
ownership transfers to you so that you are covered if any loss happens
from there forward.
Renovate your
home or property
Maybe you make a major improvement to your home like renovating a
bathroom, adding a deck, or even an addition. You’ll want to let your
agent know when these projects are finished because they’ll likely
increase the value of your home, maybe warranting a policy change to
ensure you are covered for that increase in the case of a loss. In
addition, if you own a piece of land and decide to build a garage or cabin
on the land, you’ll want to reach out to your agent.

Getting married
or divorced
Getting married could offer perks like discounts for bundling
policies, having multiple cars on one policy, and more.
You’ll want to have both of your names listed on your policies as well so
that you are both covered. In addition, you’ll want to consider things like
insuring your wedding and engagement rings, creating/updating your home
inventory list, and potentially increasing your personal property coverage if
you’ll be moving in together. In contrast, you will want to let your insurance
agent know if you’re getting divorced so that your policy can be changed to
reflect this.
Install a home
security system
Installing a home security system can provide you peace of mind in
many ways. Knowing your home and your family are safe is one of the
biggest benefits. Another is the potential for a discount on your
homeowners insurance policy. Give your agent a call to discuss what
systems would qualify through your insurance carrier and let them know
once it is installed.

Teen starts
driving
It’s an exciting time when your teen gets their driver’s permit and
starts to hit the road. Don’t forget to contact your agent to add them as
a driver to your auto policy so they are covered if any incidents occur.
Adding your teen will likely increase your auto insurance premium, but it
is crucial in keeping everyone protected in the event of a loss. To minimize
the increase in premium, you’ll want to make sure they take driver’s
safety courses and have good school grades. Both of these things could
qualify you for discounts with many auto insurance carriers. 
Student heads
off to college
When your child leaves for college, you may want to let your
insurance agent know. If they are attending college without a car and
won’t be driving while they are there, depending on the distance from your
home, you may qualify for a discount on your auto insurance policy.

Start a new
business or expand on an existing one
Ensuring your business is properly insured can be crucial to your
success. Whether you decide to operate your business out of your home or have
another building for it, you’ll want to discuss the scope and location of
your business with your agent to make sure every aspect is protected.
Something to take note of is the use of your personal car for business. In
the event of a loss, your claim could be denied if you are found to be
using your car for business without proper coverage for it.
Making a big
purchase
When you choose to invest in something valuable or even if you
inherit something expensive, you should check to make sure your homeowners
or auto insurance policies have limits high enough to cover those items.
In the event of a loss, it would be devastating to find out those
valuables weren’t protected. Your insurance agent will be able to advise
you on whether your current policies could expand to meet your needs, and
if not, they may ask you to consider changing your policy.
Retirement
Retiring can have added benefits that could apply discounts to your
insurance policy premiums. Talk to your agent when you get ready to retire
to learn more about your options. If you’re going to be driving less
because you’ll be home more, let your agent know. Many insurance carriers offer
discounts because driving less decreases your chances of accidents. In
addition, many carriers offer a discount on homeowners policies for
seniors.

Purchasing
a new car
While you’re in the process of purchasing a new car, get in touch
with your agent. They’ll be able to advise you on how much the new vehicle
would cost to insure before you purchase it. Your agent will also talk to
you about different coverage and discount options that could apply if you
purchase a brand new car or even one with more safety features.

The bottom line is that your insurance agent and insurance
carrier are there to support you. When life changes, your insurance policy
probably should too. Don’t hesitate to reach out to them if you are
experiencing any of the events listed above or others. You can also reach out
to your insurance agent to better understand your policy and discuss your
options. Protecting what matters most to you is a top priority to your
insurance team. 

Click the link below to find an insurance agent local
to you and get a free quote today.