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Life Events that Affect Your Insurance Needs

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As we age and reach different milestones in our lives, our insurance needs change. Contact Forest Agency right away if you’re affected by any of the following life events that might affect your insurance needs:

New home ownership

Purchasing a new home is a big investment–one that you’ll want to protect. Before purchasing a home, make sure that you have homeowners insurance to protect against things like fire, weather damage, theft, vandalism and accidental damage. This advice also holds true if you are buying a new condo or vacation home.

Home renovations

Once you own a home, you may want to make upgrades to the property. Be sure to report major home improvements to your insurance company to protect any increased value to your home.

New children

Having or adopting children is not only a huge life change, it’s also a major financial commitment. As such, it’s important to purchase the right insurance policy to protect your child’s future.  Be sure to add your child as a beneficiary on any life insurance policies, and make sure your coverage is sufficient.

Teenage drivers

Teen drivers often carry the highest risk of auto accidents. While you want your teen driver to remain safe on the road, costly accidents can happen without warning. Consider adding your teen driver to your auto policy—it’s generally cheaper than purchasing a separate policy.

Retirement

When you retire, you may change residences. If you have more than one home, this is a good time to let your insurance provider know where you plan to spend your time.

Valuable purchases

A standard homeowners policy has limited coverage for high value items such as expensive jewelry, wine collections, fine art. Supplement purchases and gifts that exceed policy limits with a floater—a separate policy that provides additional insurance.

Marriage

When your marital status changes, so do your insurance needs. Marriage typically leads to the combination of households, vehicles and other property, so it’s critical to update your insurance policies accordingly. Life insurance is vital to married couples as it can ease the financial burden in the event of an untimely death of a partner. Ask about discounts on car insurance for married policyholders.

Purchasing or selling a business

If you’re an entrepreneur, there will likely come a time when you will either buy or sell your business. During these times of major change, the proper coverage is crucial.

Insurance is critical for nearly every stage of life.  Finding coverage should be an active process. You shouldn’t assume your insurance needs remain steady over time. Contact Forest Agency today at 708-383-9000 to better understand your insurance–including the best coverage for your ever-changing needs.

Thanks to our friends at Zywave for providing us with this helpful content.


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