Sometimes it is easy to forget about your Home, Life or Auto policy. You reviewed everything with your broker when you set up the policy but year after year, you continue to pay the premiums and forget to update your policies. Listed below are 5 good times to talk to your broker about renewing your policy.
Moving in Together, Getting Married or Getting Divorced
A change in material status can change your need for life, auto and homeowners insurance. It may be necessary to review your coverage as well as verify or change your beneficiary designations.
Losing or Gaining Family Members
If you’re expecting or adopting a child, you’ll want to protect your growing family with adequate life insurance and disability income insurance. Losing a family member through death or divorce is another life event that may prompt a policy review. Revisit the beneficiary designations on your existing policies whenever the makeup of your family changes, too.
Your Teen Gets a Driver’s License:
When your household adds a young driver, adequate auto insurance is a must. When adding your teen to your policy or asking him or her to purchase coverage, talk to us for multiple vehicles or for a young driver’s good grades.
You make a Major Purchase:
If you buy a home or vacation property, or take on a significant renovation, it’s time to review your homeowners policy. But don’t stop there: When you buy, inherit or acquire items of value, a baby grand piano, say or antique jewelry, check whether these possessions a fully covered by your current homeowners or personal property policies.
You are getting a New Job, Promotion or you are Retiring.
If you recently received a sizeable promotion, been downsized or entered retirement, your income will often be affected. Depending on your circumstances, your broker might recommend increasing your coverage or suggesting more affordable options. If you no longer have a daily commute to an office, the terms of your auto insurance might also change