Times to review your insurance
Insurance helps protect you, your family, your home, your car and your property from the unexpected. But, it can only do its job if the coverage is up to date. Review your insurance coverage to help ensure it is there when you need it. There are key times during the year to review your home, renters and auto insurance. This is also a good time to examine your need for products such as life insurance or umbrella insurance.
Review insurance policies when:
Your current insurance policies are about to expire
If your home, auto, life or health insurance policies are about to expire, make time to meet with your agent. As your needs change, so should your coverage. Your agent can help you review what you want to protect and what you may need.
Your family status changes
Planning a wedding, expecting a baby or adopting a child? You'll want to help protect your growing family with adequate life insurance and disability income insurance. Losing a family member through death or divorce also should prompt a policy review. Remember to review and change the beneficiary designations on your existing policies, as needed.
Your children have matured to driving age
When you have a new teen driver, adequate auto insurance is a must. Your agent can perform a car insurance review and look at options with you. Whether your child is leaving for college, or has recently graduated, it's time to consider renters insurance. Personal property and liability protection are typically provided under renters insurance. Discuss with an agent the amount of coverage needed to help protect your child's new home.
You move or remodel your house
When you make upgrades, the replacement cost of your house will likely increase. If you move and downsize your home, you may be over-insured. If you move into a larger home, you may be under-insured. In all three instances, you may want to contact your agent for a home insurance review to help ensure you're sufficiently protected.
You're starting a business
Whether you're renting office space or opening a home-based business, include a thorough insurance review in your start-up plans. Depending on your operation's size, you may have to consider property and liability insurance as well as commercial vehicle insurance. If you have employees, you may also need workers' compensation coverage and a healthcare plan. If you're working from home, review your homeowners plan to see that your business and equipment have coverage.
Your employment status changes
In today's rapidly changing healthcare environment, protecting your family's health can be a challenge. Here are three examples:
- Your current healthcare plan is up for renewal.
- You've started a new job.
- You've been downsized and need brand-new coverage.
In each instance, it's important to take the time to compare plan features against your family's current or anticipated needs. Also, consider disability insurance to help protect against disabling illnesses and accidents.
You've decided to retire
In prepping to retire, make sure you know how your employer handles health insurance coverage once you're Medicare eligible. For out-of-pocket costs not covered by Medicare, supplemental coverage may help.
These are just a few times when you'll want to review your insurance policy. Schedule a conversation today with your State Farm® agent about customizing your coverage and keeping your insurance up to date.
Life event: Marriage
- Insurance needs: Obtain life insurance
- Why: Life insurance helps ease potential financial burdens after your partner's death by helping you cover bill payments and other expenses.
- Did you know: 142% of Americans said their household would face financial hardship within six months should the wage earner die unexpectedly.
Life Event: New Home
- Insurance need: Obtain homeowners insurance
- Why: A new home is a big investment, and 2homeowners insurance will help protect it from things like fire, weather damage, theft, vandalism, accidental damage and more.
- How: Talk to an insurance agent to give you an idea of 3how much insurance you'll need. It is a good idea to insure your new home for 100% of its estimated replacement cost — not market value.
Life Event: New Baby
- Insurance Need: Increase life insurance
- Why: Having a baby is just the start of a huge financial commitment - increasing your life insurance will help you feel more secure about your baby's future should you or your partner pass away unexpectedly.
- Did you know? According to the U.S. Department of Agriculture, 4it costs $233,610 to raise a child to age 18.
Life Event: Teen Driver
- Insurance Need: Increase auto insurance
- Why: 5It isn't a good idea to run the risk of being uninsured, teens included - especially since this group is the most at-risk for getting into car accidents.
- Did you know? Adding a teen driver to your auto policy may raise your rates, but costs may drop gradually as your teen gains more experience behind the wheel.
Life Event: New Business
- Insurance Need: Obtain business insurance
- Why: Running any kind of business — from a storefront to a one-person operation — means you can be at risk for a lawsuit. 8Business insurance can help protect against large costs associated with legal fees, settlements and more.
- How: Your State Farm® agent will help you determine the kind of coverage your business needs.
