Life changing events infographic

Times to review your insurance

During key life moments, make sure you, your family, home, car and property are protected.

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 weddingexpecting 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:

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

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.

This is only a general description of coverages and is not a statement of contract. Details of coverage or limits vary in some states. All coverages are subject to the terms, provisions, exclusions and conditions in the policy itself, and in endorsements.

The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.

State Farm Mutual Automobile Insurance Company
State Farm Indemnity Company
State Farm Fire and Casualty Company
State Farm General Insurance Company
State Farm Mutual Automobile Insurance Company
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, IL

State Farm County Mutual Insurance Company of Texas
State Farm Lloyds
Richardson, TX

State Farm Florida Insurance Company
Winter Haven, FL

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