Insurance protects 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 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.
7 key times to consider reviewing your insurance needs, and they are:
- 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.
- If your family status changes - Planning a wedding, expecting a baby, or adopting a child? You'll want to protect your growing family with adequate life 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.
- Once your children have matured to driving age - When you have a new teen driver, adequate auto insurance is a must. Your agent can review 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 protect your child’s new home.
- If 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 want to review your coverage to insure you’re sufficiently protected.
- When 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 are fully covered.
- When 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.
- Once 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, but they are key times. Start a conversation today with your State Farm® agent about customizing your coverage and keeping your insurance up to date.
Because insurance protection is a contract, any coverage descriptions in this article are general only and are not statements of contract. All coverages are subject to all policy provisions, including applicable endorsements.