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Times to review your insurance

Insurance protects you, your family and your property, but it can only do its job if it's up to date.

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.

Review insurance policies when:

  1. 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.
  2. 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.
  3. 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.
  4. 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 home insurance coverage to insure you're sufficiently protected.
  5. 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.
  6. 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:

    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.

  7. 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. Start a conversation today with your State Farm® agent about customizing your coverage and keeping your insurance up to date.

Get a quote for term life insurance – if you are interested in additional life products, please contact a State Farm agent. Check out when to have a life insurance update review.

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.





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