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Insurance needs for major life events

Learn About Insurance Updates You May Need When You Experience Major Life Events


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: Get a professional to give you an idea of 3how much insurance you'll need. You will want 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: 5No driver should run the risk of being uninsured on the road, 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 protects 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.

Return to original article about moments when you should check your insurance.

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