Life Changes: When You Should Talk to Your Insurance Agent

When you first search for home or auto insurance, you’ll likely work with an insurance agent. Your agent’s role is to inform you of the coverage options available to ensure that the things that matter most to you are protected. 

There are many benefits of utilizing an independent agent for your insurance needs. Establishing a relationship with an independent agent means someone else is personally looking out for what it is that you want to insure. Independent agents can shop your policy, matching your needs across multiple insurance carriers. They can also help you evaluate discounts to make sure you are taking advantage of available savings opportunities. 

It is important to stay in contact with your agent and keep them informed as your life continues to evolve. If your agent isn’t aware of your life changes, your insurance policies will not reflect them, potentially leaving you under or even over insured. Policy renewal can be a great time to regularly check in with your agent, but feel free to contact them more often if needed. 

Consider contacting your independent insurance agent when one or more of the following life changes happen: 

1. Buy or rent a new property
   When you move or invest in a new home or property, you’ll want to make sure you are covered. Let your agent know when you’re planning to move and give them as much information as possible about the new place to get policy research started. You’ll want your policy to start the same day ownership transfers to you so that you are covered if any loss happens from there forward.
   
   
2. Renovate your home or property
   Maybe you make a major improvement to your home like renovating a bathroom, adding a deck, or even an addition. You’ll want to let your agent know when these projects are finished because they’ll likely increase the value of your home, maybe warranting a policy change to ensure you are covered for that increase in the case of a loss. In addition, if you own a piece of land and decide to build a garage or cabin on the land, you’ll want to reach out to your agent.
   
   
3. Getting married or divorced
   Getting married could offer perks like discounts for bundling policies, having multiple cars on one policy, and more. You’ll want to have both of your names listed on your policies as well so that you are both covered. In addition, you’ll want to consider things like insuring your wedding and engagement rings, creating/updating your home inventory list, and potentially increasing your personal property coverage if you’ll be moving in together. In contrast, you will want to let your insurance agent know if you’re getting divorced so that your policy can be changed to reflect this.
   
   

4. Install a home security system
   Installing a home security system can provide you peace of mind in many ways. Knowing your home and your family are safe is one of the biggest benefits. Another is the potential for a discount on your homeowners insurance policy. Give your agent a call to discuss what systems would qualify through your insurance carrier and let them know once it is installed.
   
   
5. Teen starts driving
   It’s an exciting time when your teen gets their driver’s permit and starts to hit the road. Don’t forget to contact your agent to add them as a driver to your auto policy so they are covered if any incidents occur. Adding your teen will likely increase your auto insurance premium, but it is crucial in keeping everyone protected in the event of a loss. To minimize the increase in premium, you’ll want to make sure they take driver’s safety courses and have good school grades. Both of these things could qualify you for discounts with many auto insurance carriers. 
   
   

6. Student heads off to college
   When your child leaves for college, you may want to let your insurance agent know. If they are attending college without a car and won’t be driving while they are there, depending on the distance from your home, you may qualify for a discount on your auto insurance policy.
   
   
7. Start a new business or expand on an existing one
   Ensuring your business is properly insured can be crucial to your success. Whether you decide to operate your business out of your home or have another building for it, you’ll want to discuss the scope and location of your business with your agent to make sure every aspect is protected. Something to take note of is the use of your personal car for business. In the event of a loss, your claim could be denied if you are found to be using your car for business without proper coverage for it.
   
   
8. Making a big purchase
   When you choose to invest in something valuable or even if you inherit something expensive, you should check to make sure your homeowners or auto insurance policies have limits high enough to cover those items. In the event of a loss, it would be devastating to find out those valuables weren’t protected. Your insurance agent will be able to advise you on whether your current policies could expand to meet your needs, and if not, they may ask you to consider changing your policy.
   
   
9. Retirement
   Retiring can have added benefits that could apply discounts to your insurance policy premiums. Talk to your agent when you get ready to retire to learn more about your options. If you’re going to be driving less because you’ll be home more, let your agent know. Many insurance carriers offer discounts because driving less decreases your chances of accidents. In addition, many carriers offer a discount on homeowners policies for seniors.
   
   
10. Purchasing a new car
    While you’re in the process of purchasing a new car, get in touch with your agent. They’ll be able to advise you on how much the new vehicle would cost to insure before you purchase it. Your agent will also talk to you about different coverage and discount options that could apply if you purchase a brand new car or even one with more safety features.
    
    

The bottom line is that your insurance agent and insurance carrier are there to support you. When life changes, your insurance policy probably should too. Don’t hesitate to reach out to them if you are experiencing any of the events listed above or others. You can also reach out to your insurance agent to better understand your policy and discuss your options. Protecting what matters most to you is a top priority to your insurance team. 

Click the link below to find an insurance agent local to you and get a free quote today.