It’s Time to Reevaluate Your Insurance Needs

Life is a Highway Part 1

At key moments in life, it is a good idea to revisit your insurance needs and make sure that you have the best coverage for the best price.

In life, it is quickly visible that we do not all take the same path. Some people choose to go to college, some choose to start a family, and some choose to get straight to work. At some point in life, we all find the path that perhaps leads us to buying a car, owning a home, or starting a family. It is helpful to be informed that these key moments can affect your insurance policy. To make sure you are keeping up with your insurance needs here is a helpful road map!

Buying a car

Before you go and purchase a car, carefully consider these three types of auto insurance. First, California law requires that every driver have liability insurance, this insurance will cover you if you are at fault and cause an injury or property damage in an accident. Second, collision and comprehensive insurance, this will help you pay for the amount of damage done to your vehicle. Lastly, the UM/UIM coverage helps with the expenses of you and your passengers if in an accident and the other person, who is at fault, is either uninsured or underinsured.

Renting an Apartment

When you go to rent an apartment, usually the landlord provides insurance, but for the building only. It is a good thought to get renters insurance in case of fire, theft, or someone is injured at your apartment or you injure someone else elsewhere.

Getting Married

Here is the perfect time to revisit your insurance needs. After getting married consider bundling with your spouse on home and auto insurance for a multi-policy discount. It is also a good idea to look at a rider policy, for insuring items that your homeowner’s policy may not cover, such as your engagement ring. Also, be sure to look at your life insurance policy and ensure that for you and your spouse have the correct coverages and beneficiaries listed.

Buying a home

When you buy a home, most mortgage companies will not fund your loan until you show proof of homeowner’s insurance. A must for homeowner’s insurance is to have cost coverage, this will ensure that your home can be rebuilt from the ground up if necessary. Depending on the location of your home, it is good to consider flood and/or earthquake insurance. One last thing to consider is to purchase additional life insurance, with the large debt now incurred from your home loan, if your spouse passed away you would be able to stay in the home.

Having a Baby:

Having a baby can be the perfect time to revisit your insurance needs. Check back in with your insurance company to make sure that with your new addition to the family your coverages are up to date.