When a big change occurs in your life, your insurance agent may not be one of the first people you think to call. However, it is extremely important to keep your insurance policies up to date. After all, what's the point of having insurance if it's not going to properly protect your assets?
To make sure your policies reflect your current lifestyle, we'll need your help. Did you know that most lifestyle changes can affect your insurance policies? The change may save you money, or it might call for an increase in coverage. But, either way, notifying us of the changes below (and any others you can think of) will ensure your money is working for you, since you'll be properly insured.
Check out 10 big changes we should know about below.
1. Changes to your household: We’ll probably need to advise the insurance company if there are any new household members, whether they are a dog, a baby, or a roommate. It’s also important to update your policy if anyone moves out, including your son or daughter going off to college.
2. Home Updates: Have you updated your countertops, floors, or anything else in your house? We’ll want to know so we can ensure the rebuilding cost on your policy will accurately reflect the cost to rebuild your newly updated home. And don’t forget to let us know if you’ve installed an alarm system! Most home insurance policies will be eligible for an alarm discount.
3. New Purchases: Expensive jewelry, expensive bicycles, musical instruments, artwork, and your nice golf clubs can all be scheduled on your home insurance policy to help provide much needed extra coverage.
4. Family Trust: If you have a family trust that is now on the title of your home, let us know. If the trust isn't on your homeowners policy, your trust may not be protected.
5. New garaging address for cars: This may affect your rates (for better or for worse), but it's important to have the correct garaging address for every car on your policy. We've seen insurance companies deny claims when the garaging address on the policy is not where the car is actually garaged.
6. Revised annual mileage for cars: Try to make sure that the estimated annual mileage for all your vehicles is correct, as this may affect your rates. Have you started a new job or retired? Your mileage may be less, which will save a bit of money.
7. Changes within your business: Need more coverage for Business Personal Property? Have your employee or payroll numbers changed?
8. Life Updates: Don't forget to update your life insurance if you've had any significant lifestyle changes, such as change in marital status, having children, buying a new house, or gaining an inheritance. We’ll also want to update your auto insurance to reflect your current marital status and any members of the household. Although this may seem strange, even young children should be listed on most auto policies as excluded drivers.
9. Loan status update: Mortgage or car loan paid off? If so, they don't need to be on the policy anymore. Purchased your leased vehicle? We’ll remove the lease company.
10. Newly purchased recreational vehicles: Motorcycles, boats, Jet Skis, RVs, ATVs, and camping trailers will usually need to be insured on their own policy.
We are always here to review your policies with you. Just give us a call or send us a quick email.