5 Life Milestones That Affect Your Insurance Coverage

Life is constantly happening all around us. Engagements, marriage, children, divorce, death. Life comes with some amazing and scary moments and the last thing on anyone’s mind is, how will this impact my insurance coverage? Well, you’d be surprised.

Check out these 5 life milestones that affect your insurance coverage:

• When you get engaged, the first things you think about are setting a date or finding a venue…not updating your insurance policy. But that’s one of the first things you should consider. Your rings are sentimental items that you more than likely spent some good money on, so you should make sure they are properly covered. A basic insurance policy does not cover a lost ring but there are a couple of different special coverage options which can be added at a minimal cost and can provide additional coverage for your new bling (do people still say bling?).
• If you and your significant other move in together, you want to make sure you’re both listed on a Homeowners or Renters policy, even if you aren’t married. Should you get married and change your name, you’ll want to update that on your policy as well. You’ll also want to consider special coverage for your wedding “blings” (that’s how you say it right?).
• If your child is of driving age, you’ll need to speak with your agent about adding them to your policy. If they’re driving your car or their own, this could also impact coverage. Your agent will be able to walk you through all of your options. The last thing you want to happen is for your teenaged driver to get in a car accident before they’re named on your policy. If that were the case, the entire family could be in a world of hurt.
• When a couple gets divorced, not only should one or the other be taken off of the policy, but some of that person’s belongings might need to be removed as well based on the divorce agreement. Time and time again, we’ve seen couples go through a messy divorce and forget to update their insurance policy, and when a loss occurs a fight ensues over the settlement or the items that were lost, stolen, or damaged. It’s never pretty. If you’re going through a divorce talk to your insurance agent immediately.
• The last big life event that will affect your insurance coverage is death. You’ll want to have a discussion with your agent about not only removing the deceased person’s name from the policy but also what coverage changes may need to occur. Say it’s your spouse, for instance, if you don’t plan to keep their vehicle, you’ll want to have it removed from your policy after you sell it. That’s just one example of the many things you may have to consider. It’s not typically top-of-mind when a loved one passes away, but it’s important that you speak with your insurance agent as soon as possible.

Life throws us curveballs from time to time. Luckily, our independent insurance agents are in our corner and ready to jump in to help when we need them. Whether you’re going through an exciting or devastating change, you can count on them to make sure you have the appropriate insurance coverage for your circumstances.

Disclaimer: This is a general interpretation of processes and coverage. All claims are subject to Insuring Agreements, Endorsements, Exclusions, Terms, and Conditions of the Policy.

Have any questions about what you just read? Please contact your Independent Insurance Agent or email us at socialmedia@psmic.com!