• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
 
CALL US AT 352.332.0180
Home
  • Home
  • Get A Quote
  • Customer Service
  • What We Offer
    • Auto Insurance
    • Business Insurance
    • Commercial Auto Insurance
    • Contractors Insurance
    • Home Insurance
    • Renters Insurance
    • Boat | Motorcycle | RV
  • Blog
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Us
    • Location Map
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Auto Insurance PERSONAL AUTO
Auto Insurance COMMERCIAL AUTO
Homeowners Insurance HOME
Business Insurance BUSINESS
Toy Insurance TOYS
Contractors Insurance CONTRACTORS
Home > Blog > Keep Insurance Updated with Major Life Changes and Purchases
FRIDAY, AUGUST 9, 2019

Keep Insurance Updated with Major Life Changes and Purchases

Keep Insurance Updated with Major Life Changes and Purchases

As life circumstances change, it is important to review insurance coverage. There are several issues every policyholder should consider when doing this.

Marital Status
Married drivers typically qualify for auto insurance discounts. If couples have two cars, it is usually best to insure them on the same policy. With home insurance, it is important to update coverage, and be sure to consider any new valuables for coverage increases. Life insurance is also an important topic after marriage. Both working and non-working spouses should have life coverage, and this is especially true with couples who have or plan to have children. The death of a working spouse means a loss of income, and the death of a spouse who stays home to care for children means the loss of a care provider and the need to pay for childcare expenses.

Children
People who have children or add more to their family must consider life insurance. It is important to keep the amount updated for future beneficiaries. Also, it is important to consider disability insurance increases with every child added to a family. In the event of the main earner becoming disabled, there will still be adequate income. This is not true if people plan to rely solely on government disability benefits. When children become teens, it is cheaper for parents to add them to their auto policies than to let the teens buy their own coverage. Parents may also qualify for a discount when the teens are away to college or not around to drive for a certain period of time.

Income Changes
People who have disability and life insurance through a former employer can replace that coverage with individual policies. For people who receive an income increase or take on additional financial commitments, it important to review and adjust coverage as needed. In the event of an income decrease, some people wish to cut their premiums. A good choice for this is term life insurance.

Living Changes
Major home improvements call for additional or adjusted insurance coverage. It is important to avoid being under-insured. Be sure to count new structures on the property. Whether it is adding a shed or improving a garage, be sure to report it to the insurance company and make adjustments accordingly. Large purchases such as furniture may also need additional coverage. People who plan to buy a second home should research insurance costs for that home before making a purchase, and flood insurance is a smart choice for homes near water or in flood-prone areas.

Valuables
After purchasing valuables such as fine art, antiques, jewelry, firearms and expensive electronics, it is important to have them properly insured. Standard home insurance policies only offer limited coverage for these items, so it is wise to obtain a separate policy or endorsement for them. All items must be appraised with receipts before doing this.

Renting
People who rent are not protected by the property owner's insurance for the building. While the building itself is covered, the belongings of the renters are not. Purchasing renters' insurance is a smart idea. Renters can choose from insuring their items for actual cash value or replacement costs. Discuss these options with an agent to determine which is best.

Thank you for visiting the Partners Insurance Agency blog. We hope you found our content helpful and informative.

Posted 3:00 PM

Tags: insurance, updating insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016

  • insurance(99)
  • homeowners insurance(44)
  • auto insurance(40)
  • business insurance(29)
  • home insurance(11)
  • boat insurance(8)
  • workers compensation(8)
  • insurance claims(8)
  • liability insurance(7)
  • flood insurance(6)
  • liability(5)
  • additional insured(5)
  • commercial liability insurance(4)
  • d&o insurance(4)
  • umbrella insurance(4)
  • hurricane preparedness(4)
  • commercial auto insurance(4)
  • renters insurance(4)
  • insurance discounts(4)
  • teen drivers(3)
  • vacation rental insurance(3)
  • business owners policy(3)
  • tria(3)
  • small business insurance(3)
  • insurance coverage(3)
  • water damage(3)
  • summer safety(3)
  • workplace safety(3)
  • commercial insurance(3)
  • commerical insurance(3)
  • covid-19(3)
  • uber(2)
  • non-owned auto insurance(2)
  • drunk driving(2)
  • employee fraud(2)
  • terrorism risk insurance(2)
  • business owners insurance(2)
  • insurance liability(2)
  • freezing pipes(2)
  • halloween safety(2)
  • auto accident scams(2)
  • holiday safety(2)
  • natural disasters(2)
  • contractors(2)
  • moving(2)
  • dog liability insurance(2)
  • forced-placed insurance(2)
  • claims process(2)
  • buisiness insurance(2)
  • general liability(2)

View Mobile Version
Facebook
Twitter
LinkedIn
Carriers
logo, company name
text, logo
Carriers
logo
icon
logo, company name
PIA

Resources

Home About Us Get a Quote Customer Service Contact Us
a drawing of a face

Contact Us

icon
  • 4040 W Newberry Road Suite 950
  • Gainesville, FL 32607
  • Office: 352.332.0180
  • Fax: 352.378.5820
© Copyright. All rights reserved.
Powered by Insurance Website Builder