Insurance coverage can ease financial hardship when life gets complicated, unpredictable, and expensive. For that reason, you should review and adjust your coverage regularly. But when and why to review? Here are a few suggestions.
Life stages can be triggers. If you are:
- a young person just starting out, it may be time to look at renters and auto insurance (if you own a vehicle). You may be able to bundle these for a better rate.
- getting married, adjust auto, homeowners, and health insurance coverage to protect you and your spouse. Think about life and disability policies in case tragedy should strike.
- setting up a household with a domestic partner, know that insurance needs often are different from those of married couples. Talk to your agent to make sure you are both covered in case of a loss.
- in an established family, your assets likely have grown. Review coverage of personal possessions and replacement values as well as life insurance to cover debts. Make sure you are not overinsured. If children are heading to college, review health, renters, and auto coverage.
- retired or become a senior, check for homeowners policy discounts. Compare auto policies--premiums may rise for seniors. Your financial portfolio also might indicate that it's time to evaluate annuities.
To understand your insurance benefits, educate yourself, and use your insurance agent. He or she is there to help clarify the policy and any unanswered questions you may have.Click here
for more on when and why to review your insurance policies from Home & Family Finance.