Factors that Change Your Insurance Needs

Trying to decide if you need to update your current insurance policy? According an article found on the Insurance Information Institute website, if one or more of these major life events have taken place in your recent past, they could affect how much insurance you need and what your rates will be.

  1. Marriage. Did you recently merge two households? Sign a lease for a new apartment with your spouse? You may need to update your homeowners insurance or renters insurance! In addition, married couples usually qualify for a discount on auto insurance.
  2. Home Renovation. This can cause the value of your home, and the amount of insurance you require, to increase.
  3. A change in your child’s status. Is there a newborn in the family? Protect your new born loved ones with an updated life insurance policy. Did your teenage daughter just start driving? You may need to update your car insurance policy to include her!
  4. Changing jobs. Some jobs provide insurances, like life insurance and disability, and some don’t. If you just switched to a new company, you may be lacking insurance coverage you once had.
  5. Buying a second home. You definitely need to update your homeowners insurance, and possibly flood insurance, depending on the home’s location.

Think you need to update your policy? Contact North American Advantage Insurance Services.