Insurance Considerations For Important Life Stages

Different stages of life may require adjustments in the types of insurance you carry and your policy limits. Depending on where you are in your life, you may want to take varying steps to protect yourself and your family from potential losses and damages.

Here is a breakdown of some of the more common times in life when changes in your insurance might be necessary:

College

The primary decision will be whether to take out renters insurance to protect your child's belongings while away at school. The National Association of Insurance Commissioners, a group devoted to assisting insurers and consumers, states students living in dorms and under the age of 26 years old are often protected withintheir parents' homeowner insurance policy.

On the other hand, if the student lives in an apartment, taking out a policy is recommended. The NAIC points out that policies can be relatively inexpensive and well-worth the upfront cost to protect personal property against theft and loss.
The nonprofit association also notes that liability coverage might be a smart add-on to the renters insurance, as this can mitigate the potential risks of visitors getting injured in the apartment.

Marriage

Before you get married, you will want to make sure you have the right coverage, as well as the most efficient approach to insuring you and your spouse ahead of the wedding date. For example, if you are purchasing a diamond engagement ring or expensive wedding ring, it might be the first jewelry you have owned that needs specific coverage.
Most homeowners policies have coverage limits for these items that might be below their replacement values, meaning that you might want to speak with your independent agent about the need for a personal articles floater specifically designed to cover items like rings and other jewelry. What's more, if you will share automotive insurance, you may want to ask your agent about switching your individual policies to a single policy as soon as you live at the same residence. DMV.org, a website devoted to consumer education, points out that married couples typically enjoy lower rates on car insurance.

Purchasing a new home

A new home, whether more valuable than a previous one or the first one you purchase, can significantly increase your total assets. In the event of a liability lawsuit, all of your possessions can come under fire, meaning that this would be a good time to re-examine the total value of your combined assets and increase your liability insurance limit accordingly.

All of these matters can be highly difficult to navigate alone. For information on coverage, visit The Insurance Centers site or contact Zita Santos-Martinez at 732-832-4132 to #rethink your approach to personal insurance.

Photo and article courtesy of Selective Insurance Group