4 Household Changes that Warrant an Insurance Checkup
While some people may purchase insurance and forget about it, there are actually many different life events that occur that can alter someone’s coverage. From getting a new job to moving across town to tying the knot, insurance isn’t a one-and-done endeavor.
An annual insurance checkup is a smart move by anyone looking to have the most updated coverage. Homeowners insurance, auto insurance, liability insurance and more can all be affected by various life events. To help stay on track, you should do an annual checkup around the same time every year and make diligent notes to compare the changes or updates from the previous year.
Here are some life events to consider when going through an insurance checkup.
1. Marriage or Divorce
If you’ve gotten married or recently ended a marriage, an update to your Homeowners insurance is needed. For newlyweds, merging households can offer up discounts to make local coverage, such as household insurance services Norwich, more affordable. It’s important to review your life insurance needs as well, so looking over-dependence on income is important.
On the other hand, if a divorce occurs in the previous year, you will probably no longer need to share the same car or the same insurance. If this is the case, you should make sure to inform your coverage supplier as you will need to set up separate auto and homeowners policies.
2. Changing Jobs
It’s becoming more and more common to change not only your job but your entire career course. Job-hopping is becoming more and more frequent for Americans today, which is making the insurance more active. If your income has increased, you may have taken on more financial commitments that your dependents will need to survive on. Make sure to review your life and disability insurance to make sure it is adequate.
If your income has decreased in a job change, you may want to cut out premiums to your life insurance. While cutting out life insurance is not suggested, you can still find ways to cut out excess coverage and find ways to save money while still being covered.
3. Home Renovations
If you own a home already and have renovated your property in recent months, like adding a new room or enclosing a balcony, you risk being underinsured if you don’t take these changes to your insurance provider. An increase in the value of the structure of the home may require a boost to your current homeowners insurance coverage.
4. New Valuables
A standard homeowners policy offers limited coverage for highly valuable items. If you were gifted (or purchased for yourself) valuable jewelry, for example, you should consider supplementing your homeowners policy with an endorsement, or a separate policy that provides more insurance for your new items. This coverage protects your valuables and covers them from issues not included in a regular homeowners insurance policy.
About Byrnes Agency
At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.
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Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm
Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm
Tags: Byrnes Agency, Home, Home Changes, Home Insurance, Home Insurance Changes, Homeowners Insurance, personal insurance