Life Events Can Impact Your Insurance Needs

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life events

As we age and reach different milestones in our lives, our insurance needs change. In order to ensure adequate coverage, contact John Scott Insurance Agency.

Are you affected by one of the following life events?

New Home Ownership – purchasing a new home is a big investment – one that you will want to protect. After purchasing a home, ensure you have homeowners insurance. This protects against things like fire, weather damage, theft, vandalism and accidental damage. This advice also holds true if you are buying a new condo or vacation home.

Home Renovations – once you own a home you may want to make updates to create a better living space. Be sure to report major home improvements to us to protect any increased value to your home.

Protecting Your Children’s Future – having or adopting children is not only a huge life change, but also a major financial commitment. As such, it’s important to purchase the right policy to secure your child’s future. Add your children as beneficiaries on any life insurance policies, and make sure your coverage is sufficient.

Teenage Drivers – teen drivers often carry the highest risk of auto accidents. While you want your teen driver to remain safe on the road, costly accidents can happen without warning. Consider adding your teen driver to your auto policy, as it is generally cheaper than purchasing a separate policy.

Retirement – when you retire, you may change residences. If you have more than one home, this is a good time to let us know where you plan to spend your time.

Valuable Item Purchases – a standard homeowners policy has limited coverage for highly valuable items. Supplement purchases and gifts that exceed the policy’s limits with a floater – a separate policy that provides additional insurance.

Marital Changes – when your marital status changes, so do your insurance needs. Marriage typically leads to the combination of households, vehicles and other property. It is critical to update your insurance policies accordingly. What’s more, life insurance is vital to married couples as it can ease the financial burden in the event of an untimely death of a partner. Ask about discounts on car insurance for married policyholders.

Business Acquisitions– if you’re an entrepreneur, there will likely come a time when you will either buy or sell your business. During these times of major change, the proper coverage is crucial.

Insurance is critical for nearly every stage of life.  Seeking coverage should be an active process, and you shouldn’t assume your insurance needs remain steady over time .


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