Eight Life Changes that Might Affect Your Insurance Coverage 

What’s happened in your life in the past year? Any big changes – like getting married, moving or having a baby? If so, you might want to review your insurance coverage and make sure you’re fully protected. Too little coverage, you could pay for it later. Conversely, too much and you’re spending more than necessary.  

If you answer “yes” to any of these eight questions, plan to schedule a checkup of your policies. You should also consider talking to a Long & Foster Insurance agent, who’ll evaluate your current policies – even if they’re with an outside company – and help you find the best coverage for your needs.  

Have you gotten married or divorced? You may qualify for discounts if you and your spouse combine insurance policies. You may also need added coverage for jewelry or household goods or life insurance coverage. If you divorced, you should inform your insurer as you will need to set up separate auto and homeowners’ policies. 

Have you had a baby? If you have recently added a child to your family, whether by birth or adoption, it is important to review your life insurance and disability income protection. 

Did your teenager get a driver’s license? It is generally cheaper to add your teenagers to your auto insurance policy than for them to purchase their own. If they are going to be driving their own car, consider insuring it with your same insurance company to get a multi-car discount. 

Have you switched jobs or experienced a significant change in your income? If you had life and disability insurance through your former employer and your new employer does not provide equivalent protection, you can replace the “lost” coverage with individual policies. 

Have you done extensive renovations on your home? If you made major improvements to your home, you risk being underinsured if you don’t report the changes to your insurance company.  

Have you acquired any new valuables such as jewelry or electronics? A standard homeowner’s policy offers only limited coverage for highly valuable items. If you purchased or received gifts that exceed these limits, consider supplementing your policy with a “floater,” a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss. 

Have you signed a lease on a house or apartment? If you are renting a home, your landlord is responsible for insuring the structure of the building, but not for insuring your possessions. 

Have you retired? If you commuted regularly to your job, then in retirement your mileage likely plummeted. If so, you should report it to your auto insurer because it could significantly lower the cost of your premiums.  

As always, the team at Long & Foster Insurance is here to help you evaluate your coverage and make sure you have the best protection for your needs. Contact your office’s insurance representative for more information or call 1-866-275-4534.