Updating your Insurance

Insurance needs change as circumstances in our lives change, when you go through your insurance coverage, ask yourself, these questions, Have you gotten married or divorced?, So that you can figure out whether you may need to make changes to your coverage(s).

If you have gotten married, you may qualify for a discount on your auto insurance. Couples may bring two or more cars into the relationship and two different auto insurance companies, so review your existing coverage and see which company offers the best combination of price and service.

If you are merging households, you may need to update your homeowners insurance as well. And you may want to consider increasing your insurance for any new valuables received, such as wedding gifts, and for jewelry, such as wedding and engagement rings. After getting married, it is important to go through your life insurance needs. If one spouse is not working, he or she might be dependent on the working spouse’s income; if so, going through your life and disability insurance coverage is wise. The spouse who is not working outside the home should also consider having a separate life insurance policy because, in the event of premature death, the services he or she provides for the household would need to be replaced, and that could prove costly to the surviving spouse.

On the other hand, if you got divorced over the past year, you will probably no longer be sharing a car with your former spouse and have likely moved to a different residence. If this is the case, you should inform your insurer as you will need to set up separate auto and homeowners policies.