One thing in life that is guaranteed…life changes! Even small changes can turn to big ones over the course of time, and you need to embrace life’s changes as they come. Whether you are buying a home, getting married, or divorced, you need to realize those changes can coincide with some financial obligations too. Now what does that mean for your insurance needs? Just remember, as your life changes, so might your insurance. Read on to find those life changes to tell your insurance agent about.
Common Life Changes to Communicate with Your Agent, but Not Limited to:
There are certain times in your life that you should communicate with your local Alabama independent insurance agent to ensure all your insurance needs are adequate and specific to your unique situation. Below are some typical life changes that should be communicated:
Major Renovations or Additions to Your Home- If you decide to finish your basement and spend $50,000 on the project, it is recommended you notify your local independent insurance agent immediately so that he/she can make the necessary coverage adjustments to reflect the home improvement. Otherwise, if you experience a covered loss to your home, you may find you are underinsured.
Marital Status Change- If you are getting married, you will need to let your agent know so you can get the right type of life insurance for your new spouse or purchase an add-on coverage for your engagement ring (should it get lost or stolen). Also, there may be changes to the names on the homeowners policy and/or auto policy. Divorce is another situation that should be reported to your agent. Removal of names on home/auto policy, along with deleting listed driver(s), etc.
Moving- If you are changing homes, a first-time home buyer, or renting an apartment, it is wise to notify your insurance agent to ensure adequate insurance protection.
Changing Employers- Many employers offer some life insurance protection, but many people prefer additional protection. If your new job comes with a change in salary, your insurance agent can provide extra life insurance protection so that if something catastrophic happens to you, then your loved ones will be fully protected.
Having a Baby- If you are adding to your family, it may be time to reevaluate your life insurance policy. Having an additional family member may mean you need to increase your life insurance coverage.
Starting a Business- Regardless of the size, big or small, you need to let your insurance agent know in order to get the right type of business insurance policy suited to your specific business needs.
Buying a Car- Whether its new, additional, or a replacement, you need to let your insurance agent know. Your agent may need to add the car to an existing auto policy as an “additional” vehicle or replace the car on the policy with the new one. Your agent will make any necessary amendments to reflect your current auto insurance coverage. Also, you may have a new lender for the auto just purchased, so that would need to be conveyed as well.
Buying a Boat- If you are purchasing or purchased a boat, it is recommended you let your agent know as to ensure you get the right type of boat insurance for your specific boating needs.
If none of the above scenarios fits you right now, it is still a good idea to check in with your agent approximately every year for a coverage/insurance review of sorts just to make sure you are being adequately protected. Call our offices at Burkett & Associates if you have any questions or concerns and we will be here to assist you all the way with all your Alabama insurance needs! Don’t wait! Call us today at 256-704-7400.
