5 Critical Times to Review Your Insurance

5 Critical Times to Review Your Insurance https://learningcentre.statefarm.ca/family/finances/5-critical-times-to-review-your-insurance/ bb3 May 22, 2012

By Staff Writer

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Your life continues to changeóis your insurance keeping up? Whenever you experience a major life event, itís a good time to make sure your coverage is up-to-date and still suited to your needs. Review your insurance annually or during key life changes such as these:

  1. Your marital status changes: Whether youíre marrying soon and combining households, or divorcing and splitting up possessions, a change in your marital status can affect your need for life, auto and homeowners coverage. As you review your coverage, be sure to verify or change your beneficiary designations.
  2. You family makeup changes: If youíre expecting or adopting a child, youíll want to protect your growing family with adequate life insurance and disability income insurance. Losing a family member through death or divorce is another life event that may prompt a policy review. Revisit the beneficiary designations on your existing policies whenever the makeup of your family changes, too.
  3. Your teen gets a driverís license: When your household adds a young driver, adequate auto insurance is a must. When adding your teen to your policy or asking him or her to purchase coverage, talk to your State Farmģ agent about discounts that may be available for multiple vehicles or for a young driverís good grades.
  4. You make a major purchase: If you buy a home or vacation property, or take on a significant renovation, itís time to review your homeowners policy. But donít stop there: When you buy, inherit or acquire items of value, a baby grand piano, say or antique jewelry, check whether these possessions a fully covered by your current homeowners or personal property policies.
  5. Your employment status changes: If you recently received a sizeable promotion, been downsized or entered retirement, your income will often be affected. Depending on your circumstances, your State Farm agent might recommend increasing your coverage or suggesting more affordable options. If you no longer have a daily commute to an office, the terms of your auto insurance might also change.

Whether you have an impending life event or itís just been awhile since youíve reviewed your coverage, contact your State Farm agent for assistance.