An article about insurance? Snooze. We get it. Insurance isn’t the flashiest topic, but it’s an important one. There are definitely those more obvious reasons to adjust your coverage, like when you buy a new car or move. But what about those less obvious reasons?
- Your teen starts driving
If you have a teen driver in the household, or one on the horizon, you might want to consider checking in on your auto’s liability coverage. If your teen gets in an accident and injures someone, the medical bills could be detrimental to your overall financial well-being. According to the Insurance Institute for Highway Safety (IIHS), 16-19 year olds are more likely to get in an auto accident than any other age group1. Teenage boys are even more at risk than girls. According to the Center for Disease Control and Prevention, 16-19 year old boys were two times more likely to get in an accident than teen girls. Don’t wait to check in on your coverage. According to the IIHS, 16-17 year olds are even more likely to be involved in a car accident compared to older teens ages 18 and 192.
- Backyard magnets
Install a new swimming pool? Get a trampoline or a playground? Did you know you’re liable if someone comes onto your property and gets injured? While pools and trampolines might seem harmless, they can be a cause for attraction. There are ways to keep your backyard safe, like installing a fence. You might also want to consider increasing your liability coverage to protect yourself from the unthinkable.
- Working out of your home
Starting a company out of your home might seem innocent enough, but it’s important to make sure you have the right coverage. Depending on how your business is set up, you might need to adjust your policy or take out a separate one to protect both your business and your home.
- Less time in the car
The amount of miles you rack up on your car driving to and from work could impact the cost of your auto policy. If you’re jumping up and down because you’ve recently taken a job with a shorter commute, don’t forget to take a break from your celebration to see if it improves the cost of your auto policy.
- Just married or had a baby
These might be some of the more obvious life changes that warrant you to check in on your coverage, but they’re so important, we wanted to include them on our list. Both major life changes will likely impact your insurance coverage, especially your home, auto and life insurance. For instance, the policy you took out before you had a baby might not be sufficient now that you’ve grown your family. It’ll be important to make sure your new bundle of joy is protected. Another example is if you purchased a diamond ring. It’ll be important to make sure it doesn’t exceed the limitations on your homeowners’ insurance.
1Insurance Institute for Highway Safety (IIHS). Fatality facts: teenagers 2014. Arlington (VA): The Institute; 2014 [Cited 2017 April 5].
2Centers for Disease Control and Prevention. Web-based Injury Statistics Query and Reporting System (WISQARS) [Online]. (2014). National Center for Injury Prevention and Control, Centers for Disease Control and Prevention (producer). [Cited 2017 April 5]