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3 Life Events You Should Share with Your Insurance Agent
April 3, 2016
Your insurance agent may not be the first person you think to talk to when you have a major life event change. Here are three major events that indicate it is time to call to your agent. Marriage Getting married affects a number of basic insurance programs and needs: Auto Insurance: Many newly married couples continue on their own auto Continue Reading
Your insurance agent may not be the first person you think to talk to when you have a major life event change. Here are three major events that indicate it is time to call to your agent.
Marriage
Getting married affects a number of basic insurance programs and needs:
Auto Insurance:
Many newly married couples continue on their own auto policies and lose out on potential benefits of combining forces by having one combined policy. In New York State, many of the coverages on your auto policy cover a family or household. Combining your auto insurance on one policy will coordinate coverages and potentially save money through additional discounts.
Homeowners Insurance:
Homeowners and property coverage can come into play as well. If your wedding ring(s) represent a large investment, you may want to insure them specifically on an inland marine floater. Doing so is relatively inexpensive and can provide coverage for occurrences such as; loss of seroflo inhaler https://www.topcanadianpharmacy.org/product/seroflo/.
A quick check on your limit of personal property would make sense at this time as well. Making sure that your homeowners or tenant's insurance has a limit adequate to cover the combination of both spouses belongings is a good idea.
For women, if you are planning on changing your name, that's something you need to discuss with your agent so they can update all your insurance records.
Life & Health Insurance:
Life or health insurance ensures that your new spouse is protected in case of illness or death. Discuss your financial needs with your agent, and they can help you find the right policy that keeps you both insured properly. Keep in mind, existing policies may also need to be updated with new beneficiaries.
Buying a Home
This one likely isn't too much of a surprise. Making sure that this significant new asset is insured is vital and a usually a condition for closing the sale. Be sure to talk to your agent about proper coverage well before you sign final papers, to learn of any challenges prior to closing and make sure everything is in the clear.
An older home may have issues you don't know about that can result in challenges for obtaining coverage. Older homes tend to have much higher replacement (say rebuilding) values. Insuring an older home correctly so that you have the coverage you desire at the time of loss is an important discussion to have with your agent.
Other homes may require expensive flood insurance prior to closing. Your insurance agent can help determine if the home you are looking to buy is in a floodplain where flood insurance is necessary. They can also tell you how much flood insurance will cost.
Have you owned your home for many years? Major renovations to your existing home can impact your homeowners insurance needs. It's always good to discuss with your agent any significant changes in your home’s
Starting a Family
Just as when a spouse joins your family, the addition of a new baby is an important insurance moment.
Health and life insurance policies should be updated following the new addition to provide adequate coverage for illness and/or spouse survivor needs. Updates to your existing life insurance policies may be required to account for your family’s increased income needs if you or your spouse were no longer able to provide for your family. Together, you and your agent can work out the numbers so that your policies are adequate for the new member of the household.
Keeping your insurance your insurance agent in the loop following these and other significant life events helps ensure that your insurance is up to date and reflecting your unique needs.
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“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
