When Should You Change Your Insurance Coverage?
Once you find the right insurance policy, no matter if it is your home insurance or your life insurance, it is easy to continue paying the premiums and forgetting about the policy. However, as you make changes in your life, it can also mean that your insurance coverage will have to change with you. There are many times that you should take a second look at your insurance policies, including:
- If you have renovated your house – any updates or renovations that you make to your house will most likely cause the value of your home to increase, which means that your homeowners insurance policy will also have to increase. Make sure that your home insurance policy is providing enough coverage to completely rebuild your house, including labor and materials, if it is a total loss.
- If your teen got their license – teens are considered some of the riskiest drivers on the road, which means that their auto insurance coverage comes with a high price tag. As soon as your teen gets their license, make sure that you add them to your auto insurance policy, or get them their own to keep them safe on the road.
- You welcome a new member to your family – as your family grows, so should your life insurance policy. Make sure that you have enough coverage to provide a financial cushion for all of your dependents when you are gone. You should also make sure to add any new children to your life insurance policy as soon as possible to ensure that they are able to benefit from the policy when you are gone.
When reviewing your insurance policies, contact American Advantage – IFS Inc. in Pewaukee, Wisconsin to ensure that you have the right amount of coverage for your specific needs.