As we get closer to the end of the year, it’s that time again to think about all of the things coming up in your life. While looking forward to the New Year, it’s important to ask yourself: Are your insurance policies the best fit for everything 2017 has in store? We thought we’d help you answer that question by putting together a list of a few big life changes that can have big impacts on your insurance.
You’re Getting Married
We would argue that if getting engaged was the first step on your marriage journey, figuring out your insurance is step 2. Before you hear the church bells ring, you and your partner should have a serious conversation about how you plan on tackling your new joint insurance coverage. Everything is eligible for change when you get married, from auto to health to home insurance, your plan can be affected by your partner’s past and your future plans together. It’s important to start thinking about what your new life will be like, considering where you’ll live or if any new job changes are on the horizon. Before combining households, you should work together to do an inventory of your belongings to pair with your loose future plans to begin shopping around for a policy that will cover your needs.
You’re Moving
This is a big one, and rightfully so. Buying a new home or moving into a new apartment is a big job. It’s crucial that you have a policy that not only covers your new home but also covers the belongings that will ultimately be inside. Again, before moving, use your time packing as a way to do an inventory check of what you have. This will give you a good baseline for what your plan needs to cover. Don’t be afraid to ask “what if” questions that involve your home and other policies, like health and auto. Clearly defining what takes care of what is important to understand for all of your coverage plans to work together succinctly.
You’re Expecting
First, let us just say congratulations on the bouncing baby boy or girl you’ll be welcoming soon! Becoming a parent is an exciting, rewarding adventure. We understand you’re probably getting everything together to prep for the baby (or babies!), but before you head to the delivery room, take some time to look over what your insurance covers.
All plans cover maternity care in some way, but each plan is different. Depending on your current coverage, you may be required to notify your insurance provider when you’ve been checked into the hospital, and your plan may limit the number of days you’re eligible to stay in the hospital after the delivery. Other differences may involve what prenatal screenings are covered; if your insurance’s terms apply to Cesareans, midwives, and homebirths; and if your newborn will be covered by your policy. Having a baby is no walk in the park, so be sure to fully understand what you have available to you!
Your Child Starts Driving
Believe it or not, every child grows up and will eventually be looking to get their driver’s license. (To the dismay of many parents.) Your auto policy will need serious attention when a new driver is added to the household’s plan. Expect your insurance rates to rise when you add your teen to your policy, but known that there are a lot of ways to keep your costs low. Keeping your child on the same line and increasing your deductible is just one way to keep your premiums low. Be sure to ask your insurance agent if it will make a difference if your child owns their car, especially if it’s one with a high safety rating.
Other Major Life Changes
Whether you’ve recently experienced a medical emergency that requires additional long-term care, you’ve just lost a loved one, or you’ve recently divorced, these life events from 2016 can all impact your future insurance plans. We hope that this year is your best one yet, and to help it start off on the right foot, we encourage you to get to know your coverage and actively look for ways that it can better serve you.
If you have a current policy that you’re looking to understand better or if you are looking to purchase one, give the experts at Doyle & Ogden a call! As West Michigan’s first choice for insurance advisors, we’ve got close relationships with over 15 companies. That means we can work to find you better coverage, for the best price. Give one of our experts a call at 616-949-9000 or request a free quote online today!
