Too often people think only about insurance when they lost or when time for an annual insurance policy, such as automobile or homeowners to renew. It's just human nature. However, insurance is an important part of financial planning and deserves more consideration than a quick search for the cheapest quote renewal come. As with any purchase, cheapest is not always the best buying criteria - you get what you pay for. Although there is certainly no reason to spend more than you need, you must be sure that the insurance package you buy will provide adequate coverage for your particular situation. The issue is what is sufficient coverage - and this may very well change during your life. Insurance is essentially a form of financial risk management that is designed to protect an individual or a business loss resulting from adverse life events. One person in their 20s will have very different coverage needs to that of a middle-aged parent who owns a home and has several dependents.
When some major life events occur, they should trigger a review of the insurance coverage. You may need to add a new type of coverage, you can raise or lower deductibles on an existing policy, or there may be potential savings or reductions. Your independent insurance agent will be able to inform you about the different coverage options - but can advise you based on what he or she knows. It is good to keep insurance coverage at the back of your mind, and make a habit of making a call or drop a note to your local agent when you experience a major life event, such as a following:
- Marriage
- divorce
- birth or adoption of a child
- Death of a member of the immediate family
- military deployment
- Buying a new home, condo or second home
- home renovation
- Adding buildings to your property
- renting your house
- switching to a new geographic area
- renting an apartment
- adolescent child get a car license
- Changing jobs and benefits of employment
- Starting a small business
- the acquisition electronics, antiques, jewelry, furs, or expensive special collections
- the acquisition of a recreational vehicle - boat, motorcycle, snowmobile
- Join an ad
- pension
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