A lot of people might not have the right kind or right amount of insurance coverage. New York insurance experts say now is the time to check, in order to save money or save disaster. Monday was Insurance Awareness Day, a day devoted to educating and reminding consumers about reviewing coverage.
Pouring over your various insurance policies is probably not the most entertaining thing you can think of. But since Monday was Insurance Awareness day – you knew that, right? – it might be time to go over a few things. AAA of Western and Central New York says various life changes could have financial or coverage ramifications. Spokesperson April Engram sees several reasons.
“(to) review your insurance coverage and to enlighten folks of some life events you might not think of that cause you to reexamine that policy. You may have to expand it to cover any life changes, or perhaps you’re downsizing, and you can possible save some money.”
You might have reduced the size of your home or the value of your personal belongings and can save money. You also might need individual renter’s insurance; this can sneak up on unmarried couples who move in together.
One group that could have multiple reasons to review insurance is the elderly and retirees.
“Whether or not you’re commuting as far, we can see if you need as comprehensive coverage on your auto insurance. Determine for you whether or not that coverage outweighs the benefits for the cots. If you are downsizing from a house to an apartment , then you can get renters’ insurance to cover your personal effects.”
On the flip side, elderly drivers sometimes see a hike in car insurance, but Engram says safety courses can help add a discount.
LIFE CHANGES THAT COULD TRIGGER CHANGES IN YOUR INSURANCE NEEDS
Family changes
- If you get a pet
- If your family grows out of your vehicle
- If your teen is ready to drive
- If you lose a loved one
Making moves
- If you move out of your parents’ home
- If you rent
- If you buy a home
- If you buy a second home
- If your commute changes
- If you upgrade your property
- If you start a business
Downsizing and retirement
- If you downsize your home or reduce your personal property
- If you retire
- If you’re a mature driver
(Source: https://info.westerncentralny.aaa.com/news-room/insurance-tips-life-changes)
Marriage, moving out of a parent’s home, big changes in how much your house and other stuff is worth, all should trigger a review. But Engram adds it’s a good idea for everyone to see if the long-forgotten insurance policies and deductibles and riders are right.
“We don’t know insurance inside and out. So, to have an expert talk you through it and perhaps explain things to you that you may not be aware of is so beneficial. It’s so great to have an agent talk you through it. And when you have your spring cleaning, make one of those items to review your insurance coverage.”
And if you have a better way to celebrate Insurance Awareness Day, you go ahead: Just make sure you’re covered.
