Important Family Changes to Discuss with Your Insurance Agent
August 15, 2020
Family Changes Can Mean Insurance Changes
Your family life is important. Insurance is designed to protect the things that you cherish the most – meaning that when your family changes, your insurance structure may need to change as well. While family changes often come with their own set of challenges, adjusting your coverage after a marriage/divorce, the loss of a covered family member, or the birth/adoption of a child should be simple. Whether you’re considering a change to your family or have recently made a change, continue reading below to see what types of changes may affect your insurance coverage and why.
Inception or termination of a marriage or domestic partnership - There are a few different ways that these changes can affect your policies.
When considering your automotive coverage, chances are good that you will need to have the person being added or removed correctly accounted for as it regards them being an authorized operator of your vehicle. Your car insurance rates may be impacted.
Your homeowner’s insurance is most likely to be affected if the person being added or removed possess items that require additional or special coverage. The original value of your homeowner’s policy is likely to remain unchanged.
Life insurance is a relatively direct relationship pending the type of policy you have – because there are so many variations of life insurance, it’s always best to discuss with your agent if you have any family member changes in your household.
Children, dependents, and legal wards - Dependents under your insurance policies can bring great change – be sure to alert your insurance agent to any changes to the status of children and legal wards.
Automotive insurance is likely to be the most affected by changes to qualified dependents. When offspring reach driving age and become permitted or licensed to drive they should be added to your automotive policy. In some cases, this leads to a significant raise in automotive premiums because of the learning curve associated with young drivers. Thankfully, as with adults, there are courses and qualifications that children can earn in order to merit a decrease in insurance premiums.
Homeowner’s insurance is likely to remain unchanged with the addition of legal dependents; again unless the dependent is bringing items that require additional coverage beyond your base policy.
As discussed above, it’s always best to discuss your Life insurance policy with your agent due to the variations of life insurance available to ensure you and/or any dependents are properly covered.
Death and loss of life - Loss is always hard for a family. Some insurance types require modifying after the loss of life of someone who was covered.
Automotive coverage, as an example, needs the deceased person removed from the active drivers. Homeowner’s policies will also need the deceased removed from the policy in the event of claim so your carrier doesn’t issue a check you cannot cash.
As a general stipulation, filing a life insurance policy claim with most policies needs to occur within 90 days of the death being claimed. Your agent should work alongside you to assure that your policy is paid in full to you in a timely manner.
Keeping your insurance records accurate and extended to everyone who needs coverage is vital to the health of a family. No matter what the situation is, your insurance agent should be eager to help you receive as many benefits as possible. If you would like help navigating the changes to your insurance that follow changes to your family, give us a call at 607.734.8799.
Auto insurance companies are facing unprecedented rate increases due to inflation and the increasing cost of repairs. One of the most simple ways to assure your auto insurance rate is providing the best value is to take a defensive driving course - which is available to you online ! For residents of New York, the Improv Traffic School is currently offering their top-rated, fully-online defensive driving course for under $30, making it easier and more affordable than ever to both become a better driver, and save on auto insurance premiums. Some benefits of taking the course include: A guaranteed reduction of up to 10% on insurance rates - The certificate is recognized by all New York State auto insurance companies. Reduction in points on your license - For people with points attached to their driving record, the Defensive Driving Course can help eliminate those marks on your driving history. A fully online learning environment - The course can be completed from the comfort of your own home, with an instant awarding of your certificate upon completion. No final exam - Anxious test-takers, worry not. The Improv School’s course is content-oriented, making the focus more about taking in information than being able to reiterate the contents of the class. The course is designed to benefit you. If your defensive driving certificate is near its expiration date, now is the perfect time to renew without going out of your way. For folks who have previously completed a Defensive Driving Course, the Improv School also offers a 3 Year Renewal Course in order for you to retain your discount. If an online course does not sound like the right choice for you, there is a classroom-style Defensive Driving Course for your consideration. The classroom-based course offers all of the same benefits as the online equivalent, including the reduction of up to 10% on your insurance rates. Whether you’ve been seeking a way to lower your premiums, or simply desire to improve your driving habits, learning more about defensive driving strategies is a simple and efficient way to start.
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