The reality of being insured is that every life event can impact your policies. Here are some examples:
INFLATION ON BUILDING MATERIALS?
You should review the coverage levels on your property in light of the higher cost of materials. You want to ensure you have enough coverage to rebuild your home.
RENTING OUT YOUR HOME?
If you rent out a room or your home for the weekend or summer, you will require a different type of coverage, which you may be able to add to your policy — or it may require a different policy type, since your standard home insurance is intended for personal use only. Failure to advise your insurer of residency changes can result in voiding of insurance contracts. Short-term rentals may require a commercial insurance policy for your protection.
RENOVATING YOUR HOME?
After adding a new room or upgrading existing rooms, be sure to update your insurance to ensure your coverage is adequate. Also verify that outside structures are covered by your policy and that your policy carries replacement cost coverage.
RENTING A NEW HOME OR APARTMENT?
You need to insure your own belongings and liability because your items are not covered under your landlord’s policy.
GETTING MARRIED OR DIVORCED?
Changes in marital status will impact home and renters’ insurance due to combining or separating households. Video the contents of your home for future reference. Know what you have and that it is covered.
HAVING A BABY?
This will impact your life insurance needs. You want to be certain that your family is provided for in the event of your untimely death. Also, be certain to update beneficiaries to include the new baby.
NEW AUTOS, BOATS OR TOYS?
Be sure you have liability protection and protection for your assets.
WORK FROM HOME?
Check your coverages to confirm that your business liability and assets are protected.
HAVE MUCH TO LOSE?
You work hard to be successful. In today’s litigious society, you should consider umbrella insurance coverage to protect you and your assets in the event of a lawsuit.
PLANNING TO RETIRE?
If you stop working, your vehicle mileage probably will be reduced, which will qualify you for a credit on your auto insurance coverage. There also may be discounts for drivers over age 55 or for taking defensive driving classes.
Angelyn Treutel Zeringue is president of SouthGroup Insurance Services, a CPA, PWCAM, CBIA and licensed Trusted Choice Insurance Agent. Reach her at www.southgroupgulfcoast.com, (228) 385-1177 or azeringue@southgroup.net.
