As life changes, your insurance should too. Whether it’s your home, auto, boat, RV, or umbrella policy, keeping your insurance agent informed is essential to maintaining the right protection. Many people aren’t sure when to reach out, so in this guide, we’ll cover common situations where contacting your independent insurance agency helps keep your coverage accurate and effective. Why Keeping Your Insurance Policies Updated Is Important Insurance policies are designed to reflect your current circumstances. Failing to update your agent about significant life changes can result in gaps in coverage, unexpected out-of-pocket expenses, or even a denial of claims. By keeping your insurance up-to-date, you’re ensuring: - Accurate coverage: Your policy is designed for your specific needs. - Cost efficiency: You avoid paying for unnecessary coverage or missing out on discounts. - Compliance: Your coverage stays aligned with legal requirements. Here are some key instances when you should contact your insurance agent to update your policies and how they apply to different policies: --- 1. Changes in Address Changes to your primary address can impact all of your insurance policies. - Home Insurance: People often forget to tell us that they’ve moved, and don’t even realize they’re missing out on receiving a refund by properly canceling their old policy. They’ve also missed out on having us prepare quotes for their new home or apartment. - Auto Insurance: Your location can affect your premiums due to differences in traffic, accident rates, and even weather conditions. - Boat/RV Insurance: Moving your vehicles to a new area may affect risk factors and coverage requirements. Always notify your agent before you move to avoid any gaps in coverage or unexpected premium changes. --- 2. Changes in Household Members If someone new moves into your home or someone leaves, it’s crucial to inform your agent. - Auto Insurance: Adding a new driver—whether a teen, a spouse, or another household member—can change your risk profile. Failing to add them could result in an uncovered accident. The rule of thumb is that all household members 14 years or older need to be listed on the policy. Those that are licensed can either be rated as drivers or excluded from coverage. - Home Insurance: If you have renters, domestic help, or extended family members living with you, it’s important to understand how their presence may impact your liability coverage. - Umbrella Insurance: These policies offer broad liability protection, but you may need to adjust coverage limits depending on how your household has changed/grown. --- 3. Buying or Selling Vehicles Every time you buy or sell a vehicle—whether it’s a car, boat, motorcycle, or RV—you should update your policies. - Auto Insurance: Adding a new vehicle or selling your car requires policy changes to ensure coverage follows the correct vehicle. - Boat/RV Insurance: These vehicles often require specialized coverage, and adding new watercraft or recreational vehicles should be done immediately to avoid gaps. - Umbrella Insurance: Large purchases like high-end vehicles or boats can affect the liability protection you need. --- 4. Home Renovations or Additions Making changes to your home can significantly impact your homeowners' insurance. Renovations can increase your home’s value, which means you may need more coverage. - Home Insurance: Adding square footage, renovating kitchens or bathrooms, or building a new deck can all increase your home’s replacement cost. Failing to update your policy could result in underinsurance. Also, making us aware of updates/replacements to your roof, HVAC, etc. can result in premium discounts. - Liability: Upgrades like a pool or trampoline increase liability risks and should be discussed with your agent to ensure you have adequate protection. - Flood or Earthquake Insurance: Depending on the renovations, you may also want to consider adding coverage for floods or earthquakes if you haven’t already. --- 5. Marriage, Divorce, or Domestic Partnerships Changes in your relationship status can affect multiple types of insurance. - Auto Insurance: Combining or separating policies can result in significant changes to your premiums. - Home Insurance: If ownership of the property changes, your homeowner's policy will need to be updated. - Umbrella Insurance: Adjustments in liability coverage might be necessary if household members are added or removed. --- 6. Purchasing Expensive Personal Property Have you recently purchased high-value items such as jewelry, artwork, or electronics? Your homeowners' policy may have limits on these items, and additional coverage (like a personal articles floater) might be necessary to ensure full protection. --- 7. Starting a Home-Based Business If you’ve started running a business from your home, your standard homeowner’s policy may not cover business-related activities or equipment. - Business Property: Equipment like computers, printers, or specialized tools may exceed the limits of your home policy. - Liability: If clients or vendors visit your home, your liability exposure increases. - Commercial Auto: If you're using your personal vehicle for business purposes, your auto policy may need to be updated. --- 8. Significant Life Events Life events such as the birth of a child, the death of a spouse, or retirement can also impact your insurance needs. - Life Insurance: It’s important to update beneficiaries or review policy amounts to reflect your current situation. - Auto Insurance: Retirement or significant changes in driving habits could call for a review of your policies. - Umbrella Insurance: A new child or other dependent could mean you need additional liability protection. --- 9. Changes in Use of Property or Vehicles If you start using your vehicle, home, or another insured asset in a new way, it’s essential to notify your insurance agent. - Carpooling or Ride-Sharing: Using your car for ride-sharing services (like Uber or Lyft) may require additional coverage. - Rental Property: If you start renting out your home or a portion of it (e.g., through Airbnb), you will need a different kind of insurance than a standard homeowner's policy. --- Stay in Touch with Your Agent for Peace of Mind As you can see, keeping your insurance policies up-to-date is essential for protecting yourself, your family, and your assets. As your agents, we’re here to help guide you through these changes to help ensure you have the coverage you need. If you've experienced any of the changes listed above—or expect any soon— please reach out to us today! Proactively updating your policies can save you money, reduce risks, and provide peace of mind. --- By regularly communicating with your insurance agent and updating your policies, you can avoid coverage gaps and ensure that you're always protected in case of the unexpected.