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Insurance Tips for Three Major Life Events

Helping You Through Major Life Events

Navigating insurance on your own during major life events can be overwhelming. Is your new wedding ring covered under your current policy? Is your brand new car insured as soon as you drive it off the lot? What should you be looking for in your first homeowners policy?

Fortunately, you don’t have to go-it alone. We’ve compiled some tips to help you along the way. Whether you are getting married, purchasing a car, or buying a home, it’s always good to have some guidance along the way. When all else fails, it’s never a bad idea to reach out to your local agent with questions.

Tying the Knot

Planning for the big day is a lot of work. While you may be focused on the venue and guest list, it’s not a bad idea to think about finances. Doug Smith, executive vice president, Sales and Products, at Erie Insurance explains:

“Getting married is the perfect time to take a fresh look at your entire financial picture, including your insurance needs. It’s much better to plan before the wedding so there are no surprises later.”

For example, it’s never too early to have a conversation about protecting your loved ones with life insurance. The right policy will help to ensure you are protected in case one of your incomes is lost. You can calculate how much coverage you will need with this nifty life insurance calculator. Plus, life insurance is likely cheaper than you think.

After you say “I do”, you will want to protect your wedding bands. Be sure to have your new rings appraised and document them with store receipts and photos. If you ever have to file a claim, proper documentation can help speed up the process.

You will also want to look into any new insurance discounts you may be eligible for. By combining your auto policy with your significant other’s, you may qualify for a multi-car discount.

That New Car Smell

Maybe you’re ready to ditch your first car and upgrade to something more….you. Or maybe you’re starting a family and would like a new car with the latest safety features. Whatever the case may be, calling your insurance agent to let them know you are car shopping could be beneficial.

By speaking with your insurance agent before purchasing a new car, you can get an insurance estimate to help you make an informed decision.

Even if you forget to speak with your agent before signing the dotted line, don’t worry. Many companies temporarily cover your new car under your existing policy. However, you’ll want to talk to your agent ASAP (usually by the next business day) to fill them in on your new ride. Here’s the info they will need:

  • Make, model, and year
  • Expected annual mileage
  • General usage information (such as how far you drive to work)
  • Vehicle identification number (VIN)
  • Titling and lienholder information

It never hurts to ask about policy add-ons (extra coverage) and potential savings either. Your agent will help you find ways to save on your premiums. A safer car with extra security features can mean lower insurance rates.

Or you may be able to bundle your auto and home to increase your savings.

Home Sweet Home

There’s a lot to think about when it comes to buying your first home. When you’ve decided it’s time to make the move, let your insurance agent know as soon as you can, this way you can discuss insurance options and find a policy that is right for you and your new home.

Here are a few things to keep in mind when purchasing homeowners insurance:

  • Ask what the limits are on your personal property and liability coverage.
  • Personal property will cover things like your electronics, jewelry, clothes, etc.
  • Personal liability will protect you in case you are liable for an accident on your property.
  • Make sure you know what is excluded in your policy.
  • Flood insurance is an extra!
  • Homeowners insurance deductibles can be more involved than auto deductibles.
  • Don’t be afraid to ask your agent questions.
  • If you are a first-time home-buyer, your homeowners insurance might be paid from your escrow account.

Remember, if you have your homeowners insurance and auto insurance through the same company, you may be eligible for a discount. And if you just moved into your new home, that extra cash can surely be put to good use!

No matter what type of insurance coverage you are looking for, we’re here to help with all of life’s major events. If you are looking to speak with a local agent, give us a call and we can get you set up with a policy that fits your needs and your budget.

Phone: 717-335-2929

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