How to know if it’s time to shop for insurance again
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There are days when I wish I was, say, a dentist, and could simply encourage you to schedule the next appointment with your friendly Nashville insurance agent on a scientifically calculated, best-practices basis. But when it comes to insurance, things are a little more wiggly — routine “maintenance” doesn’t tend to be simply routine.
A lot of financial experts recommend searching for new insurance coverage annually, and I can see the logic in that — you may not necessarily want to change policies every year (like I mentioned previously, there can be rate benefits to being loyal), but it’s good to scan the landscape and make sure you’re not leaving money behind. Still, that’s a little simplistic, and there’ll be times when I’d encourage a client to reassess their coverage earlier, or later.
If you’re reading this and thinking, “I can’t remember the last time I looked into my insurance options,” let’s definitely talk about it. I can almost guarantee you’ve had a significant enough life event (or three) that’s changed your picture enough to also change your insurance needs.
What constitutes an insurance-affecting life event? Here are a few that I’d say are worth following up with a phone call to your insurance agent. (If you’re in Nashville, and you don’t have an insurance agent, I hope you’ll direct that phone call my way.)
Relocation/moving
Hey, congrats on your new home! I don’t need to tell you this — if you’re buying a house in Nashville (or elsewhere), you’re exploring new homeowners insurance policies. It’s part of the deal. But don’t forget that a new zip code can change the picture for other kinds of insurance too, like car insurance. And this fresh start might be an opportunity to look at other bundle options that can give you better coverage for the same/less money. If you’re moving to a new rental home, renters insurance is a smart investment, and shopping around can help you get settled in your new place with confidence that you’re sufficiently protected, at a reasonable rate.
Marriage
Hey, congrats on your wedded bliss! When rings are exchanged, we make lots of changes, from weaving our finances together to moving into a new place (see above). Combining insurance policies can be a really smart thing, too, since many companies offer discounts for multi-policy families. We can take a look at your whole insurance picture, and see where we can shop/combine to save you a little cash for the anniversary dinner.
Kids
That whole “a baby changes everything” saying is hard to argue with. And insurance: part of everything. If you’ve just had your first child and haven’t explored life insurance, it’s a good time to talk — it’s a smart financial choice, and it helps you sleep a little easier. (That last bit is when the tired new parents laugh at me.) But there are all kinds of insurance changes that can be spurred by kids — like when a learner’s permit enters your life, or when your young driver takes training courses. I’d also add, for the pet parents: If you get a new dog/exotic pet, it’s a good idea to call me and talk about your home insurance or renters insurance. In some cases, and with some breeds/pets, you may see a rate increase, or you may find that your new addition doesn’t jibe with that particular insurance policy. We want to make sure that you’re properly covered, and that your policy reflects your reality. Not being up-to-date with stuff like that can leave you in a bad position if you ever do need to make a claim.
Retirement
Hey, congrats on your retirement! After your years of hard work and dedication, you’re definitely due a round of applause, some lazy mornings and, most likely, a chance to shave a few bucks off your insurance payments. Retirement tends to bring a lot of practical life changes (like driving less), and meanwhile, you’re usually at age thresholds that insurers look at as a good risk. If you haven’t changed your car insurance in a while, let’s see if we can find a policy that takes those changes into account, and puts a little more into the travel fund.
These are certainly not the only events that can change your financial/insurance picture, but they’re big ones to think about, and a reminder that your insurance coverage should change as your life changes.
Not sure if you’re in a place that makes insurance shopping logical? If you live/work in or near Nashville, I’m happy to advise you. Give me a call and let me know what your insurance needs look like, and we can go from there.