When it comes to your personal insurance policy, accuracy is everything.
Ensuring that your policy information is both correct and up to date is a proactive and relatively simple step to safeguard your most important assets and protect you and your loved ones from the unthinkable. It also guarantees that you are getting the most out of your policy.
There are a number of reasons to notify your broker, some more obvious than others. So when should you notify your insurance agent?
What changes in your life could warrant a policy update?
The following list represents events and life stages that should be communicated to your insurance provider as soon as possible:
- Death of named insured, spouse or child
- Marriage or divorce
- Creation of trusts or LLC’s that effect ownership
- New purchase, sell or inheritance of any of the following: home, auto, boat, recreational vehicle, etc.
- Major change in income or earnings and exposure
- Becoming a board member of a not-for-profit organization or homeowners association
- Hiring/firing of full time domestic employees who work 20-plus hours a week (housekeeper, nanny, chef, caretaker, butler, landscaper, etc.)
- Purchase, sell or inheritance of valuable articles (jewelry, fine arts, antiques, musical instruments, etc.)
- Major re-model, home addition or construction to any owned home
- Child moving away for college/moving out of residence
- Change of driver status including new drivers or elderly drivers with a suspended license
- Occupancy/purpose of home changes (example: secondary home becomes a vacation rental property)
It is important to recognize the circumstances above and address them with your insurance provider accordingly. It takes a bit of effort to stay diligent on these matters, but it is certainly worth it in the long run—for you and your loved ones.
If you have questions about any of these life stages and events or if you would like to arrange for a portfolio review, please connect with me and let me know. I’m happy to assist!