As your life evolves, so should your insurance. Major milestones like buying a home, starting a family, or retiring often require insurance coverage changes to keep your finances and assets protected. Too often, people forget to update their policies—leaving costly gaps when they need coverage most.
Below are some of the most common life events that may require an insurance update, along with tips to keep your protection up to date.
Buying a Home
Purchasing a home is a significant financial step, and it comes with new responsibilities. Homeowners insurance protects your property against risks like fire, storms, theft, and liability. Make sure your coverage reflects the true value of your property and its contents.
Renovating Your Property
Planning a remodel or home improvement project? Notify your insurance provider. Home upgrades can increase the value of your property, which may require insurance coverage changes to avoid being underinsured in case of a loss.
Growing Your Family
Welcoming a child through birth or adoption brings joy—and new financial obligations. Now is the time to review or purchase life insurance to ensure your child is provided for if the unexpected happens. Update beneficiaries and check your coverage levels.
Adding a Teenage Driver
When your teen starts driving, your auto insurance will need an adjustment. Teen drivers typically raise premiums, so consider adding them to your current policy. Look for savings through safe driver programs or good student discounts.
Retirement Adjustments
Retiring may come with a change in residence, travel habits, or income. If you own multiple homes or plan to relocate seasonally, update your insurance to reflect how and where you’ll live during retirement.
Acquiring High-Value Items
Standard homeowners policies often have coverage limits for expensive items like jewelry, fine art, or collectibles. If you’ve recently acquired valuables, consider a floater policy to ensure full protection.
Getting Married
Marriage usually involves combining homes, cars, and finances. Review your home, auto, and life insurance policies to ensure both partners are covered. It’s also a good time to consider joint life insurance for added financial protection.
Starting or Selling a Business
Owning or exiting a business comes with new insurance needs. Whether you’re insuring a startup or winding down operations, consult with your broker to align your coverage with your current role and risks.
Stay Ahead of Insurance Coverage Changes
Life doesn’t stand still—and neither should your insurance. Every major milestone can affect your coverage needs, so make it a habit to review your policies regularly.
Need help adjusting your coverage?
📞 Contact TeamAIS today for a quick insurance review. We’ll help ensure your policies grow with you, every step of the way.