5 Reasons You Need to Upgrade Your Insurance Coverage

Insurance policies are essential in today’s world. They help protect the most costly and valuable things to us, because there are no guarantees in life. But just because you take out an insurance policy on your car, home, or life doesn’t mean that it is set in stone forever. If you have not reviewed your coverage recently, you could be paying for things you don’t need anymore or even get discounts on things you do need. As your life changes, so should your insurance policies. Here are 5 reasons why you might need an upgrade to your current insurance coverage.

There Has Been a Change to Your Living Situation

Have you moved to a new house? An apartment? Bought a vacation home or condo? Made extensive renovations to your current home? Any of these scenarios will require you to update your insurance coverage to reflect your new living situation. In some instances, you may be able to upgrade your current coverage, but new purchases require entirely new policies.

You’ve Recently Made a Large Purchase

Obviously, if you buy a new home or car, your insurance needs to be upgraded. But, you should also consider adding coverages to your existing homeowner’s policy to ensure that the valuables in your home are protected as well. These could be expensive or antique pieces of furniture, jewelry, fine art, guns, or even vintage bottles of wine.

Marriage or Divorce

In the case of a marriage, you will want to consider adding your spouse to your existing policies and vice versa to see which option gives you the most discounts. Furthermore, you both will need to take stock of your belongings, including all wedding gifts, to get a full account of your assets for homeowner’s coverage. In the case of a divorce, you need to look into taking out your own auto and home insurance policies.

You’ve Had a New Baby

Congratulations! In terms of insurance, this will most likely impact your life insurance policy, but could also affect your homeowner’s policy as well if your living situation changes. Your employer may offer some, but now you need to take the time to calculate exactly how much you need. Some important things to consider are the length of your existing mortgage, your spouse’s ability to work, future education for the child, and the living situation of your family. To cover these sorts of things, you will likely need to upgrade your current life insurance policy.

Your Teen Got a License

This is exciting for them, but probably not as much for you – your premiums are guaranteed to rise. If your teen has their own car, adding it to your existing policy is going to save money for whomever is paying the bill. If they’ll be driving one of the vehicles on your current policy, you’ll need to list them as a driver. Some insurers allow you to list them with the cheapest vehicle to keep costs lower, but others will automatically assign them to the most expensive car due to the increased risk.

Corkhill Insurance has been helping citizens of Orlando get homeowner’s and auto insurance coverage since 1975. To speak with one of our knowledgeable agents today, please call 407-898-8891.