When there is a change in your life, you might as well need to change your insurance plan too. Sometimes you are not sure what kind of insurance plan suits you, your family or your business. A family of five might need different things than a single person living on his or her own in their twenties.
Here are some questions that you need to ask your insurance agent at whatever stage of life you are.
1. My family is growing. What coverage do I need?
Life insurance is something that almost every family needs. The basic reason for most people to buy life insurance is to keep their loved ones protected from the financial burden after an unexpected death of a member. You can consult an agent to calculate your needs to help you get a rough idea of how much you should consider.
A general homeowner’s policy caters to the personal belongings up to some certain policy limits. For expensive and high valued items such as jewelry or electronic equipments, you might want to expand your protection by taking higher policy limits and extra coverage.
If someone at your home is learning to drive, you will need auto insurance once they have obtained the license. As your life goes through changes, your insurance policy needs to change as well.
2. Do I need additional insurance if I am adding on to my home or remodeling?
For some cases, remodeling can increase your house’s value. If it does change, you will need to update your insurance coverage as well in order to be sure that your house’s re construction is fully taken care of. Your insurance agent can guide you better on what kind of insurance your contractor should have before they begin the work.
3. I’m a fresh school graduate and just started working. What coverage do I need?
If you are renting an apartment and have left your parents home, you are no longer covered by your parents insurance or homeowner’s policy. You will now need to get renters insurance to cover yourself and the belongings.
When you talk about auto insurance, you might just look at a simple policy to save money. However, this is a bad move, as it does not give you enough protection. If your insurance policy doesn’t cover all the damages, you might be putting your savings and hence your future at stake.
If you had taken students loans or debts, you should ask your insurance agent before getting life insurance. Life insurance can help if someone cosigned your loan.
4. What kind of coverage do I need for my small business?
Starting from inventory and all the way to the libel issues to the customers visiting your business premises, small businesses definitely need insurance coverage, even if it is customized policy coverage. Depending on the nature of your small business, you might need to get a simplified policy to protect yourself, your equipment, the inventory as well as your customers who visit.
For additional information on insurance and insurance policies, contact CK ASH insurance.