An Insurance Review is a common way to keep up-to-date on any circumstances that may have changed in your life
There are many factors that can directly impact the need for a change in your policy, reduction of coverage or additional insurance. We recommend that you be aware of these factors that are often routine items of discussion during an annual review with your CSC Insurance Options Account Manager. Life changes can happen at any time though. If any of these areas result in a need to talk with your Account Manager, we urge you to contact us at your earliest convenience.
Change in Employment
If your new employer does not provide equivalent protection for life insurance, you can replace the “lost” coverage with individual policies. If you were driving to and from work have your “Commute To Work” mileage reviewed on your auto insurance. Each vehicle insured under your automobile policy is rated on how it is used, which directly impacts the premiums charged for insurance.
Significant Change in Your Income
If your income has increased, you may have also changed your lifestyle with a larger home, new cars and other significant purchases. Make sure to review your life insurance to ensure it is adequate to maintain the lifestyle your survivors will depend on.
If your income has decreased, you may need to consider adjusting your life insurance policy for a premium that is now more affordable to you instead of just letting the coverage go. But don’t drop existing life insurance until after you have a new policy in place.
Retirement
If you commuted to work, you should report your recent retirement to your Account Manager as it could lower the cost of your auto insurance premiums.
Recently Married
Couples may often own their own cars and have two different auto insurance companies. Take the opportunity to review your existing coverage and see which company offers the best combination of price and service. You will now qualify for multi-car discounts in lieu of insuring each automobile separately. As you combine households, you may need to update your homeowners insurance or renters insurance to properly cover your contents and valuables, such as engagement and wedding rings.
It is also an important time to review your life insurance needs and update your beneficiaries. Couples often make financial commitments based on incomes both, or the fact that he or she decides to stay home to be a caregiver if you have children. Therefore, the loss of one spouse’s income due to death or disability could be financially devastating without adequate insurance.
Getting a Divorce
At this difficult time, do not forget to address the changing insurance needs for both of you. You should inform your Account Manager right away so that separating auto and homeowners policies can be discussed and planned out. Don’t forget to review beneficiary designations at this time and make any necessary corrections.
Having a Baby
Congratulations! When adding a child to your family, whether by birth or adoption, it is most important to review your life insurance needs. The new child will no doubt increase your living expenses, requiring more life insurance to keep your family secure in the event of planning your future. Don’t forget to update the beneficiary designations to include the new child.
Teen Drivers
Don’t forget to let your Account Manager know when your teen driver obtains his or her driving permit. Encourage your kids to get good grades and to take a drivers training course. Most companies will give a “Good Student” discount for maintaining a “B” average or better, and a “Drivers Training” discount for taking a recognized driving course. If you are able to add an additional vehicle to your household choose the car carefully based on safety and insurance costs. The type of car a young person drives can dramatically affect the price of insurance.
Renovations to Your Home
All major improvements, such as an addition, enclosing a porch or expanding a kitchen or bathroom, need to be reported to your Account Manager. You don’t want to be at risk for being underinsured by not reporting the changes you have made to your insurance company. Don’t forget about the outside of the home too. If you’ve built a garage, a deck, or installed a swimming pool, you should also contact your Account Manager. Any increase to the value of the structure of your home, or any exterior structures may require an increase to your homeowners insurance coverage limits.
If you have had major updates to the roof, heating , plumbing or wiring it is also important to update your Account Manager. In some cases, you could qualify for a renovation discount or a better policy if all major items are renovated.
New Property Acquired or Purchased
If you have purchased a new car, boat, motorcycle, all-terrain vehicle, a camp, second home or rental property your Account Manager needs to hear from you. Properly insuring your new assets, even if they were gifted to you, will need to be reviewed and appropriate insurance plans will be recommended. Don’t skimp on the insurance. This isn’t the time to gamble with protecting all that you have worked for. Not only is insuring the property a necessity, but discussing your liability exposure, is a must. Multi-policy discounts could also be available to help save you money.
Residents of Your Household
Always report any changes in the “Residents Of Your Household” to your Account Manager. Whether a widowed or ill parent moves in with you, a young adult moves out, or you open up your home to a friend in need, there is a necessity to double check how this can impact your auto and homeowners insurance policies. We will be happy to let you know if you need to adjust or change your insurance plan.
At CSC Insurance Options, we take pride in offering the best customers service to our customers. As your agent, we are here to guide you through any major life changes. Contact us at any time if you have questions that we can help you with.