## Don’t Let Your Insurance Gather Dust: When It’s Time to Review Your Coverage
Life changes, and your insurance coverage should change with it. Letting your policies stagnate could leave you underprotected and paying for coverage you no longer need. So, when’s the right time to give your insurance a check-up? Here are a few key moments:
**Big Life Events:** These are the most obvious triggers. Did you recently:
* **Get Married or Divorced?** Updating beneficiary information is crucial. Consider combining or separating policies based on your new marital status.
* **Have a Baby (or Adopt a Child)?** You’ll need to add dependents to your health insurance and possibly increase your life insurance coverage.
* **Buy a Home?** Homeowners insurance is a must. Don’t forget to also review your liability coverage.
* **Start a Business?** You’ll need specific business insurance to protect your assets and operations.
**Major Purchases:** Significant acquisitions can drastically alter your insurance needs. Think about:
* **Buying a New Car:** Your auto insurance needs to reflect the value of your new vehicle.
* **Acquiring Expensive Jewelry or Art:** You’ll likely need to schedule these items on your homeowners or renters insurance.
**Financial Shifts:** Changes in your income or debt levels can impact your insurance strategy:
* **Receiving a Promotion or Raise:** Consider increasing your life insurance coverage to ensure your family’s financial security.
* **Paying off Debt:** You might be able to reduce certain coverage amounts, freeing up funds for other financial goals.
**Annual Review:** Even without significant changes, a yearly review with your insurance agent is a smart move. They can help you:
* **Identify Coverage Gaps:** Are there any risks you haven’t accounted for?
* **Explore Potential Discounts:** Are you eligible for any new discounts based on your circumstances?
* **Compare Quotes:** See if you can find better rates with other providers.
Don’t wait for a crisis to discover your insurance is inadequate. Proactively reviewing your coverage at these key moments can provide peace of mind and ensure you’re properly protected against life’s unexpected events.