Changes in Life

Moving in Together

If you are like many Americans and plan to live together as an unmarried couple, you should know the advantages of reviewing your insurance policies. Some insurance companies will allow couples to combine their vehicles onto one auto insurance policy even if they are not legally married. By doing so you qualify for a multi-car discount, which will save both of you money. Now that you are committed to the relationship, you are probably accumulating “stuff” like a flat screen tv, sofa, queen-sized bedroom set, and so on. We highly recommend you take a look at purchasing renters or other property insurance to protect your personal property and yourself from liability. Bundling the renters policy with your auto will qualify you for an additional savings on both policies in the form of a multi-policy discount. The discount could apply to other policies written with the same carrier, like snowmobile or watercraft insurance. Contact us to learn more about the discounts you qualify for as an unmarried couple living together.

Getting Married

Your insurance purchasing decisions as a married couple starts before the wedding by scheduling the engagement ring on your property insurance policy, like a renters or homeowners policy. Scheduling it provides broad protection in the event it is lost or stolen. The next big investment you can protect is the wedding itself with Wedding Insurance. Sometimes things happen that are beyond your control so you want to be prepared for the unexpected. You may or may not feel different after saying the “I do’s”, but in the eyes of your insurance company you are different, in a good way. You are now considered more responsible so you can expect to see savings on your auto policy through a change in rating classification and by combining your vehicles onto one policy. You have come together in marriage and so must your insurance policies to avoid over laps in coverage. As you transition from individual financial assets to joint assets, we can help you find all the discounts you qualify for and answer any questions you may have about other policies, like life insurance.

Buying Your First Home

Insurance may not be the first thought that pops into your head when buying your first home, it should be the second. Your mortgage lender will require proof of insurance before the closing to show that you have property insurance protection. Keep in mind when purchasing homeowners insurance the company will want to know all about the risk they are insuring. So they will want to know if there is any knob & tube wiring, a wood stove, if there have been any updates to the electrical, plumbing or heating systems, and what types of dogs or other animals will be on the premises. If you have inherited valuable personal property like antiques, coins or jewelry you will want to be sure to mention them and their value. A basic homeowners policy will have limitations for such items and you may want to schedule them separately. We can help you protect your investment with homeowners insurance and your mortgage with a term life insurance policy. For more information download our VT Homeowners Insurance guide.

Becoming a Parent

You are becoming a parent, congratulations! After the rush of excitement is over, a sense of responsibility settles in. You want to be sure your child will be taken care of if you were no longer able to do so. This is when you should consider life and disability insurance along with preparing a will. The type and amount of insurance you purchase will depend on your financial obligations and assets. As your family grows, your assets increase, and your obligations change, the insurance should change as well. When considering life insurance you want to plan for the future. If you are a single household provider, a disability insurance policy can help pay the bills when you are unable to work. You provide shelter for your family as a basic need. Consult with us about what you can do to maintain your family’s basic needs through the purchase of life insurance and disability insurance.

Remodeling Your Home

Whether you hire a contractor or decide to do the remodeling yourself, you should inform your insurance agent about your remodeling project. If you hire a contractor you will want to get a Certificate of Insurance from him to verify he has the proper insurance to cover himself and any sub-contractors he hires while working on your home. If the contractor you hire does not have adequate insurance and one of the workers gets injured while working on the job (your house) you might end up getting sued and held responsible. Some projects may require you to increase coverage value. Some of the most common are putting on an addition, porch, or deck, turning the basement into living space, or building a garage or other outbuilding. Some remodels can even save you money on your insurance, like updating the plumbing, heating or electrical system. Whatever your projects are be sure to discuss them with your insurance agent and remain insured to value.

Starting a Home Business

For many the earning potential of a home-based business can be ideal due to the flexibility around family schedules. Whether your home business is part-time or full-time there are options to consider when insuring your in-home business. Risks can vary so you want to be sure you protect yourself from financial loss. Smaller home-businesses may get the coverage they need from simply adding an addendum to your home or renters insurance. Other businesses with many assets and greater liability concerns will require a business insurance policy. Some examples of home-based businesses that should consider business insurance is child care, seamstress, Tupperware representative, and caterer. Because homeowner policy forms exclude business activities, it is crucial you consult with your insurance agent about the right protection for your home business.

Teen Driver in the Home

When a teen gets his or her permit you do not need to notify your auto insurance agent. However, when that teen walks out of the DMV with a new VT drivers license, you are required to notify your agent. Insuring the teenage driver can be expensive, but there are ways to help reduce the cost. You can consider increasing the deductibles and asking if your teen qualifies for a good student discount. If you are buying the teen a car compare insurance quotes with various auto makes and models so you know ahead of time what you expect to pay in auto premiums. And the most important is setting an expectation for safe driving practices to reduce accidents and maintain a clean driving record. The Insurance Institute for Highway Safety provides information on teenage driving and here are a couple samples of a Parent Teen Driving Agreement from the Vermont State Police and American Academy of Pediatrics.

College and Graduation

If you have a typical homeowners policy it does provide some coverage for a student away at school, but the coverage is limited. For instance, the student may need to be enrolled full-time, a resident of your household before attending school, and under the age of 24. If any of these circumstances change during the school year, it could cause the student to no longer be covered under your policy. In some situations, purchasing the student their own renters policy may be a better option. It will also start them on their way in protecting their financial future.

Your auto policy may also be impacted with a student away at school, especially if they take a vehicle with them. If the student is more than 100 miles away at school and without a vehicle, you could see a savings on your insurance premium.

Retirement

When you make the decision to retire, you should give your personal insurance protection plan a review. For example, your driving habits may change to spending less time on the road. In insurance terms, this relates to less exposure to risk, which could mean lower auto insurance premiums. If you are like many people and place your assets in a trust with a possible life lease, it could complicate your insurance plan and cause you to no longer be protected. When property is placed in a trust it creates a new “named insured” and will need to be rewritten. The common question “Do I still need life insurance when I retire?” is not an easy one to answer without getting answers to some key questions like, Are your debts paid off? or Are your funeral expenses covered? Give us a call; we can help you make the proper adjustments to your insurance portfolio so you can enjoy retirement life, without any added worries.

Moving or Relocating

It doesn’t matter if you are moving across the country or just across town, moving can be stressful. To avoid added worries you may want to check with your insurance agent before declining the optional damage waivers and supplemental insurance from the truck rental company. Your auto insurance policy may cover you for the rental truck and your renters or homeowners insurance will most likely cover your personal property while in transit. But, sometimes the rental companies hold you responsible for damages not covered by your personal insurance. If you move to another state you will need to obtain auto insurance in that state. Your insurance agent may be licensed in multiple states or your insurance company may write in that state and can recommend a new agent. As you transition from your old home to your new one keep in mind there is typically a 30 day period that covers your belongings while in transit. To avoid a gap in coverage, make sure your personal property is moved into the new home prior to the 30 days or contact your insurance agent to discuss another strategy. If you are moving to Vermont, give us a call! We can help you secure the right insurance plan.