Buying a New Home
Which insurance products should I consider when buying a new home?
Homeowners Insurance: A necessity for a new home.
Auto Insurance: Protect your new home from liability claims.
How does buying a home impact your auto insurance needs?
Now that you have bought a house, you own a very valuable asset. As a result, you’ll want to protect it. If you are ever involved in an automobile accident that results in injury to other people and/or property, all of your assets, including your house, can be subject to liability claims. Claims that exceed your liability coverage can come out of your assets. When you buy a home, you should reevaluate the liability limits on your automobile insurance policy to make sure that you have adequate liability coverage to protect your home.
Do I need to change my auto insurance coverage limits?
Liability claims arising from automobile accidents can result in the loss of your new home and/or other assets. You have more assets to protect now, and you may have others who rely on you. If you have kept your car insured with only the state minimums in the past, you may want to increase your coverage now to protect what you have.
Just because you have the mandated minimum amount of liability coverage doesn’t mean that you can’t be sued for more than that amount if you are in an accident. Review periodically to make sure that all of your assets are protected in the event of an accident.
Why should I shop around for homeowners insurance?
A new home means a whole new set of factors on which your rate is based. Get a quote from your current company and shop around for home insurance with other companies as well. You can decide which rate and company best meet your needs.
Just married
Which insurance products should I shop for when I get married?
Auto Insurance: Rates may be better with multi-car and multi-driver discounts.
Life Insurance: Make sure you and your loved ones are secure.
Homeowners/Renters Insurance: Whether you’re moving into a new home or have new valuables, such as jewelry and gifts, make sure you’re covered.
Why shop for auto insurance when getting married?
Now is a great time for you and your spouse to pool your auto insurance with one company. Insurance companies typically give you a discount if you insure more than one car with them. Also be certain that your policy limits will adequately protect your assets in the event of an accident. Shop around to see if you’re getting a good rate now or if you’re a better fit with a new company.
Do I need to change my auto insurance coverage?
Now that you are married, you may want reexamine the liability limits on your auto insurance policy, because you probably have additional joint assets that could be exposed to liability. You’ll want to make sure that your policy will adequately protect your assets in the event of a serious accident. Visit insurance terms for more information on liability limits.
Why is life insurance important now?
Life insurance should be considered a necessity, not a luxury, once you’re married. You’ll want to do everything you can to make sure your new spouse is financially secure in the event that something happens to you. Use our Life Insurance Calculator to determine your family’s financial and coverage needs.
How do I protect my valuables?
Whether you’re buying or renting a new home, you’ll want to shop for homeowners and renters insurance rates now. And make sure your valuables, such as jewelry and all of your new gifts, are protected.
New Child
Your family is expanding. You’ll want to protect them and provide for them in the best way possible.
Which insurance products should I shop for as my family grows?
Life Insurance: In most cases, you’ll want to increase your coverage as your family grows.
Auto Insurance: Make sure you have the right coverages.
Health Insurance: An absolute necessity when children are involved.
Why do I need to review my auto insurance when my family grows?
What would happen if you caused a car accident and the other driver suffered damages over and above your auto insurance limits? Your home, your other personal assets, and your future earnings could be put at risk. That could impact those who rely on you for support. Now is a good time to reevaluate your auto insurance coverage and make adjustments where necessary.
Why is life insurance important when a child is born or adopted?
Each time there is a new addition to your family, your family’s financial needs grow. Protect your family in the event that something happens. If you are purchasing life insurance, you need to select a reliable insurance company and the particular policy that’s best for you. In general, you can select a company based on such factors as its reputation in the industry, the opinions of others, and ratings information.
How much life insurance do I need?
Your life insurance needs depend on many factors—your marital status, number of children, age of the children, income level, debt level, value of assets, and financial goals. As your family grows, you should reevaluate your life insurance needs to be sure that your coverage is adequate. Questions to ask:
* What are your financial goals?
* Do you want only enough insurance for your survivors to get by financially, or do you want to have enough to cover college and/or retirement?
* Can the coverage be modified to meet the changing needs of you and your family?
Use our life insurance calculator to decide on the coverage levels necessary to ensure your family’s security.
Why do I need health insurance?
You want to keep your children healthy and provide them with the best medical care possible, so health insurance is an absolute necessity. It can protect you from financial ruin if a serious injury or illness occurs. Make sure you understand how your policy works—what’s covered, what isn’t, the length of hospital stay you’re entitled to, and whether your choice of doctors is limited. If you’re expecting a baby or are adopting an infant, you’ll be concerned about prenatal and maternity care, as well as pediatric care.
- insurance.com -
(To be continued)