Wednesday, December 23, 2015

9 Life Changes Affecting Your Insurance Coverage

The new year is upon us - we've made it through 2015. As we look forward to a new year filled with new adventures and excitement, think back about the past year - did anything major happen in your life that could prompt a need to update your Lake of the Ozarks insurance coverage? Take a look at these common situations affecting insurance coverage and talk to your insurance agent at the Lake of the Ozarks about updating your policy today.

1. Getting Married. 

Whether it's your first marriage or you're in the process of combining two households, many of your insurance policies are going to need updated. Start with your property or homeowners insurance. You're going to need to make sure that you have enough coverage for your home, which is most likely larger than before, as well as all the added contents when you combined your stuff together. You will also need to update the names on all your policies to include both you and your new spouse. Another key aspect to review is health insurance, does your spouse's employer offer better health coverage than what you already have?

2. Having a Baby.

If you're having a baby, the most obvious insurance change will be to your health insurance plan. Not only will you need insurance to cover doctors appointments and hospital fees, but the new baby is going to need health insurance coverage as well.  Be sure to review your life insurance for yourself and look into a policy for your children.

3. Remodeling Your Home.

When you remodel your home, you're changing it's value. Your homeowners insurance policy is based upon the value of your home and any changes you make to that need to be reported to your Lake of the Ozarks insurance agent. You want to make sure that if something happens to your home, that new addition, as well as any new contents that go along with it are also covered. Remodeling your home is a big investment and you'll want to protect it.

4. Changing Careers.

If you get a new job or switch careers, your income is probably going to change. Since the new health insurance plans are based on income, it is important to report any changes in income to your health insurance provider. A change in income can also affect your life insurance needs. Take a look at all your policies when there is a change in your income.

5. Moving to a New State.

Since all states have different insurance laws, it's important to review all of your policies when you make a move. While it probably seems obvious to update your homeowners insurance to reflect your new home, you also need to take a look at your auto, health and life insurance coverage too. If the cost of living is higher where you moved you, you'll want to make sure your insurance policies reflect that increase in coverage that you'll need.  If you've recently moved from out-of-state to the Lake of the Ozarks area, Insure the Lake is here to help you with all of your insurance needs, whether it be personal or business. 

6. Transferring Ownership of a Business.

If you aquire a business or take interest in a business as a partner, a look at both personal and business insurance policies is needed. Keep in mind that when you buy an existing business you normally can't just "take over" the prior owners insurance policy, so discuss this with your agent before the closing.
A business owner's financial security is often tied to the business. There needs to be sufficient coverage in place, such as life and disability insurance. Having a buy-sell agreement that identifies the value of the business and the right type and amount of insurance allows for a transfer of ownership in the future.

7. Experiencing a Death in the Family.

In the event of a death in the family, hopefully that person had life insurance coverage. Keep in mind that it's never too early to get life insurance, so talk to an agent now if you don't have any. After death, you will need to update all your insurance policies to remove their name and make sure the rest of the family they left behind has adequate coverage. While this is a difficult time to think about things such as insurance, you want to make sure there aren't any gaps that could cause further hardship.

8. Onset of an Illness or Accident.

Any policies that are affected by your health status should be updated regularly. These policies include life insurance, disability insurance, health insurance, and long-term care insurance. If there is a sense that something has developed medically that might affect your insurance planning, it is important to actively review your insurance policies while you still have the ability to do so. However, don't wait until it's too late to get life coverage. The younger and healthier you are, the easier it's going to be to obtain a policy that best fits your needs.

9. Adding a Teen Driver to the Household.

Statistically, teen drivers increase the possibility of unsafe driving, as they don't have as much experience as older drivers. Since teen drivers pose a higher risk to insurance companies, you will see an increase in your car insurance premiums. With that being said, at least you know that you're covered in the event an accident would occur. Better safe than sorry when it comes to the dangers of the road.  Be sure to ask your agent about possible Good Student Discounts that may be available with your company.

Major life events such as these can affect multiple areas of your insurance coverage. Therefore, it's important to get with your Lake of the Ozarks insurance company to update your policy when a major event happens in your life. At Insure the Lake, we're here to help you stay protected at home, on the road and in your business. Give us a call at 73-348-4794 for all your insurance needs! 

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 

About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral