1. Take Inventory of Your Property.
If you've been living in a dorm for your entire college career, now may be the first time you're completely in charge of finding a place to live. You'll be responsible for either paying rent or a mortgage, and you'll have to include renters or homeowners insurance in those expenses as well. The first step in purchasing a homeowners or renters insurance policy is to know how much coverage you need. The amount of coverage you purchase should be dependent upon the value of your personal property, this includes any electronics, furniture, jewelry, etc. The worst thing that can happen is finding out you don't have enough insurance coverage to replace everything you own in the event of a total loss.
Now that you're entering the workforce, hopefully with a full-time job in your degree field, you need to make sure that you have a way to get to work. You most likely have already owned a car for awhile, but maybe you were on your parents' insurance policy up until now. It's time for you to break away from them and get a policy of your own. While auto insurance is required legally, there are different levels of coverage that you will need to consider. The liability options will protect your bank account if you're at fault in an accident, while damage to your car is included in other coverage options. Your agent will be able to walk you through the different options to decide what's best for your situation and the type of vehicle you own.
3. Have an Idea of How High of a Deductible You Can Afford.
Whether it's for your homeowners insurance policy or your auto insurance policy, you're going to have some sort of deductible. The deductible is the amount you're required to pay before the insurance kicks in. The higher your deductible is, the less you'll pay monthly for your premiums. This isn't always the best option however, as recent college graduates probably don't have a ton of money in savings available to pay a large deductible in the event that something happens. Make sure you think about how much you would be able to pay out of pocket if need be before you choose an insurance policy.
You may be able to remain on your parent's existing health insurance policy until age 26. Some college graduates might have a health insurance plan provided by their new employer, while others will need to enroll in an individual health insurance policy. With the passing of the Affordable Care Act, everyone is required to have health insurance. Talk to an insurance agent to determine which plan will work best for you.
5. Work with an Independent Agent.
The great thing about independent agents is that they has contracts with a variety of different insurance companies, allowing them to help you in all areas of insurance. From home and auto to health and life, your independent insurance agent at the Lake of the Ozarks can make sure you're covered in every area of your life. In addition, independent agents are able to provide you with the best rates and coverage for your needs. They can shop around for the best deals and give you quotes from several different companies.
If you're a recent or soon-to-be college graduate with insurance questions, give Insure the Lake a call at 573-348-2794. You can also request information on our website by filling out our short online form. We specialize in all areas of insurance including home, auto, health, and life. Our Lake of the Ozarks insurance company is here to make your transition from a college student to a working adult just a little bit easier!
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
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