Our lives and business are not static, with the change in circumstance, there will be a need to update your insurance coverage. Doing an annual insurance review is recommended to determine the best time for updating policies. To help you decide on when to update your policies, there are essential questions you need to ask;
Being married or divorced will require you to update your policies. Merging or splitting a home will require a policy update.
When newly married, there is a need to review your insurance needs. Let’s assume you are divorced; you might need to remove your spouse from your current insurance policies.
In your previous job, your employer will have life and disability insurance. Your new employer might not have enough protection; you may need to replace the policy with an individual policy.
If your income also increases, you will need to review your life and disability insurance. The same for when your income decreases, cutting your insurance premium should be done.
Your insurance policies need to be updated if you are buying a vacation or second home. Research deeply on homeowner’s insurance.
Buying a waterfront home will introduce new risks into the policies, and this needs to reflect when updating your policies.
When you rent a new place, and your landlord is responsible for insuring your home but not your possessions, then you need to update your policies.
Update your renters’ policies to either replace your possessions or pay the cost of rebuilding your home.
Other instances for updating your policies include when you are retired, joined a carpool, or you just acquired new valuables. By updating your policies, you are protecting yourself from risks.