Major purchases and lifestyle changes can have a large effect on your insurance needs, so we highly recommend an annual review of your policy. It’s important to notify your insurance agent of these changes.

1. Have you gotten married or divorced?

• You may qualify for a multi-policy discount on your auto insurance.
• If you're merging two households, you may need to update your homeowners insurance. You may also consider increasing your insurance for new valuables such as wedding gifts or engagement rings.

• It's important to review your life insurance needs.

• If you got divorced, you should contact your agent to set up separate auto and homeowners policies.

2. Have you had a baby?

It's important to review your life insurance and disability income protection. If you keep your current life insurance policy, remember to update the beneficiary designations to include the new child.

3. Did your teenager get a driver’s license?

• If they are going to be driving their own car, you may get a multi-car discount. Choose the car carefully; one that is easy to drive and would offer protection in the event of a crash.
• If your child gets good grades, most companies offer a good student discount.

• If your child moves at least 100 miles from home, you can get a discount for the time they are not around to drive the car.

• To add a child to your auto insurance policy, you must have their driver’s license information!

4. Have you switched jobs or had a significant change in your income?

You may have taken on additional financial commitments that your survivors depend on. Make sure to review your life and disability insurance to ensure it is adequate to maintain those commitments.

5. Have you done renovations to your home?

• If you've done major improvements to your home, you risk being underinsured if you don't report the changes to your agent.
• Consider additions outside of your home such as a gazebo, a new shed or pool.

• If you've purchased furniture, exercise equipment or electronics, you may need to increase the amount of insurance on your personal possessions.

• If you haven’t done renovations yet but have plans to do so, increase your insurance coverage before the work begins. Also, make sure the contractor and subcontractors have liability insurance and workers compensation.

6. Have you bought a vacation home?

If your new property is close to the water, be sure to consider flood insurance. Damage to your home or belongings from a flood is not covered under a homeowners policy.

7. Have you bought/received new valuables such as jewelry, fine arts, antiques or electronics?

A standard homeowners policy offers only a limited amount of coverage. If you have received gifts that exceed those limits, you should consider a "floater," or a separate policy that provides additional insurance for perils not included in your policy.

8. Have you signed a lease on a house or apartment?

If you are renting a home, the landlord is responsible for insuring the structure of the building, but not for insuring your possessions. It's your responsibility to purchase renter's insurance to be covered for theft and catastrophes.

9. Have you joined a carpool?

Your liability insurance should reflect the increased risk of additional passengers. Check with your agent to make sure your coverage is adequate.

10. Have you retired?

• If you used to commute to your job, chances are your mileage after retirement has decreased. If so, you should report this to your agent. It could significantly lower your premiums.
• Depending on the company, some offer a discount to drivers over the age of 50-55.

Information from Insurance Information Institute.