In the words of Ferris Bueller, “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.”
These words are so true – it seems sometimes that life flies by. It’s easy to make changes in your life and forget to tell someone: your insurance agent. When the ‘big stuff’ happens, you will probably be excited to tell friends and family, but putting in a call to your favorite Boston insurance agency should also be on your list, since many of life’s changes will affect your need for insurance coverage.
Each of the following events represents a change in your insurance needs. If you experience any of these, call your Vargas and Vargas Insurance agent to update your insurance policies so that you remain fully covered.
Buying a Home or Renting an Apartment: For every change in your housing situation, there should be an equal change in your insurance policies. Every home or apartment is different – that’s why it is so important to have a customized insurance policy for your dwelling. Your insurance agent will be able to explain the difference between replacement cost and actual cash value for your policy. And remember, we can also offer you rental property insurance if you purchase a second home and rent it out.
Getting Married or Divorced: Getting married calls for many insurance changes. You may get a discount on your auto insurance for having a two-car family, and it’s also important to reconsider your life insurance needs. Your renters or home insurance may need to be updated to account for new joint possessions (not to mention the new rings and wedding gifts!)
Likewise, divorce requires insurance policies to be updated if your car and home situation changes. You may also want to reduce life insurance coverage or change your beneficiary.
Having Your Home Renovated: Here at Vargas and Vargas Insurance, we want to make sure that our clients are never under-insured. That’s why it is so important to update your home insurance policy after you renovate. Whether you add or just update a room, your home insurance policy needs to be updated in order to reflect the new value of your house in case of a loss. We should also know about any improvements made outside your home, including the addition of a shed, gazebo, swimming pool, etc.
Acquiring New Valuables: You don’t have to call your insurance agent every time you purchase a knick-knack for your home, but every once in a while, you will purchase (or receive) a valuable item that might need a floater or endorsement for full coverage. These items are typically jewelry, collectibles, furniture, antiques, and electronics. Every policy will define ‘valuable’ differently, thankfully your agent is just a phone call away and can tell you whether your home insurance will cover the item as-is, or if an addendum is necessary.
Having a Child: Whether it’s a birth or an adoption, having a new baby in the family requires updates to your policies. Typically, having a baby will necessitate an increase in your life insurance coverage. Also, don’t forget to update your home insurance policy to include all of your baby’s furniture, toys, and clothing – as a new parent, these small items will add up fast!
Letting Your Child Get Their Driver’s License: Whenever a new driver starts to use the family vehicles, your auto insurance policy will need to be updated. You may fear making the call because insuring a teenager is notoriously expensive, but you can rest assured knowing that your Vargas and Vargas Insurance agent will ensure that you get all possible discounts on your auto insurance.
Achieving Retirement: When you are lucky enough to reach retirement, you will have a lot to cover with your Massachusetts insurance agent. Not only are you likely to qualify for senior discounts on your policies, you will need to update the average mileage use on your car, which will likely decrease significantly when you no longer commute during the week. You may also want to speak with your insurance agent about whether or not you should keep your life insurance. While it is often considered a replacement for lost wages, it can be a handy thing to have even after you’ve got no paycheck to replace.
Do you know anyone who has experienced any of these events recently? Forward them the link to this post and tell them how Vargas and Vargas Insurance can help them with their insurance needs and will get them the best price on a new or updated insurance policy.
If it’s been a while since you spoke to your insurance agent, just call us at 617-298-0655. A Vargas and Vargas Insurance representative will be happy to walk you through your current insurance portfolio in order to ensure that your coverage is at the right level for your needs. We offer free, no-obligation insurance quotes and updates, so there is no reason to delay – call now, and make a point to talk to your Massachusetts insurance agent at least once a year to give your policies a thorough check-up.