When Life Changes, Your Insurance Policy Should Update Too
When life changes, your insurance should change too — and we want you and your family to grow with Doherty Insurance. As your life evolves, it’s important to remember to review your insurance policies to make sure you have the proper protection no matter what life may bring.
Here are seven milestones that warrant an insurance check-up:
Getting Engaged or Married
Are you recently engaged? Congrats! Once you complete your walk down the aisle, spend a few weeks on a relaxing honeymoon, and send out thank you cards to all your guests, remember to call your insurance agent. It’s important to update any renters or homeowners policies to account for new items you received from merging households or as wedding gifts - and don’t forget to insure your new rings! It’s also important to make sure there is enough coverage for the two households you merged, and it’s necessary to make sure that both you and your spouse are legally listed on any policies.
Pro tip from Doherty Insurance — Don’t forget to ask about bundling your auto and home, renters, or condo insurance under one carrier. You can save upward of 20% by doing this!
Buying A New Home
Buying a new home is a huge commitment, which is why it’s so important to have the best insurance to protect your investment. At Doherty Insurance, we understand there is a lot to consider when it comes to homeowners insurance. We take the time to walk you through your new policy to make sure you have the right coverage. If your new backyard comes with a trampoline, pool, or swing set, you should also consider umbrella insurance for an extra layer of protection.
Buying A New Car
One of the biggest mistakes you can make with your auto insurance is purchasing the lowest limits on a standard Massachusetts auto policy. While the minimum liability limit is between $20,000 and $40,000, the minimum limit Doherty Insurance would suggest would be between $100,000 to $300,000. The difference in coverage is significant, but your monthly premium won’t be raised too much. Having this additional coverage will help cover most damages occurred during an unexpected accident.
Teen Drivers
Most families don’t realize that your child will automatically be covered under your Massachusetts auto insurance policy when they receive their permit. However, once they earn their license, they are not automatically added to your auto policy. Make sure to contact Doherty Insurance to add them to your auto policy.
Pro tip from Doherty Insurance — Talk to your agent about any discounts your teen driver may qualify for, especially if they participate in advanced driving training courses or if they make their school’s honor roll.
Life Insurance Update
Purchasing a life insurance policy will help protect your family’s financial future in the case of an unexpected accident. You should consider reviewing your life insurance policy whenever there’s a major change in your life, whether that is a new baby or a job change.
When updating your life insurance policy, it’s important to remember to:
- Increase dependents if you’ve gotten married, divorced or have had children
- Increase coverage if you have recently purchased a home and have taken out a mortgage
- If you have started a new business
Business Policies
As your company expands, it’s important to celebrate - but also it is essential to think about updating your insurance policy. If you’re upgrading your building or work space, make sure you have the proper protection in the event of a loss or unexpected incident.
If your company is now working remotely due to the current pandemic, call Doherty Insurance to review and revise your current policy to ensure you are covered for any working from home incidents. This policy revision could help protect any work from home related incidents, whether damage to product or cyber attacks.
Making Improvements to Your Home
Did you recently update your kitchen or master bathroom? Call Doherty Insurance to make sure your existing policy is enough to cover any home improvements. Think of it this way: if you spend $50,000 updating your home, but your home insurance policy only covers the value of your home before the renovation, you might not have enough coverage if you need to file a claim because of an unexpected accident.
These aren’t the only times you should update your insurance policy, but these are a good start! Just remember: when life changes, your insurance should change too - and contacting your Doherty Insurance agent is always a good idea!