Once you’ve secured an auto, home, or life insurance policy, the details won’t necessarily remain the same for the rest of your life. Many of life’s developments can result in the need to make a few insurance-related changes. Here are 4 common situations where you might want to reevaluate your coverage.
1. Getting Married or Divorced
Getting married can be an exciting time of life, marking a new beginning. This is also a time when you may want to obtain life insurance if you have not already done so. When your spouse depends on your income to cover expenses and maintain a certain standard of living, make you sure you have life insurance coverage to protect him or her in case of your untimely passing.
However, if you get divorced, you will likely want to revise your life insurance policy to only name current beneficiaries. In the event of your death, the proceeds of your life insurance will be paid to your ex-spouse if he or she was your named beneficiary and you have not updated your policy.
2. Buying a Home
When purchasing a home, you will need to obtain homeowners insurance in Chula Vista to protect your property and valuables. You should also review your existing coverage if you make a major renovation or build an addition to your home. If inflation has increased the value of your property, you may want to consider increasing your coverage as well.
3. Earning More Money
Over time, you will hopefully see your income grow. As your income increases, your standard of living may increase as well. In this event, you need to determine if your life insurance policy is still sufficient to meet your needs. As a general rule of thumb, many insurance experts recommend having at least 10 times your annual salary in life insurance coverage.
4. Adding a New Driver
Once your child reaches legal driving age, your auto insurance coverage should be reevaluated. Regardless of whether or not the teen will be driving much or have his or her own vehicle, be certain you meet the requirements for having a child who drives. Consider your specific situation and the laws in California to determine if your child should be added to your Chula Vista car insurance policy.
If you think it’s time to reassess your coverage, reach out to American Tri-Star. We are a trusted provider of home, auto, commercial, motorcycle, and RV insurance in Chula Vista, and we can secure a policy for you that best meets your current needs. To learn more about the coverage we provide and to receive a free quote, call 619-827-0522 today.