Page 9 - AAA Now! – AAA Shelby County – September/October 2020

FINANCIAL SERVICES
Buy a car? Send a child off to college? Downsize your home? From the teenage years to retirement, many people experience milestones that
influence not just their lives, but also their insurance needs. Here are a few common life events that call for you to call your agent.
COUPLING UP
Whether you’re moving in together or getting married, living in the same home or driving the same vehicles as your significant other comes with insurance implications.
If you live in a home that one of you owns ... Ask your agent if you can add another occupant to the homeowners policy so that their belongings are covered. This may or may not be possible based
on marital status. If it’s not, whomever is moving
in should consider purchasing a separate renters policy in case their personal property is ever stolen, damaged or destroyed. Moving in together is also a good time to update or combine home inventories.
If you live together and one of you has a renters insurance policy ... Ask your agent if another resident can be added to the policy. If you are not married, you may need to purchase separate renters policies.
If you have more than one car ... You may qualify for a discount if you’re married and you insure both cars under the same policy. However, it still may
be cheaper to have separate policies for separate vehicles, so check with your insurance agent.
If you get married ... Call your agent to see if you qualify for lower auto and/or home insurance rates. If you have different insurance companies, you’ll need to decide which company best suits your needs as a married couple.
If you get divorced ... Let your insurance agent know so that you can separate any shared policies. If you share an auto policy and have a teen driver, you now may need to list your teen on your separate policies. If you share a homeowners policy, let your agent know if one of you moves out during the separation. The person who moves out should also consider a renters policy. After the divorce is
final, the homeowners policy should only be in the name of the homeowner.
FAMILY CHANGES
Families change in many ways as new members are introduced and milestone birthdays are celebrated. Here’s when to double-check that you and your loved ones are adequately protected.
Ifyougetapet...Talktoyouragenttofindoutif your homeowners or renters policy includes liability coverage in case your pet is ever involved in an accident. Liability coverage is especially important for dogs because even a small dog bite can permanently scar the face of a child. If your homeowners or renters policy doesn’t adequately cover your pet, consider purchasing an additional umbrella policy. Keep in mind that owning certain breeds of dogs deemed “vicious” may make you ineligible to purchase home insurance from certain companies entirely.
If you have a baby ... You may qualify for a
lower auto rate. If you upgrade to a larger or safer vehicle, adjust your auto policy accordingly. You may also want to adjust your homeowners or renters insurance policy if you acquire additional belongings, or if you don’t already have accidental damage coverage. The birth of a child may also be a good time to combine multiple insurance policies for the best rate.
If your teen is ready to drive ... Call your
agent before your teen gets a learner’s permit
to determine how much it will cost to insure
your teen once licensed. Make sure to ask about student discounts. Expect your auto insurance rate to increase when you add a teen driver to your policy—teenagers cost more to insure because they have yet to establish a safe track record.
If you send a child off to college ... Ask your agent if you qualify for auto discounts. If your child brings a car to campus in-state and remains on
your policy, coverage likely still applies. If your child brings a car to campus out-of-state, check with your agent to see if coverage still applies. Encourage your child to leave valuable belongings at home, and do a detailed inventory of what they take
with them. If your child is living in a dorm, most of their belongings will likely be covered under your homeowners policy—however, you may want to consider a personal property endorsement if your limits aren’t high enough. If your child is living off-campus, consider a renters insurance policy to protect their belongings and protect them from liability in case of an incident.
If you lose a loved one ... Call your insurance agent. If the person who passed away was listed
on your auto or homeowners policies, have them removed. If your spouse passed away and left you
a home, ask to be listed as the “named insured”— most insurance policies allow surviving spouses to continue to make payments until the policy can be reregistered or rewritten. (Be sure to have the policy number and death certificate on-hand.) If you are an heir to a home, contact the insurance company as soon as possible, as the policy may need to be rewritten. If someone passes away, leaving their car behind, contact the insurance company to find out who is listed on the policy.
MAKING MOVES
Change can be exciting—especially when it involves a new home or vehicle, or upgrading your lifestyle. However, be sure to keep your insurance agent in the loop.
If you move out of your parents’ home ... Talk to your agent if your car is insured on your parents’ policy. While staying on their policy might save
you money, it may not be allowed—the definition of “separate residences” can vary by insurer. Most insurers encourage young people who have moved out to purchase a separate auto policy.
If you rent a home ... Consider a renters insurance policy. Your landlord’s policy likely only covers the building and the land—not your personal property inside. Most renters insurance policies provide coverage for your belongings whether you’re
at home or away. They also include loss of use, which helps you financially if your home becomes inhabitable, as well as personal liability coverage,
Continued on page 10
EXPERIENCE A LIFE CHANGE?
CONSIDER ADJUSTING YOUR INSURANCE
SEPTEMBER/OCTOBER 2020
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