Life events might mean insurance changes

VIU by HUB is a strong advocate for self-improvement, whatever that looks like for you. We’re also strong advocates for having the right insurance coverage for you and your life. Life changes and insurance should evolve with it. We’ve put together this list of life events and insurance considerations for each so that you can make your life changes and make sure you have adequate coverage. While there’s no such thing as life event insurance, there is a type of insurance for life changes you may be considering.

Home life events

Buying a home

Whether you’re a new homeowner or an experienced pro, moving into a new home is exciting. What kind of insurance should you have for this occasion?

• Homeowners insurance – all homeowners need to have homeowners insurance to cover damage both to the structure of their home as well as the contents inside and even, to some degree, the people.
• Condo insurance – not all homeowners own a house. If your home is classified as a condo, you need condo insurance instead of homeowners. The main difference is the coverage to the actual structure.

Renovating your home

Your entire home should be covered, even if part of it is currently a pile of lumber waiting for a contractor. That pile might not look like much, but it is really expensive and it’s necessary for home additions. Good news: there are policies that cover construction - from piles of lumber all the way through completed additions.

• Builders risk insurance – this is usually purchased by contractors with homeowners added on as additional insured parties.

Buying expensive items

You’ve worked hard to afford that jewelry, classic car or artwork. Keep it protected. No matter what type of valuable you’ve purchased, VIU by HUB can work with you to find the right insurance plan.

• Homeowners insurance – Your purchase will likely be covered by your homeowners policy, with the caveat that you might need to increase your coverage amounts.
• Renters insurance – Similar to homeowners insurance, these purchases are usually covered up to a certain amount. If you’ve spent more than your allowance, you can make adjustments to cover that higher amount.
• Auto insurance – if your expensive item is a classic car, you’re going to want to make sure that you have the right coverage for it based on age and use.

Family life events

Getting married

Merging lives legally, even if they’d previously been intertwined, comes with a lot of paperwork. What changes here often depends on what your insurance situation was before marriage. It’s best to consult the VIU by HUB Advisory Team rather than try to navigate it yourself. We created this guide to moving in together that should give you an idea of what questions to ask.

• Renters insurance – a married couple living in the same rental property have different insurance needs than unmarried partners in the same situation. Even if you’ve been living together, it’s worth reaching out to see if you should make changes to your policy.
• Homeowners insurance – similar to renters insurance, changes may or may not be necessary depending on what your pre-marriage situation was. Talk to an advisor to get personalized advice for this one.
• Life insurance – whether one or two incomes are needed to support your lifestyle, it’s wise to consider life insurance policies to help in case one spouse passes away. It can be used to pay for a funeral and related costs.
• Auto insurance – you likely already have this, but putting both of your cars on one policy, or adding your new spouse as an additional driver, has the potential to save you money.

Having a child

Becoming a parent will require some updates to your personal insurance. You’ll also want to update your health insurance coverage for this life change, but you’ll need to reach out to those companies to learn what changes they recommend.

• Life insurance – you now have someone counting on you, and your income to survive. This is a great time to explore your life insurance options to secure the future of your children.

Beginning to drive

You’ll want to notify insurance companies about this change sooner than later to be sure that your policy protects your teenage drivers, and your car, while they learn to drive and beyond.

• Auto insurance – your insurance company will want to know that you have an additional driver. VIU by HUB can help you add that coverage and walk you through what that means for your premium.

Getting divorced

No matter how well you get along with your ex, you probably don’t want to pay for their insurance plans. And you don’t want to be left without your own either.

• Renters insurance – If you’ve moved into a new place, even just a different zip code within the same city, be sure that you have this in place. Conversely, if you’re staying put, take your ex’s name off of the policy.
• Homeowners insurance – You’ll want to be sure that the mortgage-holder is the one named on the policy.
• Auto insurance – If you have a shared policy or are named drivers on each other’s cars, contact VIU by HUB or your insurance company to establish separate policies that do not name each other.
• Life insurance – Now is a great time to update your beneficiaries and check that your coverage levels are still in line with your goals.

Work life events

Starting a new job

You’re likely going to have many benefits to consider, including several types of insurance coverage. Don’t forget to check your personal insurance policies as well.

• Auto insurance – If the amount you’re driving is going to increase or decrease, consider updating your auto policy or adding/removing a telematics (aka usage-based) program.
• Life insurance – Your new job might offer this so it’s worth looking at your current coverage and deciding if it’s better to keep your policy or switch to theirs.

Getting a raise

These are always a welcomed life event. If you don’t make major purchases with your new income, your insurance needs will stay the same, with one possible exception.

• Life insurance – These policies help to cover lost income in the event of the policyholder’s death. An increase in income is a great time to evaluate coverage amounts and decide if they need to be updated.

Retiring

Reaching the end of your working days means a lot of changes to many areas of your life. It’s important to update your insurance coverage for life events like this.

• Auto insurance – Without your daily commute, it might be time to re-evaluate your auto insurance needs. For example, you might want to stop your telematics program if you’re enrolled.
• Toy insurance – If you’re hitting the open road in an RV or spending time on the lake in your boat, you’re going to want to get those insured.
• Life insurance – Many life insurance plans pay dividends that can be used while you’re still around to enjoy them. Our guide to life insurance offers several reasons that you should look into this insurance ahead of your retirement.
• Umbrella insurance – No one ever wants a surprise bill from a lawsuit, but they can be especially damaging to people on fixed incomes. If you don’t already have an umbrella policy, it might be time to look into getting one.

If you need to reassess your home or auto insurance during a big life change, check your state requirements and get started!