As you experience life and adapt to changes, the last thing you’re probably thinking about is your insurance. Let’s face it, we all live very busy lives. As a Greater Boston MA insurance provider, we understand that. However, certain life events do affect your insurance rates and needs, so it is important to be aware of them. Here are a few life changes that can impact your insurance needs.
1. Getting Married
Talk about big changes! Getting married is probably one of the biggest. After all the planning and partying is done, you will finally get around to some paperwork such as combining your bank accounts. Don’t forget to include insurance to that list of to-do’s. First, being married may actually get you a lower insurance rate. This is because people who are married are viewed as more responsible. Secondly, combining your vehicles into one policy may earn you some extra discounts. So, be sure to inform your insurance company of this important life change and also look into any new savings.
2. Buying a New Home
Buying a home is an exciting time. As part of the home loan process, your lender will require you to obtain a homeowners insurance policy. You will likely contact several insurance companies to compare rates. This is a great time to review all of your insurance policies and get some extra discounts. When requesting quotes, be sure to also ask for the cost of getting both your auto insurance and homeowners insurance through the same company. You may be surprised at how this may change the quotes that you receive. One company that comes in high on homeowners insurance may end up coming in the lowest when combining auto and home.
3. Moving to a New City/Town
Whether you are buying a home or renting one, moving from one city or town to another will affect your auto insurance rates. These rates take into account the “garaging location” of your vehicle. If you live in an area with high auto left rates, you will pay a higher insurance rate than those living in rural areas because the chances of your car being stolen or damaged is higher. When you move, you must always notify your insurance company of your address change. This change may impact your premium if the area you are moving from is rated differently than the one you are moving to.
4. Having Children
Having a new baby is exciting, amazing, and oftentimes exhausting. It can be difficult to find time for much of anything when you are caring for a newborn, but here’s why you may want to think about insurance. First and foremost, you must contact your medical insurance provider promptly to ensure that medical treatments for your new baby are covered. They often ask for a birth certificate and other information. Secondly, you may want to evaluate your auto insurance policy. Now that you’re responsible for a new little human being, you may want to increase your liability limits. Higher limits decrease the chances of you being financially responsible for damages that exceed the lower limits. Lastly, if you don’t already have a life insurance policy, it’s more important than ever to obtain one.
Other Important Life Changes that May Impact Greater Boston MA Insurance Rates
The above are just a few common changes that may occur in your life. There are many other changes may impact your insurance rates. It is a good idea to review your Greater Boston MA insurance policies yearly and to let your insurance provider know about any changes in your life such as:
- Getting a Pet
- Changing Jobs
- Becoming a Member of an Organization
- Renovating Your Home
Your insurance agent can advise you on which changes may impact your rates. Some changes may qualify you for discounts and promotions, so it certainly does not hurt to ask!
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