13 Nov Life Changes and Insurance: When to Notify Your Agent for Policy Updates
Did you know that when something changes in your life, you should let your insurance agent know as soon as possible? While in some states you have up to 30 days, depending on the change, you really should inform your insurance company immediately, as the changes can affect the overall cost of your premiums.
It’s a delicate balancing act, as some changes will make your insurance rates go down, while others can raise your premiums. So, what type of life changes should you inform them of? Some are more important than others, so here’s a quick guide to get you started.
Car Insurance Changes
There are many different things that can cause your car insurance amounts to change. Some of them, such as adding a new driver, changing your address when you move, and even going from a daily commute to working from home, need to be shared with your agent right away.
Other things, like whether or not you’ve started a side job delivering for Uber Eats or have started working for Lyft are important as well because if you get into an accident while working one of these jobs and your insurance company didn’t know about it, you could end up with a denied claim.
In addition, there are changes that you may not have considered important, but they do play a role in your premiums. For example, if you choose to put your car into storage for any reason for an extended period of time, your insurance agent needs to know about it, as this can lower your premiums. Another change, modifying your car in order to customize it, has the opposite effect, but is also something that your insurance company needs to know.
Home Insurance Changes
Changes to your home act similarly to those to your vehicle, as they can either make your insurance premiums more expensive or save you some money on your policy. Updating your appliances (trading them in for energy efficient ones), overhauling your electrical system, and even adding new smoke and carbon monoxide detectors can all lower your premiums because they make your house safer. Installing an alarm system falls into this category as well.
Some changes, including renovations that add on extra rooms or enlarge the existing ones, as well as upgrades to your backyard decor, like a gazebo or deck with a pool, can make your home insurance more expensive.
No matter what, if you have made any of the above changes, you’ll need to inform your insurer as soon as possible. Whether they add to your premium or not, you have to have the proper amount of coverage, and this is only possible if you let your insurance agent know what’s going on.
Other Life Changes
On top of all of the car and home changes, there are some additional ones that your insurer also needs to know about. For example, if you got married, obtained a new job that comes with a professional group membership (some offer discounts on insurance), or anything of that nature, you need to keep them informed.
Ready to learn more about additional life changes that could affect your insurance? Our knowledgeable team at Spivey Insurance can help review your current coverage or help you set up a new policy. Contact us today.