There’s an old saying is that the only thing constant in life is change. There’s a lot of truth to that saying, and it’s one of the things that a competent insurance agent focuses on most: life changes.
Insurance is all about helping you identify and manage the amount of risk you are comfortable with and then putting a practical strategy in place, through the use of insurance policies, to protect your assets. With this definition in mind, it only makes sense that when your life change, your level of risk and assets will likely change with it.
Therefore, here are 6 times you should reach out to your Texas insurance agent and review your coverage:
1) Birth and death
When you have a child, grandchild, etc. or when someone you know or loves passes away, both times you should reach out to your agent, not only to update your family’s contact information, but also to review your coverage and make sure that any policies will reflect the addition, or passing, of that individual.
If you move, it’s imperative that you review your coverage. Different areas, even in North Texas, are rated differently, have different risk levels and it’s in your best interest to update your address and just as importantly make sure that you are properly covered at your new residence.
3) You change jobs or retire.
This is a major life event for anyone, and definitely demands a policy review with your insurance agent. Life insurance, retirement funds, time off/severance all can be impacted by this job change, and it’s helpful to make sure your insurance agent is aware so they can make recommendations to protect the things that matter most to you even if you change jobs.
4) You make a big purchase.
Whether this is a new car, other type of motorized vehicle (ATV, Motorcycle, RV, etc.), or even things like jewelry and fine art. Your insurance agent has products and options that can help your protect these things, often for just a small premium.
5) You file a claim.
Depending on the severity of your claim will determine when is the best time to talk to your agent, but once your claim has been resolved, it would make sense to talk to your agent and make sure that you have the proper coverage moving forward, in the event that you had rejected optional coverages that might have protected you during that claim process.
6) At least once a year.
Big changes don’t come all the time, but when they do it’s important to speak with your insurance agent. Even if you don’t have a major event a good Dallas insurance agent, like LFIG, will reach out to you at least once a year to offer a policy review. This isn’t a sales conversation, it’s a chance to make sure that your insurance coverage is keeping up with your asset protection needs. There may be additional products that could better help, there may be coverage that is unnecessary due to your situation. Your agent will help you find out.