There are plenty of reasons why you need insurance, but navigating the details can be quite difficult. How do you know what sort of insurance you really need? How do you know what kind of coverage you should seek? What potential purchases or life changes will require new types of insurance and coverage policies? There are countless other questions that plague people every day when it comes to contemplating what sort of insurance it is that they need and what kind they should buy – which is why finding the right insurance agent is so important. An insurance agent is an individual who will help you evaluate your private lifestyle as well as your professional one in order to help you determine exactly what kind of coverage will work best for you. But how do you know what questions to ask? While your insurance agent’s job is to guide you through the insurance process, there are some things that you may need to bring up on your own and be aware of yourself before moving forward.
How Do I Save Money on My Insurance?
This is one of the more important questions you will want to ask your agent before signing on to anything. Your insurance agent’s goal is to make sure that you have all of the right coverage while remaining in your budget. Making sure that you are not overpaying for a certain insurance package or paying for insurance that you may not actually need can be a big help. When you see or speak with your insurance agent, make sure you let them know about any changes in your life and whether you have made any large purchases. For instance, if you no longer have as many cars as you once did or a child is no longer driving one of your insured cars, then your insurance policy will change and will likely be reduced as well. Keeping your insurance agent informed can help them adjust your policy and make sure that you are saving money while also spending it where it is needed.
What Coverage Do I Need for My Home-Based Business?
With more and more people working from home these days, it may not occur to you to count your home as your place of business as well. Depending on the nature of your work, you may need to acquire additional insurance in order to better protect your home as well as your place of work. If you have customers or clients visiting your home for certain services, or even if you have employees and partners visiting to complete certain tasks, you will need to get additional coverage or get an endorsement for your homeowner’s insurance policy.
If you are a business owner, you may want to consider insuring large business purchases such as new tools, equipment, or even computers and other necessities used to keep your company going. A company car should have additional insurance or coverage depending on whether you use it for personal reasons as well, and you will want to make sure that you and anyone who works for you is covered as well.
What Sort of Insurance Do I Need if I Just Got Out of School and Entered the Workforce?
Once you have entered the working world and have begun to rent an apartment all your own, then you are no longer covered by your parent’s or guardian’s homeowners insurance policy. Many insurance policies extend to include children and offspring as long as they are students or are living in the same house as the policyholder, but once you move out you will need to consider what insurance you need to get and pay for on your own.
Once you have moved out, you will need to consider purchasing renters insurance, your own car insurance, or even life insurance. Renters insurance will help cover your belongings and accommodate to your current living situation. Car insurance speaks for itself, but make sure not to get the cheapest policy out there – young adults tend to pay more for car insurance because they are more likely to get into accidents or need coverage according to statistics. It may be tempted to pay the least amount of money possible but doing so can end up hurting you in the long run. If you have student loan debt, life insurance may be a smart option, even if it seems a bit too serious to think about after just leaving school. If your parents co-signed a bill, having life insurance can end up helping is something were to happen to you. Additionally, life insurance is a lot cheaper than most people think, especially for individuals who are young and healthy.
What Insurance Should I Get if My Family is Growing and Changing?
If you are planning on starting a family, are taking relatives in or making any other big changes in your life, it definitely helps to discuss these changes with your insurance agent. They can help you find out whether or not you need additional coverage and how to plan for future changes if things are still in flux. Making sure that you are prepared is essential – you wouldn’t want to find out that you aren’t covered when you need it.
Even small changes may escape your notice but could use some additional coverage. If you have a teenager just learning to drive, you will want to make sure that they are covered on your auto insurance policy. If you are engaged or just got married, you will want to make sure that you insure your wedding and engagement rings in the event they are stolen, lost or damaged. Even large purchases such as a brand new car, a rare piece of art or even certain electronic equipment can benefit from additional coverage.
Do I Need Additional Coverage if I am Remodeling or Adding an Addition to My Home?
In some cases, doing work on your home will increase its market value. If you are adding onto the space, you may need to get approval and have the right permits and certificates in order before moving forward or selling your home, if that is your intention. By asking your insurance agent beforehand, you can avoid a messy situation should something happen during or after the construction is completed. You will also want to look into the kinds of insurance a contractor should have before beginning any work on your home or spending any time, money or efforts in the planning as well.
Am I Completely Covered?
Making sure that you have covered all of your bases is important, but it is not at all uncommon to think of new questions once you’ve left your insurance agent’s office or have already hung up the phone. Remember to write down any questions that you may have, no matter how small or unlikely. Your insurance agent is there for you. They want to answer your questions and their goal is to make sure that you not only get the coverage that you need, but that you are happy with the policies that you agree to. If anything changes in your life or even if you simply have a “what if?” question, call your insurance agent in order to have them discuss the issue with you. Insurance is not just about coverage and preparedness, it’s about state of mind.
If you have any questions about insurance, our experts here at Dempsey, Weiss & Associates are always willing to help. If you have any queries that need answering, feel free to contact us and get the information that you need.