As the years pass and you reach different milestones, your insurance may change. This makes it important to review your policies regularly to make sure you’re still protected. Neglecting to do so may leave you with significant gaps in coverage that can result in serious financial hardship. Here are a few events that require an insurance update. 

3 Life-Changing Events That Could Change Your Insurance Policies

1. Getting Married 

Having a spouse means protecting their financial future as well as your own. Purchase life insurance, so they have money to continue living comfortably upon your passing. If you have an existing policy, add them as a beneficiary. The new marital status can also reduce how much you pay for car and home insurance. 

2. Buying a Home 

Purchasing a home is one of the biggest investments you’ll make. Before the deal is closed, make sure you have a home insurance policy to protect you against liability claims, property damage, and losses to personal belongings. However, the amount of insurance you need may change over time if you make any renovations. These will need to be reported to the insurer to protect the increased property value. Becoming a homeowner can also impact car insurance, as it will give you the opportunity to bundle policies for extra savings. 

3. Having a Baby 

Adding a child to the household is a major financial commitment. As such, it’s vital to have sufficient coverage to provide them with a financially secure future. If you have yet to buy a life insurance policy, now is the time. Otherwise, you must add them as a beneficiary to any current policies. This will help pay for their expenses if you die prematurely and can give them the funds they will need later to get a college education. 

Insurance plays an integral role in many areas of life, and you must account for big changes in coverage. If you’ve recently had a significant life event or are planning for one, the agents at Reid Insurance Group will go over the current policies to determine what adjustments are necessary. For more than 70 years, they have provided the residents of Lea County, NM, with a wide range of products to protect their financial health. Call (575) 396-3645 to schedule an appointment. Visit them online to learn more about their services.