There are many factors throughout life that change the amount of personal insurance you need, whether auto, life or renters insurance. Being that it’s early in the year, now is a great time to take a look at your life and decide if it’s time to update your renters insurance policy.
Renters insurance provides protection for your personal belongings in the event of theft or severe weather. Most policies also offer liability coverage to protect you against the expense associated with third party injuries and resulting legal action taken against you.
So, what factors would necessitate a change in coverage? Let’s take a look at a few.
We’ll help you review your coverage anytime. Call Insurance Planning Service at (734) 421-9900 for more information on Livonia renters insurance.
- Moving: If you decide to move when your lease is up, make sure you contact your insurance provider to, at the very least, inform them of your change of address. This is also a good time to review the amount of coverage you have, especially if you’re getting rid of a lot of stuff or buying a bunch of new things.
- Change in income: As your career advances and you begin earning money, you may celebrate, as in natural, by buying yourself a few nice things that you’ve been eyeing, like a new big screen TV or piece of artwork. Make sure that you have enough coverage to protect your new assets.
- Large purchases: Similar to the point above, any time you make a large purchase, it’s prudent to ensure that it’s covered under your policy. Some items, like jewelry or certain collectibles, may require policy riders because their coverage could be capped under a standard renters insurance policy.
- Marriage or divorce: Whenever new assets are added or removed from a household, it’s important to ensure that your coverage reflects the changes. Additionally, many people bundle their auto insurance with their renters insurance, which will change the rate if a car is added or removed from a policy.
- New baby: Having a baby requires a lot of new supplies and furniture. These new assets add up fast and it’s in your best interests to ensure that they’re covered under your policy. Additionally, it’s a good time to take another look at your life insurance, which can also be bundled with renters insurance.