10 Reasons to Check Your Coverage
As our lives change, so do our insurance needs. Speaking to your Agent about these changes can ensure that you have adequate coverage. In some cases, your agent can also offer safety guidance. The following situations are examples of when to check your coverage:
- Remodeling or Building an Addition to Your Property – When you hire the contractor, request a
certificate of insurance to confirm their liability coverage. Review the certificate and your homeowner’s policy with your agent. In some cases, remodeling projects can increase your home’s reconstruction value.
- Teen Drivers – If a teenager in your home is learning how to drive, even with a learner’s permit they need insurance. Your agent can also provide materials about safe driving behavior.
- New Swimming Pool – Your agent can recommend steps that you can take to help keep your
backyard safe and determine whether additional liability coverage should be considered.
- New Work Location – If you have accepted a position where you will have a shorter or longer
commute to work, call your agent. A significant change in annual mileage could warrant a change in your
- Retirement – When it’s time to retire, you may be able to maximize the benefits of your retirement plan with a life insurance program.
- A Change in Vehicles – If you’ve purchased or leased a new or used vehicle you should contact
your agent as soon as possible. Car dealers are required by law to confirm insurance coverage, but only you can make the necessary changes to your policy.
- Home or Auto Refinancing – When you’re taking advantage of lower interest rates by refinancing your home or vehicle, your policy will need to be updated to reflect the new lien holder.
- Just Married or New Baby – When you get married or welcome a new baby to the family, the new
responsibilities may warrant a change in your home, auto and life insurance coverage.
- Purchasing Valuables – When you purchase valuables such as a diamond ring or a rare piece of
art, you should contact your agent. Your homeowner’s policy covers personal belongings and furnishings, but higher-valued items may have coverage limitations. An endorsement may be advisable for more costly or unusual items.
- Home Business – If you are starting a business in your home, you should call your agent.
Depending on the equipment and the nature of your work, an endorsement or separate policy may be necessary to protect your investment and liability exposures.
Reviewing your insurance policy with your Erie Insurance Agent is always a good idea when these changes occur or whenever you have questions about your coverage.