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Written by Adam Miller
Life changes such as buying a home, getting married, or starting a family, are all great opporunities to review and adjust your insurance coverage.

As adults, we often experience a variety of major changes in life, including marriage, starting a family, buying a home, a death in the family, opening up a business, or even divorce. When life changes happen, there are usually adjustments and financial decisions to be made, but insurance coverage is often not reviewed and adjusted to reflect these changes. Assessing life changes and adjusting insurance coverage is a simple but important part of protecting assets and financial stability for the future.

It's important to ensure your insurance coverage always matches your current life situation since one change can leave an individual, family or business woefully underinsured in case of a disaster. In terms of insurance coverage, there are three areas to always review after a life change or milestone event: personal insurance for assets, life insurance, and business insurance for a company. This week's blog will focus on personal life changes that create the need to evaluate and adjust insurance coverage.

Family changes can play a big role in changing insurance needs and making necessary adjustments. For example, marriage brings together two people, but also their assets and property, so a thorough review of insurance coverage is important to ensure all property is well protected from disaster. This can include a review of Renter's Insurance, Homeowners Insurance, or Auto Insurance. Moving from an apartment to a house is a common step for newly married couples, but many do not realize that their new address might make them eligible for new Auto Insurance discounts or rates. Also, when a child goes away to college, Homeowners Insurance adjustments may be needed to protect their assets in a dorm or college apartment, as well as any vehicles used on campus.

We acquire a significant amount of personal assets in our lifetime, so it's important to always have the proper amount of personal insurance coverage to protect asset values and allow for a quick recovery when a catastrophe occurs. For example, the value of personal possessions inside your home may be much higher now then when you first moved in, so Homeowners Insurance coverage amounts may need to be adjusted to account for the additional assets. Also, renovations and additions to a home can also necessitate the need for additional Homeowners Insurance coverage. Another life change for a growing number of Americans is having a parent or elderly relative move in with them, meaning they might need to adjust their Homeowners Insurance or add Inland Marine Policy coverage to protect additional valuable assets in the home.

A review of insurance coverage or needs is often necessary even after the difficulties of life occur, such as divorce or death in the family. After a divorce, the division of assets can drastically alter the total amount of personal property within a home, so Homeowners Insurance coverage may need to be adjusted to reflect the change in asset ownership. Additionally, a death in the family may result in the distribution of assets to survivors, such as art, antique furniture, jewelry, electronics or automobiles. Asset distribution after the passing of a family member may lead to the adjustment of insurance coverage for the surviving spouse or relative.  In addition, insurance beneficiaries will need to be reviewed and possibly updated after a divorce or death in the family to ensure proper division of assets.  

No matter what kind of changes life brings our way, it's always important to regularly take stock of what we have and ensure we have the insurance coverage we need to be fully protected if disaster strikes. Aegis helps individuals and families get reliable, affordable, quality insurance solutions customized to their own unique needs. The friendly, experienced and knowledgeable agents of Aegis specialize in assessing insurance needs and providing insurance protection that provides peace of mind and financial security. Aegis offers a wide variety of insurance solutions including Renter's Insurance, Homeowners Insurance, Auto Insurance, Business Insurance and Life Insurance.  Your Aegis agent can help you save hundreds on your annual premium amounts by bundling all your policies together for maximum savings.  Contact Aegis for more information at 713-850-7622, or go online to request a free quote today!

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