In observance of Insurance Awareness Day (June 28, 2021), AAA Western and Central New York encourages policyholders to review their insurance coverage especially after major life events. Buy a car? Send a child off to college? Downsize your home? From the teenage years to retirement, many people experience milestones that influence not just their lives, but also their insurance needs. Here are a few common life events that calls for an insurance review.

Starting Out
Whether you’re moving in together or getting married, living in the same home or driving the same vehicles as your significant other comes with insurance implications.

• If you live in a home that one of you owns: Ask your agent if you can add another occupant to the homeowners policy. This may or may not be possible based on marital status. If it’s not, whomever is moving in should consider purchasing a separate renters policy.
• If you live together and one of you has a renters insurance policy: Ask your agent if another resident can be added to the policy. If you are not married, you may need to purchase separate renters policies. 
• If you have more than one car: You may qualify for a discount if you insure both cars under the same policy. However, sometimes it can be cheaper to have separate policies for separate vehicles, so be sure to check.
• If you get married: Call your agent to see if you qualify for lower auto and/or home insurance rates. 

Family changes
Families change in many ways as new members are introduced and milestone birthdays are celebrated. Here’s when to double-check that you and your loved ones are adequately protected.

• If you get a pet: Talk to your agent to find out if your homeowners or renters policy includes liability coverage in case your pet is ever involved in an accident. 
• If your family grows out of your vehicle: You may qualify for a lower auto rate. If you upgrade to a larger or safer vehicle, adjust your auto policy accordingly. 
• If your teen is ready to drive: Call your agent before your teen gets a learner’s permit and ask about student discounts. Expect your auto insurance rate to increase—teenagers cost more to insure because they have yet to establish a safe track record.
• If you lose a loved one: If the person who passed away was listed on your auto or homeowners policies, have their name removed. If you are an heir to a home, contact your as the policy may need to be rewritten.

Making moves
Change can be exciting—especially when it involves a new home or vehicle, or upgrading your lifestyle. However, be sure to keep your insurance agent in the loop.

• If you move out of your parents’ home: Talk to your agent if your car is insured on your parents’ policy. While staying on their policy might save you money, it may not be allowed.
• If you rent: Consider a renters insurance policy. Your landlord’s policy likely only covers the building and the land—not your personal property inside. 
• If you buy a home: Start shopping for home insurance once your new home has been appraised. While homeowners insurance isn’t required by law, every mortgage lender requires it. 
• If you buy a second home: You may be able to extend the liability portion of your existing homeowners policy to your second home. If not, you may require a second homeowners policy to protect the home and your effects. 
• If your commute changes: If you are no longer commuting or have cut back on driving, talk to your agent to see if you can have your auto premium reduced.
• If you upgrade your property: Consider adjusting your homeowners or renters policy, or purchasing an umbrella policy, if you bring additional valuable belongings into your home. 
• If you start a business: Be aware that your homeowners, renters or auto policy may not adequately cover you when you use your home or car to conduct business.  

Downsizing and retirement
The later years in life are a great time to simplify. If you experience a shift in lifestyle or reach a certain age, consider giving your insurance agent a call.

• If you downsize your home or reduce your personal property: Talk to your insurance agent to see if your coverage needs to be adjusted. If your car is aging and has a low market value, talk to your agent about whether or not collision and comprehensive coverage outweigh the benefits.
• If you retire: Ask your agent if you qualify for a discount on your homeowners or renters insurance. If you drive less than before, you may be able to have your auto insurance premium reduced based on the state you live in.
• If you’re a mature driver: Be aware that your auto insurance rate might increase even if you have a clean record, as senior drivers are statistically more prone to accidents. However, discounts are available for those that complete a DMV-approved course for mature drivers.  

For more information, call AAA Members Insurance Agency of Western and Central New York, Inc. at 888-671-7044, or stop by your local branch.  

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