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How Insurance Can Protect You Through the Years

Tuesday, November 22nd, 2016

They say that the only constant in life is change. And that’s true whether you’re 18, 80 or somewhere in between.

One thing to consider when life changes is your insurance coverage. Here are six common transitions that we can help you navigate.

You’re off to college.

With many policies, full-time students younger than 24 are automatically covered under their parents’ homeowners policy. Part-time students (or students who are 24 and older) may need to take out a renters insurance policy. If you choose to live in an apartment instead of a dorm, think about purchasing a separate renters insurance policy. (Learn more about renters insurance below.) When it comes to car insurance, you don’t need your own policy if you’re taking a family member’s car to school. If you’re a co-owner on the vehicle or if you own your own car, you probably need your own policy.

You’re renting your first place.

You found the perfect place, but since your landlord’s policy doesn’t typically cover your stuff, you’ll want to look into getting your own renters policy. In addition to protecting your belongings, a renters policy also provides worldwide liability protection for a situation like harming someone while riding your bike. If someone is hurt in your apartment, your policy most likely would pay his or her medical bills. A renters policy will often cover additional living expenses if your apartment is damaged and you can’t stay there because of something like a fire. There are many affordable options—plus, you can qualify for a discount if you purchase both a renters and an auto policy. In some cases, the discount can pay for pay for most (or all!) of the renters policy.

You just got married.

If you’re just starting out, you’ll definitely want to look into life insurance. Life insurance can be the most affordable way to help ensure that you or your new spouse is able to carry on if the unthinkable were to happen. Also remember to ask about your auto insurance. You could qualify for discounts, including a multi-car discount if both cars are insured by the same carrier. Finally, you may need extra coverage on an engagement or wedding ring. With a homeowners or renters policy, your coverage for lost or stolen jewelry is capped at $3,000. So if your ring is worth more, you’ll want to consider separate coverage.

You welcomed a bundle of joy.

You may have binkies, diapers and formula on your mind, but another thing to consider is life insurance protection for your family.formula on your mind, but another thing to consider is life insurance protection for your family. Everyone needs financial protection—even a stay-at-home parent. With life insurance, you can provide for your loved ones even if…well, you’re not there.

You retired and are renting a place somewhere warm for the winter.

No penalty for sand between the toes! If you’re going south, an extra policy is not needed in the majority of cases. That said, a lot depends on the policy you already have, how long you’ll be gone and what kinds of things you’ll be taking to your temporary home. For these reasons, it’s a good idea to check in with Melendez Insurance before you head south.

You or a loved one is entering an assisted living facility.

When it’s time for help with care, it’s a good idea to consider a renters policy if you or a loved one is entering an assisted living facility. A renters policy covers belongings—and, more important, personal liability. For instance, renters insurance could cover your loved one if he or she was responsible for injuring someone.

Many people can’t afford to pay big medical bills out of pocket, so definitely contact us before making the move.