Many life events can have a dramatic effect on your insurance coverage. That is why Spencer Insurance Agency has a section to cover this on our website.
Let me highlight a few:
- Separation/Divorce – Should one of the spouses move into an apartment, that spouse is no longer a resident of the previous household. That could have an impact on your homeowner’s and auto coverage if you are not a named insured on the policies. Your contents at the house or new apartment may not be covered and if you rent a car you may not have coverage for the rental car you rent when on vacation.
- Changing the deed of the house to a trust – You should let us know so we can update the named insured and possible additional insureds to be sure all parties to the trust have the proper coverage.
- Putting the deed to the house in the name of children – You may decide to do this for estate purposes. Just make sure you let us know as we need to make sure the children and parents have the proper coverage. Many times the parents will have a life tenancy agreement allowing the parents to live in the house for their lifetime even though the ownership of the house is in the name of the children.
- Unrelated person in the household – Do you have someone living in your home that is not related to you? If so, there may be no coverage for that person on your homeowner’s policy. Check with us to make sure you have the proper coverage for this unrelated resident.
Insurance companies have ways to accommodate most situations. Did you realize if you are living with a significant other that you may be able to combine auto policies and receive a discount for having multiple cars on the policy? You may even be able to have a renter’s policy covering both of you which would give you a multiple policy discount. Times have changed and Spencer Insurance wants to make sure your policies keep up with the changes in your life. Contact us to review your policy.