-Insurance policies protect the insured against risks and even though different kinds of insurance policies protect against different kinds of risks, in the end, each policy has a role in protecting individuals, families and businesses. It’s important to review every policy on a regular basis and Rick Torres, of the RW Torres Insurance Agency in Solvang, CA has prepared a list of the top life events that indicate it’s time to review insurance policies.
Some insurance agents recommend annual reviews, usually timed around policy renewal dates. Let’s face it. Most of us don’t review our insurance policies that often and with everything going on in life, it’s easy to forget. Even for those who make the appropriate annual revies and upgrades, there are still life events that happen during the year that indicate a review is in order.
Almost anything that changes in life means it’s time to take a new look at insurance policies. This applies to vehicle coverage, life insurance, business insurance, home insurance and medical insurance.
- Vehicle insurance, along with being required by California law, protects against loss of a vehicle by theft or damage, protects against law suits in the event a passenger, another driver or pedestrian is injured, provides medical coverage for injured parties and more, depending on the policy.
- Life insurance provides income for those left behind upon the death of the policy holder.
- Business insurance protects the business and business partners from a wide range of business risks.
- Home insurance, including homeowners and renters insurance, protect the homeowner, renter and their families against loss, claims of injury and much more, depending on the type of policy.
- Medical insurance helps cover medical expenses, providing protection against the high cost of medical care at various life stages.
Depending on one’s personal and professional situations, some may carry other types of insurance coverage as well as these most common types.
Life changes and those changes can increase, or even reduce, the policy holder’s liability risk. For insurance policies to do their job, the coverages need to be adequate for the new life circumstances. The Solvang life insurance agent reports that those life changes that mean it’s time to review insurance polices include:
- A new job or a promotion or raise at the current job.
- A new baby in the family.
- Divorce, marriage or a death in the family.
- A serious illness.
- A new vehicle might also mean a change in coverage in both homeowners and vehicle coverages.
- Getting out of debt.
- Selling a home or buying a new one.
- Starting a new business.
- Changes in business, especially when business is growing.
- Acquiring new business assets such as equipment or adding to the business vehicle fleet.
- Hiring more employees.
- Acquiring another business.
- Changing business legal entity.
- Changes in business partners, including changes in their personal lives that might expose their business interest to risk.
These are the top life events that indicate it’s time to review insurance policies, but there are many more. The best thing to do is to call the insurance agent when something changes and ask if a review is in order.
Rick Torres is the Solvang life insurance agent who helps his clients get the best insurance coverage for their needs. The entire staff helps clients take care of the important things in their lives. The agency provides auto, home, and life insurance, retirement and college planning, and business and health insurance.
RW Torres Insurance Agency, Inc.
540 Alisal Road, Suite 4
Solvang, CA 93463-2637