Everyone knows that major life events - a wedding, a new baby, a divorce, a new house or loss of a job - affect your financial life.
When your life changes, it's time to review your insurance coverage. It's the only way to know if you are over insured or under-insured. Your insurance should cover the major financial risks for your life RIGHT NOW, not the way your life was two years ago.
Some 32 million U.S. households own insurance policies that aren't right for them according to a recent survey. About one third of survey respondents admitted to having outdated policies.
Here are some examples of the findings.
• One in three haven't updated their homeowners policies to cover significant remodeling such as a new room, porch or deck.
• Nearly half of those people with a valuable collection - wine, art, antiques - don't have special insurance coverage.
• 40% of those families who have a young driver move away from home haven't updated their auto insurance even though they would save money.
• 84% of drivers who frequently car pool to a job, school, or activities with children haven't changed their liability coverage to reflect the increased risk of additional passengers.
• One third of the families with new babies haven't updated their life insurance.
• 70% of those who rent don't have renters insurance.
The survey was conducted by ICR for Trusted Choice, a network of insurance and financial services firms that provide customized insurance products.
Posted by Jill Fallon at February 22, 2006 6:17 PM | Permalink