As a homeowner, renter or car owner, insurance policies should be taken out on these items to protect yourself in the event of disaster. In many cases, people will buy an insurance policy, home or auto, and let it be. They pay their premium on time and keep on going, never updating it when things change in their life. Did you make an addition to your home? Do you have a teen ready to drive? Were you married or did you have a baby? All of these scenarios are items to let your insurance company know about. Depending on the situation, it could have a drastic affect on your insurance premium.
For example, if you’ve recently completed a renovation to your home, you now have added space and value to your home that you would want to be compensated for in the event something happens. If you do not make your insurance company aware of these changes, you may be stuck with extra expenses when your policy does not cover damage to this new addition.
In not all cases does a change mean that your insurance cost will go up. One example for auto insurance is if you have a child move out of the home and is no longer driving your family vehicle. When they move out and buy their own vehicle with their own insurance, you can take them off of your insurance because their insurance will now cover them if they have to drive your vehicle. Taking them off of your policy can save you some money.
It is important to update your policy when events occur in your life. Letting your insurance provider know about these items can save you some money and possibly headaches down the road. For more information about insurance or other insurance discounts in California, please visit AIS Insurance.
This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.