Established Families

Last updated: October 7, 2015

What You Need To Know About Insurance

Auto Insurance

  • Teenagers cause rates to increase

  • See if your child needs a separate policy for taking the car to college

  • If you are driving other’s kids around, consider increasing your liability insurance

  • Consider an umbrella policy to keep your assets safe

  • Ask about “Accident Forgiveness” clause

  • Compare other companies for different teen rates and policies

  • Have your kids take a defensive drivers course and driver’s education class for cheaper premiums

  • Keep a clean driving record

  • Good grades can get your kids a discount

Home Insurance

  • Increase coverage as you increase the value of your home and possessions

  • If making major (< $5,000) home improvements notify insurance company to update your insurance policy

  • Inform your insurance company when putting in activity items (play sets, swimming pools, trampolines): you may need to increase your umbrella policy

  • Raising your deductible lowers premium costs

  • Be sure to know exactly what is not covered by your policy

Health Insurance

  • When approaching the annual enrollment date, reevaluate and alter your coverage policy as your needs change

  • With young children, consider preventative care providing “well visits” as well as shots

  • Children in college can stay on your plan until they are 26. Be sure the campus and local doctors accept your coverage or seek to purchase a plan through the college

  • Consider a flexible spending account to cover some of the common costs that fall outside your plan

  • Know your rights and the policies of COBRA (click here for more information)

  • If over 50, consider a long-term care insurance plan

  • Consider Disability Insurance

Life Insurance

  • Make sure you review your policy periodically so it reflects changes in your family or finances

  • You can consider purchasing an annuity, but be sure to examine the different types and understand any penalties or fees you may incur.

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