Research Center


Insurance Choices for Life's Landmarks


Date: 2018-02-12

As life moves along our insurance needs can change. It's important to check in with us at each landmark in your life to make sure you have the right coverage.  

Starting Out

Auto - When buying a new car, whether it’s your first or second make sure you consider insurance costs. If you have a type of car in mind you can always call the office for an estimate or recommendations of how to maximize savings. Depending on where you live there are driving safety classes that you can take to lower your rate options. Also, keep in mind while you might be a safe driver you can’t control everyone on the road. It’s often best to request more coverage than required as a crash or accident can be a drastic setback when you are just starting out.

Home - While most buildings have basic liability on their property, it’s important to explore the option of renters insurance depending on the value of your personal property. Also, it’s important to keep an inventory of your ever growing property, as it grows you might want to explore some coverage options, such as identity theft coverage.

Life - The number of people that depend on you should influence your decision to buy life insurance or sometimes is used as additional retirement savings vehicle. You may need to consider the cost of elder care and assisting with taking care of a parent or grandparent.

Building a family

Auto - With two drivers in the family now it’s best to look into combining your policy, to save money. If your family has grown and you often find yourself carpooling you might want to look into increasing liability coverage or an umbrella policy for some extra protection.

Home - If you are leaving the world of renting and buying your first home, congratulations! It’s also time to learn more about the coverage options available to you. Is your home in a flood zone? Are you renovating? Once you have all the details of your new home, call our office and we can provide advice and tailor proposal for your needs.

Life - Now is the time to explore the more common life insurance options of term or permanent insurance. Talk with your spouse and consider which options make sense for your growing family. Be sure to include future child care, education costs, income loss and retirement in your decision.

Established

Auto - Has that young family grown into a teenage family? When adding a teen driver to your plan there are a few things to consider. Encourage your teenager to keep up their grades so they may qualify for discounts. While it’s great to get teens a new car, often if they drive an older model your rates may not increase as much as a new vehicle.

Home - Have you made any improvements to your home over time? It’s important to keep your insurance company informed about any improvements especially if they increase the value of your home. Jewelry or other possessions of great value can often be added to your home under a rider, don’t be afraid to ask.

Life - At this point, the life insurance you chose earlier should still be in place. If you find expenses growing or want to increase your savings you might want to consider a permanent life insurance plan or even an annuity to build retirement savings.

Retirement

Auto - Be sure to check in regularly with your insurance company as you age, often older drivers can qualify for a discount. Same as when you where a teenager taking a driving class can potentially offer you a discount. Consider cutting back on your driving miles, often driving less than 7500 miles per year can qualify you for a discount.

Home - If you’ll be traveling a lot while retired you might want to look into an addition to your policy that covers your home empty for extended periods of time. Also if you’ll be renting out your home with a service like Airbnb while you're away, you might also look into more custom coverage options.

Life - Number one step is to update your beneficiaries on any permanent life insurance policies. If you have term life insurance you might want to decrease the amount if your children are no longer dependent on you or even if your house is paid off.

No matter what life throws at you, Orrino Capital is here to provide advice through life events. We’re happy to celebrate any life changes and will tailor a program to make sure you're covered for all twists and turns in the road.

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