DIG Insurance & Business Magazine Fall 2019 | Page 29

Keeping Up With Life’s Transitions Milestones And Changes In Our Personal And Professional Lives Are The Perfect Opportunities To Review Insurance Coverage. A t life’s turning points, we often pause for a moment to celebrate or to refocus. When you’re welcoming a new baby to the family, or helping a child move into their next stage of life—if you’re starting a business or getting married, it’s time to revisit your plan. Are your assets properly covered? Do you have the insurance to protect the things you value the most, and to ensure that you can move through those transitions without risking the rewards they bring to you? We’re here to help. It’s not unusual for a business to grow and thrive, but often an owner’s personal insurance is not keeping pace with that growth, creating risk. With success comes the acquisition of more assets that require proper coverage. Here are a few common life events that warrant a fresh look at your personal insurance to be sure there are no gaps in coverage. ESTATE PLANNING During estate planning, owners will often retitle their assets for tax purposes. They might leave their estate in a trust or transfer it to other family members and retitle those assets. This title change should also happen on the insurance policy. If your home’s insurance is in your name but the property is in the name of a trust, the insurance policy may not match that ownership and you might not have coverage. Tip: When transitioning assets such as property, involve your insurance partner along with your attorney and accountant. CONSIDER THE RISKS—THINK OUTSIDE THE BOX Whether you are buying a first home or a vacation home, acquiring any new property demands a look at your insurance policy. Liability protection is key, and that means thinking beyond what owners typically consider risks. For instance, while protection against fires is what most homeowners associate with a homeowner’s policy, accidents occur far more often—and in this region, so does flooding. And cyber risk is a real and growing threat. (See Stay Safe Online on page 28.) Tip: An insurance policy should check all the boxes—addressing all potential risks— to provide comprehensive risk coverage. CHANGES IN THE NEST Are you expanding your family by welcoming a new child? Or are you sending a teenager off to college? You may be acquiring more tangible assets or moving those assets to a different location like a college dorm room. How will your child and their belongings be covered while away at school? The cost of valuables we acquire is a risk that requires protection. Tip: You can see some life changes coming well in advance. Don’t wait to plan. Anticipate your coverage needs and take time to prepare before the moments unfold. EVERY MILESTONE DESERVES A MOMENT TO PLAN Our lives are constantly in transition. We want to Be Sure you’re covered as you achieve goals and pass milestones—and all the times in between. Together, we can develop and implement a plan that will evolve with you and your family. + BY: MATT JONES, PERSONAL LINES MANAGER Matt Jones is the Personal Lines Manager at Deeley Insurance Group. He started his insurance career in 2010 working in personal lines and financial services. Matt is a third generation agent, following in the footsteps of his father and grandfather. He provides leadership, direction and support to the agents, service and support staff on the Deeley team. He lives in Salisbury with wife Kelly, two sons and two daughters. Matt and Kelly are involved in several organizations that promote the development, growth and safety of local children. In his free time, he enjoys grilling, golf, running, and competing in triathlons. 410.213.5628 [email protected] 29