LIFE CHANGES
Let ’ s Get Personal How Has Your Life Changed ?
Be Sure Your Coverage Is Up To Date With How You Live , Work , And Play Now .
BY : MEGHAN FEAGANS CLIENT RELATIONS AGENT
The family has a new driver behind the wheel . You decide to rent out your coastal home as an Airbnb . You completed a few renovation projects , including a home office and gym . You were invited to volunteer on the homeowners ’ association board and are eager to give back . You traded Corporate America for an at-home business .
All of these scenarios are life changes many of our clients have experienced during the last two years . Life ’ s speed can seem nonstop , but it ’ s so important to tap the brakes periodically to identify how these changes could create risks that are not currently covered by your insurance policy .
WHAT ’ S CHANGING IN YOUR WORLD ?
Even if life has remained relatively constant , the market and environment around us is fast-evolving and our insurance coverage should reflect that . For instance , property values are up . And the cost of making repairs is greater because of supply chain constraints . Both factors influence what limit is appropriate for home and business policies .
The only way to Be Sure you ’ re covered is to address change head-on with a risk management plan . Here are some areas to consider .
NOT JUST FOR RAINY DAYS
You insure your home , vehicle , and personal property . But what happens if an accident occurs to any of those and the damages significantly exceed your policy limit ? For example , if you have a liability policy of $ 500,000 but end up with a $ 1 million claim , you ’ re responsible for the remainder . With an umbrella policy , you can alleviate the financial burden of large claims because the policy will kick in and cover the excess .
RENTAL RESPONSIBILITIES
Just because you hold a homeowners ’ insurance policy doesn ’ t mean you can do whatever you want with your home . If you choose to rent it , most insurance will not cover incidents that occur while you are not occupying the property . You might need a different type of insurance policy to allow for rental exposure . And on top of that , it ’ s a good idea to hold an umbrella policy . Another option is an excess liability policy that acts like an umbrella but covers one specific location .
CELEBRATING AT HOME
Rather than hosting weddings , anniversaries , and other celebrations at venues , many have opted to entertain at home . While venues hold insurance , does your personal policy have the necessary limit to cover any what-ifs that can occur ? Hosting a party at home can expose you to a great deal of liability . And let ’ s face it , everyone is ' friends and family ' until an accident happens . Risks include alcohol intake , property damage , and food exposures . Special event coverage or an umbrella policy might be in order . The key : discuss event plans with your insurance advisor before the RSVPs roll in , not after a guest complains of food poisoning .
SCAN ME FOR FAST AND EASY EVENT
INSURANCE
WORKING REMOTELY
Now your home is an office , too . Perhaps you ’ re employed by a business that gives you the flexibility to work remotely . Or maybe you decided to start your own home-based business . Keep in mind , the standard homeowner ’ s policy you have in place might not cover your business inventory or equipment acquired to pursue your occupation . For example , if you ’ re running a baking business from home , you might have commercial-grade appliances that would be costly to replace and exceed limits on your existing policy . Start the conversation with your insurance advisor so you can Be Sure .
GOING ELECTRIC
Energy-conscious drivers who decide to go electric to beat the prices at the pump should talk to their insurance advisor about rates and policies . Vehicle use and safety rating can impact premiums . Typically , electric vehicles have higher safety ratings . Also , if you use a car for pleasure instead of commuting , you could have reduced road risk , which is also a potential savings . +
Be Sure
Checklist
• How has your life changed ? Talk to your insurance advisor about events , property , work , and family . You could require more coverage .
• Consider an umbrella policy that will kick in if an incident exceeds policy limits .
• Remember , home-based businesses require different insurance .
Meghan Feagans is a second generation insurance agent . She lives in Millsboro , DE with her partner Doug and their three girls . In her spare time , you can find her at the beach , soccer field or tennis court cheering on the kids . 410.213.5540 mfeagans @ deeleyinsurance . com
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