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Anytime you experience a significant life event, there are inevitable changes and adjustments that will need to be made. These shifts may happen naturally on their own as you adjust to your new life circumstances, or you may need to take certain steps in order to keep everything flowing smoothly.

A very common question asked by our Amarillo insurance customers is, “In what situations should I make changes to any (or all) of my existing insurance policies?” Today’s post will give you some specific conditions wherein you may choose to or be required to adjust your insurance coverage.

  • When you get married – This is by far the number one reason our clients make changes to their insurance policies. Even if both parties were self-insured prior to the wedding day, it just makes good financial sense to share an Amarillo auto insurance policy, homeowner’s insurance policy, and sometimes a health insurance policy. Adding your new spouse onto your existing policy is easy, and getting married means the changes will take effect immediately!
  • Upon the birth of your child(ren) – Second only to marriage, having children is high up on the list of reasons why Amarillo insurance customers need to amend their policies. If you have a health insurance policy with us, you can add any children that you have – whether biologically or via adoption.
  • If coverage laws change – Granted, this isn’t technically a ‘life event,’ but it does warrant making the necessary changes as required by law. These types of changes typically affect auto insurance policies more than other types of policies. Since auto coverage minimums can change, be sure to check your state’s laws on a regular basis so that you are appropriately covered.
  • On the occasion that you move – Whether you go from renting to owning or simply sell your old home to purchase a new home, you’ll need to re-do your homeowner’s policy and potentially your auto insurance policy as well. Sometimes moving house coincides with getting married and blending families together. If such an event involves teenagers who will be driving different vehicles, you’ll need to ensure that the appropriate drivers are listed on your car insurance policy.
  • In the event of divorce – Sadly, many marriages still end in divorce, and many changes must occur after a divorce. If you and your spouse were jointly insured, you will almost always move to separate policies once the divorce is final. Some states still allow for a divorce from ‘bed and board,’ which permits divorced couples to remain jointly insured for a set amount of time. This prevents one spouse from being without coverage, and gives him or her time to get on their feet after the divorce.
  • Upon the death of an insured party – As life events go, losing a loved one is at the bottom of everyone’s wish list. Unfortunately, it does happen, and if it happens to you, count on Ivy Insurance in Amarillo, TX to walk you through the necessary steps to make the appropriate changes to all of your insurance policies.