Back to school means insurance-review homework for parents
The ring of the school bell signals a lot of things for your children, but it should also be a good reminder to you that you may need to review your insurance policies. One reason is that your family dynamics probably change during the school year - older children leaving the house for college, younger children starting school or your teenager getting her driver's license, for instance.
Because so many changes are happening, you should review all your insurance policies to make sure they're accurate to your current living situation. Even if your policy isn't due for renewal, the start of the school year is one of the best times to review them.
* Auto insurance: Between driving your children to school and after-school activities, you might be putting more miles on your car, which could possibly affect your policy. And if your teenager turned 16 and earned his driver's license, it's in your best interest to connect with your carrier to make sure he's covered when driving your car. Another scenario that could change your policy is if you have a teenager who has left his car at home while he's away at college.
Some of these changes could cause your policy payments to increase, but there are ways to try to qualify for discounts, like taking driving safety classes, having your driving teenager earn good grades, purchasing a vehicle with good car safety ratings, combining your insurance policies and having all drivers practice good driving tips.
* Home insurance: You may need to update all the property covered by your home insurance policy, especially as your children accumulate more expensive items like laptops, televisions and stereo systems. And if they move out of the house and into a dorm situation, you may want to consider expanding your policy to cover their property while they're away.
* Health insurance: If your children are traveling off to college, or starting school for the first time in kindergarten, they're going to be exposed to new germs and illnesses. Encourage your family members to practice good hygiene, but also make sure your health insurance coverage is adequate to handle any extra visits to the doctor or prescriptions you might encounter during the school year.
If the school bell is ringing for your family, you know it's time for you to be doing a little bit of homework on all your insurance policies. Once reviewed, you'll have peace of mind that your family is well protected.
Courtesy of ARAcontent