Life Events That Can Affect Your Insurance

Life is unpredictable but having a good insurance plan provides financial stability against unwanted events. However, there are a few life events that may impact your insurance needs. These events may increase or lower your insurance policy premiums, affect your coverage, give you access to discounts, and much more.

It’s important to be aware of these changes; therefore, we’re going to go over how certain life events can affect your insurance.

6 Life Events That Can Affect Your Insurance Needs

New Home Ownership

Buying a new home is an exciting milestone for people to reach. However, having the financial assurance against natural disasters, property damage, and theft provides homeowners with the mental satisfaction they deserve.

Most mortgage companies require homeowners’ insurance, but even if your home is paid off it’s still a wise investment.

Additionally, the same advice applies to people who own a vacation home or a condo. These structures also need homeowners insurance to protect against unforeseen threats.

Home Renovations

Making home renovations and improvements may help you maximize your available space and personalize your home. Improvements can increase the value of your home, which means you may need more coverage to protect it.

Therefore, it’s essential to discuss renovations in your home with your insurance company. This little step can save you from financial issues and headaches down the road.

New Children

Having children is a joy and a huge responsibility. Therefore, parents should have adequate life insurance in place for themselves to provide financial security to their families. Make sure you add your children as beneficiaries to your life insurance policy. 

Teenage Drivers

Statistically, teens are more likely to get into a car accident than other drivers. Therefore, insuring your teen driver will likely cause the cost of your auto insurance to increase. We suggest adding your teenage driver to your existing policy as it is cheaper than purchasing one separately.

It’s important to note, you may be able to receive a good student discount if your teen has good grades. Talk with your agent to see if this discount can be added.


A lot can change once you retire, such as downsizing, relocating, living off a pension or social security, etc. If you own two homes and plan on switching your primary residence, you’ll want to let your insurer know.

One major benefit to retirement is you may be able to receive a retiree discount on your insurance. Ask your provider if they offer this and if you qualify.


Once you get married you’re able to combine your insurance policies into one, which can make your premiums cheaper. For example, having more cars on your policy will generally be cheaper than just having one.

Be sure to ask your insurer if they offer newlywed discounts because oftentimes they do for auto insurance. 

Bottom Line

Reliable coverage will help you stay financially secure without having to worry about the future. So, make sure you purchase your policy from a reputable provider with coverage options that fit your changing needs.



Get an insurance quote and save money today on your home insurance