It is tempting, in the whirlwind of life, to allow your insurance policies to renew without giving it a second thought. However, there are eight life-changing situations that demand everyone (including Michiganders) to evaluate their home and auto insurance policies. Failure to evaluate your insurance policies could result in lost savings or premium hikes.

1. When Buying A Home

Evaluate Your Homeowners Insurance

While homeowners insurance is not required by law, you will find yourself in a world of financial trouble if your home gets damaged or destroyed and you do not have coverage. The cost of repairing or rebuilding is quite high.

Evaluate Your Auto Insurance

You may wonder what car insurance has to do with your new home, but in fact, it can make a serious impact on the cost of both your auto and homeowners insurance. How? By bundling the two policies to receive a discount on your premium.

2. When Renovating Your Property

Evaluate Your Homeowners Insurance

If you increase the value of your Michigan home by renovating it, it is important to increase your coverage to protect its value. Swimming pools and porches fall under this category, as well. You should also report any safety measures you add such as smoke alarms or gas detectors because they may decrease your home insurance rate.

3. When Changing Careers

Evaluate Your Auto Insurance

You might be surprised at the number of discounts you can get on your auto insurance when you evaluate your insurance policies. One of these discounts is available for drivers who hold certain occupations. Firefighters, law enforcement officials, doctors, teachers, scientists, lawyers, engineers, and military members may all be eligible for a discount. Full-time employees also stand to save more money than unemployed drivers.

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4. When Buying A Car

Evaluate Your Auto Insurance

Your car insurance rate could increase or decrease if you buy a type of car that is different from your current vehicle. This depends on the make, model, and year of the vehicle. Make sure you work with your insurance agent to get the best level of coverage for your needs and budget.

5. When Getting Married

Evaluate Your Homeowners Insurance

You essentially double the number of possessions in your home when you get married. For this reason, it is imperative to take inventory with your spouse and adjust your level of coverage accordingly. Similarly, if you make an expensive purchase of any kind, you should increase your coverage to compensate for it.

Evaluate Your Auto Insurance

When you get married, you not only get a spouse, you also get the chance to save money on your car insurance. Evaluate your Michigan insurance policies and combine them to get a discount.

6. When Your Child Reaches Driving Age

Evaluate Your Auto Insurance

Believe it or not, there are actually benefits you can reap when one of your children reaches driving age. One of these benefits is a multi-car discount on your own auto insurance policy.

7. When Driving Less Frequently

Evaluate Your Auto Insurance

When you reduce the time you spend behind the wheel, you decrease the mileage you put on it. Auto insurance companies look favorably on this change and in many cases, they will lower your rate. So, make sure to let your insurer know if you move closer to the office, join a carpool, or work from home.

8. When Going Into Retirement

Evaluate Your Auto Insurance

Some places offer senior citizen discounts. Unfortunately, auto insurance companies are not one of them. Car insurance rates start to creep up when you turn 65 and reach retirement age. Rest assured, there are some agencies that specialize in auto insurance for retirees. Your best bet is to conduct a bit of research to see if one of these insurers is a good fit for your situation.

Finding The Right Insurance Policy To Fit Your New Life

Compass Insurance Agency gets 17 of the top insurance carriers to compete for your business, getting you the best rate with better service.

  • AAA Insurance
  • Nationwide Insurance
  • Liberty Mutual Insurance
  • Travelers Insurance
  • Citizens Insurance
  • Progressive Insurance
  • Safeco Insurance
  • And More

We cater to Michigan and we are specialists in the state’s auto insurance requirements. Additionally, we are free to recommend the carrier and coverage that is best for you because we are an independent agency and therefore not beholden to one carrier over another.

Our representatives possess the knowledge and expertise to help you get the right home and auto insurance for your current life situation regardless of what it is. Speak with one of our specialists and get peace of mind today.