It’s that time of year—graduation.  At Peter B. Crilly & Associates, we’d like to congratulate the high school and college classes of 2019!  Whether you or someone in your family is either going off to college or entering the job market, graduation often means changes are needed to existing insurance policies. Now is the time to review what is needed and what may need to be changed.

Here is a quick insurance checklist you’ll want to think about.

Don’t forget to buy renter’s insurance.

Signing a lease for an apartment is the start to independence. However, don’t forget to purchase tenant insurance. Most property owner’s insurance covers only the building.

Renter’s Insurance:

Replaces your possessions. A renters insurance policy covers your belongings and will replace or repair them in the event of burglary, fire, or other damage. Personal property coverage provides protection against loss to your items such as clothes, shoes, furniture, electronics, small appliances, sporting equipment, etc.

Provides liability protection. Many Millennials are choosing to delay having kids until later in life and are opting for pets instead. If your dog bites a guest, or someone hurts themselves in your apartment, renters insurance covers your liability.Personal liability comes into play if your actions lead to someone else’s injury. Minimum liability limits start at $100,000 and provide coverage for medical tests, surgeries, prescriptions, and their time off work.

Covers medical payments.A renters insurance policy offers medical coverage if a guest is injured in an accident at your place.

Provides additional living expenses. Coverage is provided for temporary living expenses if your apartment or condo is damaged and you need a place to stay while it is being repaired.

Review your auto insurance coverage.

Perhaps you’ve been covered under your family’s insurance policy, but now it’s time to buy your own. Check with your parent’s  current insurance company first to get a baseline on what coverage you’ve had in the past and what you’ll need.  Ask the company that has insured you in the past for a quote because they are already familiar with your driving record.  Compare prices with other carriers, but make certain you are comparing equal coverage.

Your finance company will make certain you’ve insured your car fully in the event it is damaged or stolen, but what about damage to you or to others. Liability insurance on your auto is important. Don’t skimp on liability coverage.

Need to save money on premiums. Raising your deductible is the number one way to save money on any type of insurance. Bundle policies together to take advantage of discounts. If you can purchase tenant insurance and auto insurance from the same carrier, a discount should be available. Putting several cars together with one company, should also earn you discounts.

 

Take advantage of retirement plans early and consider purchasing Life insurance

If you just received your diploma, you may not think it makes sense to invest your hard-earned money in a retirement plan; but the earlier you start, the better off you’ll be.

The earlier you take out a life insurance plan, the less you’ll spend on it over the course of your lifetime. Now, is when you need to invest in a policy because your future self is counting on you. The bottom line is that life insurance will protect and improve the lives of those you care about after your passing – and may very well save yours.

Understand health insurance options.

Many employers provide health insurance plans. Talk to your employer about the plans they offer. If they don’t provide a good plan, current law allows children to stay on their parent’s plan until age 26.  It may make sense to purchase your own policy. Visit http://www.healthcare.gov to learn more about your options.

Have insurance questions?  Contact Peter B. Crilly & Associates.  Email Lewispm@nationwide.comor give us a call at 410-571-1771 and we’ll try to be of assistance.