This month we are starting a new tradition!
In the past, this newsletter has included my or my team’s personal insurance insight and tips only on a quarterly basis. I’m excited that now, instead of a newsletter, ever month I’ll be sharing my insights from 30 years of insurance experience with you.
I just celebrated my 30th anniversary with RiskSOURCE and still love what I do every day – because I get to help people. We just did our annual company update which has our 6 core values on my mind, especially service (make a conscious choice to serve others) and faith (extend God’s love and grace to everyone).
As Valentine’s Day approaches, I am reminded of the high school kids I volunteer with. When they are not in a relationship, they struggle with Valentine’s Day. Many hold the belief that they have to be in a romantic relationship to be loved. I also find that it’s hard for adults who are not in a relationship.
With service and faith in mind right now, this year I have decided to reach out to those that I know are single. I am sending notes of encouragement and letting that person know that they are loved.
So, I am asking everyone to join me in spreading some love.
Policy Changes as Your Young Adult Journeys Through Life
There’s so much to talk about when it comes to young adults. There are three situations where you’ll need to update your policies.
1. Your young adult gets their temps or license
Adding a young adult to your auto policy will cause your premium to go up significantly. There are a few things in your control that can help minimize that:
- Apply for a good student discount- most insurance companies offer this credit.
- Wait until they are 17, or even 18 – rates go down quite a bit from 16-year-olds.
- Premiums for 4-door vehicles versus 2-door are lower – the type of car matters. There are a lot more details that play a role here, but you can always reach out to us when considering any vehicle purchase.
2. Your young adult goes to college
Whether your young adult lives in a dorm or rental, your home policy will extend to cover their personal property. As long as they are an undergraduate student, they can stay on your auto policy.
3. Your young adult moves out
When the time comes that your young adult moves out of your house and is not an undergraduate student, they will need to get their own home/renters, auto, umbrella and any other policies that apply. It’s important to update your insurance to protect yourself from gaps in coverage.
As things change in your family’s living situation, keep us up to date so we can advise you. There’s a lot of fine print to wade through and we are here to make sure you and your family are always covered.
We’d love to hear from you -please reach out! We are here to help.