Most people understand that when they get married, have a baby, or move those are all life changes that need to be disclosed to your insurance agent. However, there are very important smaller events that we CWI Underwriters, your local Independent Insurance Agent, needs to be aware of to made aware of. Here are some not so obvious life changes that we need to know about:
New Teenage Driver
If you have a teen that is at the age of being licensed, now is the time to give us a call so we can quote adding him/her to your Auto policy. Also, due to them being an inexperienced driver, we also suggest you getting a quote for having an Personal Umbrella Policy.
Also, if your child has a GPA of 3.0 or higher there are very sizeable discounts that can be added to the policy to reward them for being a Good Student.
Mortgage Company Change
Anytime your mortgage company changes, it’s imperative that we know. Why? Once your loan is sold to another mortgage company, they want to see proof of insurance with their bank information on it. If they do not receive that proof of insurance within a certain amount of time they will force place their own insurance on you which is 5x more the cost of a regular Home or Flood insurance policy.
Also, if the policy is set up to be billed to the mortgage company and the new company is not added, it creates a problem at time of renewal. Your new mortgage company will not receive the invoice to send payment, and your policy risks cancellation. All we need is the new mortgagee clause, new loan number, and a fax number for the appropriate department so we can submit the proof of insurance on your behalf.
Installing a Home Security System
Did you know that you could save up to 15% with some carriers for having a centralized burglar and fire alarm in your home? If you’ve added a security system or upgraded the service to add additional features- let us know! All we need is a copy of a monitoring certificate from the alarm company to add the discount pro-rata to the rest of the policy term.
Updates to the Inside of the Home
If you have any major upgrades done to the home such as a kitchen or bathroom renovation, upgrading of the floor material, or any roof/shutter updates- we should be made aware of that.
Updates to the Backyard
While most home policies included a percentage for your Other Structures, that coverage may not be enough after you make some upgrades. Here are some common backyard upgrades that we should know about:
- Building a permanent shed
- Putting up a new fence
- Building a pool
- Adding a screen enclosure to your pool/backyard
- Building a fish pond
If you have had any of these changes in your life, or any other change that you think we should be made aware of, please give CWI Underwriters a call. We are personally interested in making sure you and your family are properly protected!