You can’t run around saying, “The sky is falling” every time life throws a curve ball your way. Keeping up with the speed of life is hard. Whether you’ve met your perfect match, are expecting your own chickadee or getting ready to fly the coop for the first time, it’s important to talk to your ERIE Agent. Here are three scenarios to chirp about.
1. MY FAMILY IS GROWING AND GROWING UP. WHAT COVERAGE SHOULD I CONSIDER?
Life insurance* is something most families need. Most people buy life insurance to protect their loved ones from the financial burden after an unexpected death. Get a rough idea of how much protection you should have by using ERIE’s Life Insurance Calculator.
Take a look at your homeowners policy. Make sure you have enough coverage to protect your home and everything in it. This includes if you’re remodeling your home, too. It’s important to have the additional coverage for that new addition.
Having an actual cash value insurance policy deducts for wear and tear and depreciation. With Guaranteed Replacement Cost coverage, you’re covered—even if you need to rebuild your entire home.** For example, if something happens to your 15-year-old TV, you’d receive a depreciated amount toward a new TV with an actual cash value settlement. With guaranteed replacement, you’d be able to purchase a new TV. There’s a small difference in premiums between the two, but it could end up saving you a lot of money in the long run if something happens.
Also, ask your Agent about high-value items, such as a diamond ring, a rare piece of art or expensive electronic equipment. You may need additional coverage for those things.
Teen drivers are in your future. If a teenager in your home is learning to drive (remember, every parent goes through this!), you will definitely need to add your teen as an insured under your auto insurance policy once the teen is licensed.
2. I’M FRESH OUT OF SCHOOL AND NEW TO THE WORKFORCE. WHAT COVERAGE DO I NEED?
If you’re renting, you’ll need a renters insurance policy to cover your belongings. If you’re renting for the first time, you’re no longer covered by your parents’ homeowners policy and your new landlord’s insurance policy typically doesn’t cover your belongings after a theft or fire.
Your very own auto insurance policy. Sure, it’s tempting to buy a bare bones policy to save money on your first auto policy, especially when you’d rather spend money on a weekend away with friends, but that’s risky. Having only state minimum requirements may not give you enough protection. If your insurance policy doesn’t cover all the damages, your savings and future wages could be at stake.
Life insurance if the unexpected happens. It’s not something we like to think about, but you want enough life insurance to cover final expenses (or student loans or debts) if something were to happen to you. The good news? Life insurance is cheaper than most people think—and that’s especially true when you’re young and healthy.
3. I HAVE A HOME-BASED BUSINESS. WHAT COVERAGE DO I NEED?
Business basics. From inventory and defamation issues to customers visiting your home, home-based businesses definitely need coverage. Depending on the nature of your home-based business, you may need a simple endorsement to your current homeowners policy or a new policy. Talking to an Agent can help you sort it out.
Designed for real life. You might feel like a taxi running your kids all around town, but what if you actually use your personal car as a taxi, for ridesharing services like Lyft or Uber? ERIE’s Ridesharing coverage allows drivers to put a “business use” designation on their personal car insurance policy and it covers every part of the trip—before, during and after the hired ride. ERIE was the first insurance company to offer this coverage.
No matter what stage of life you’re in, connect with your Miller's Insurance Agent. He or she can help you find the right coverage at the right price to fit where you are in life.
*Erie Family Life insurance policies are not available in New York. **Guaranteed Replacement Cost requires home improvements over $5,000 to be reported within 90 days - not available with all policies and in all states. Coverage of costs to comply with laws or ordinances is subject to limits. Depreciation will be deducted until repair or replacement is made.
Insurance products are subject to terms, conditions and exclusions not described in this article. For additional coverage questions, consult your individual policy or talk to your Miller's Agent.
This article brought to you by our friends at Erie Insurance. Miller's would like to extend it's gratitude to Erie Insurance for both being a wonderful business ally and for letting us use the articles found on their blog, Eriesense.