• Big Changes – 5 Times When You Should Update Your Insurance Policy

Image for updating insurance policy that features family and beautiful home

Here at Morse, we think it’s important to make sure our clients understand that insurance isn’t really a one and done kind of thing. We know that life is full of unexpected twists and turns, and want to make sure you remember to update your insurance policies when things do change.

Here are some times when you should contact your insurance agent to update your policy:

Getting Engaged and Married

Recently married? Congratulations! Once you finish the honeymoon and writing all of those “thank you” notes, don’t forget to call your insurance agent! You should update any renters or home insurance policy to account for any new items if you are combining households and think about purchasing additional coverage for new valuables … like that diamond studded wedding band! Oh, and don’t forget to ask about any new discounts you may be eligible for such as bundling discounts when you combine your auto and home, renters, or condo insurance under one carrier. You could save anywhere from 5% to even 20% by doing this!

Buying a New House

Buying a home is a huge financial commitment and responsibility, so make sure your homeowners insurance is up to snuff to protect your investment. Make sure to walk through your policy with your insurance agent. If you’re concerned about additional liability from things like pools, swingsets, or even your dog, make sure to talk to your agent about an umbrella insurance policy.

Buying a New Car

One of the biggest mistakes you can make with your auto insurance is purchasing the lowest limits on a standard MA auto policy. While the minimum liability limit is $20,000-$40,000, the minimum limit we recommend is $100,000-$300,000. The difference in coverage here is significant, but your monthly premium won’t differ dramatically. Plus, if you think about a lot of the expensive cars on the road today, the minimum liability probably wouldn’t be sufficient to cover damages incurred during an accident.

Teen Drivers

Did you know that your child will be automatically covered under your MA auto insurance policy while they have their permit? Once they get their license, however, this changes. Make sure to contact your insurance agent to add them onto your policy once they start driving on their own. Plus, you may qualify for discounts if they take an advanced driving training course or make honor roll.

Making Improvements to your home

Any time you make significant updates to your home, like adding in a new kitchen, garage, finished basement, or even installing solar panels, you should call your insurance agent to make sure your existing policy is enough to cover them. Think of it this way: if you spend $100,000 updating and expanding your home, but your policy only covers the value of your home before the renovation, you could be in some serious trouble if it comes time to file a claim and you have not updated the new replacement value for your home.

These definitely aren’t the only times you need to update your policy, but they are a good start. Just remember this: when a big life change happens, contact your insurance agent! And if you ever have any questions, don’t hesitate to call #MorseOfCourse. Our agents are always here to walk you through your policy and answer any questions you may have. Get in touch with our office today by visiting our website at or calling us at 508-238-0056.

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