7 life events when you should revisit your insurance coverage

Are you missing out on insurance savings? ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better] [Better]( This week’s mortgage rates [Rate chart] [Rate chart]( Source: US average mortgage rates from [FreddieMac]( --------------------------------------------------------------- Better Mortgage Interested in today's rates? [See Better Mortgage rates]( --------------------------------------------------------------- #FundFact Since 2015, the average homeowner has seen their homeowners insurance bill grow by roughly 21 percent.¹ Things to know 7 occassions to revisit your insurance coverage 7 occassions to revisit your insurance coverage Insurance comes in various shapes and sizes, because accidents can happen. And they do. Insurance policies are a guardrail for many when handling risk—it’s the financial safety net that protects you, your loved ones, and your prized possessions when things go wrong. Here are 7 life events when you may want to revisit your insurance coverage — and update it if necessary: Buying a new car Buying a new car Insurance type: Auto insurance Before you purchase a new car, it’s a good idea to connect with your agent and let them know you intend on adding an additional vehicle to your policy. If you plan on selling your current vehicle, you should prepare to have it removed from your policy and updated to insure your new vehicle. By researching the type of insurance coverage you’ll need and its cost ahead of time, you’ll have a better sense of what to expect for the total cost of ownership. Renovations Renovations Insurance type: Homeowners insurance Before beginning renovations or working with contractors, you should connect with your insurance agent. In some cases, you’ll need to add additional coverage or a supplemental policy to protect your home during the renovation. One of the great things about making upgrades and renovations is the return on your investment. You should keep in mind that because the value of your home may grow after your renovation is complete, you might need to increase the coverage on your homeowners insurance to make sure your property is still fully protected. Your insurance policy is written based on cost of reconstruction of your home pre-renovation. Some renovations, like replacing your roof, upgrading your wiring or plumbing, or adding a new security system, qualify your property for safety discounts.² Reach out to your agent to complete a new replacement value estimate. Getting engaged Getting engaged Insurance type: Jewelry, homeowners, or renters insurance Your engagement is a time for you and your partner to celebrate your commitment to love! Engagement rings can be one of the largest jewelry purchases a couple make, with the average cost of engagement rings coming in at $6,000 in 2022.³ The cost of jewelry insurance usually ranges from 1-3% of the ring's value.⁴ While your renters or homeowners insurance may cover your ring as personal property, coverage for jewelry usually has a dollar limit so you’ll want to consider adding a floater, or scheduling property, on your existing coverage policy to protect your symbol of love against loss, damage, or theft. Getting married Getting married Insurance type: Homeowners or auto insurance Couples that have recently tied the knot may become eligible for discounts on their insurance premiums. Married couples are offered certain discounts on multiple forms of insurance because, statistically, couples often behave more cautiously and file fewer claims.⁵ Married couples may pay 8% less on average for car insurance than single drivers, which can add up to hundreds of dollars saved annually.⁶ Your marital status also often factors into determining your home insurance rate. You should connect with your agent to see if adding your spouse to your existing policies can help you find savings. Having a baby Having a baby Insurance type: Life insurance Homeowners insurance is top of mind when you’re going through the homebuying process, but you may also want to consider opening a life insurance policy. When you become a homeowner, you take on a major liability and having a life insurance policy can ensure a financial cushion for your loved ones. While your homeowners insurance policy protects your home, a life insurance policy can provide a safety net and help contribute to your mortgage payments if you were to lose a family member. Having a life insurance policy in place can help give peace of mind that your current lifestyle can be maintained in case of the unexpected. Buying a home Buying a home Insurance type: Life insurance Homeowners insurance is top of mind when you’re going through the homebuying process, but you may also want to consider opening a life insurance policy. When you become a homeowner, you take on a major liability and having a life insurance policy can ensure a financial cushion for your loved ones. While your homeowners insurance policy protects your home, a life insurance policy can provide a safety net and help contribute to your mortgage payments if you were to lose a family member. Having a life insurance policy in place can help give peace of mind that your current lifestyle can be maintained in case of the unexpected. Anytime! Anytime! Insurance type: All kinds of insurance To reap the maximum benefits of your insurance policies, revisiting your insurance is smart. Renewing annually gives policy holders the opportunity to review and modify their policies accordingly—you can add your spouse to your plan, adjust your beneficiaries to include your new child, or change your coverage amount as needed. Insurance companies also regularly update their terms and rates, so renewing annually keeps you in the loop regarding changes that may affect your coverage or premiums. Annual renewal assures that your insurance is up to date and adequately covers all of your needs, however, you don’t need to wait for your renewal period to shop around for a better rate. Not only are you able to shop at any time during your policy, you may be eligible for a refund on any prorated or upfront costs that may have been paid towards your current policy. As the insurance market continues to face challenges, shopping around for a lower rate on your homeowners insurance policy is more important than ever. If you find a lower rate, you win and save. And if you don’t find a lower rate, you have nothing to lose! --------------------------------------------------------------- Better Cover Missing out on savings? [Get a quote with Better Cover]( --------------------------------------------------------------- Press play Follow us on social to stay up to date with the latest mortgage tech, tips, and tools: Watch on [TikTok]( • [Instagram]( • [Facebook]( • [YouTube]( --------------------------------------------------------------- Better Mortgage Questions? Connect with a mortgage expert now. [Apply today]( --------------------------------------------------------------- Quiz What length of mortgage offers borrowers both the lowest amount of interest but higher monthly mortgage payments? What length of mortgage offers borrowers both the lowest amount of interest but higher monthly mortgage payments? - 10 year - 15 year - 20 year - 30 year [Better] [Better] [social]( [social]( [social]( [social]( [social]( ¹Source: [NY Times]( ² Source: [Bankrate]( ³ Source: [Forbes]( ⁴ Source: [Forbes]( ⁵ Source: [Bankrate]( ⁶ Source: [CarInsurance.com]( © 2023 Better Holdco, Inc. and/or its affiliates. Better is a family of companies. 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