Five moments when you should check your insurance

Thanks to the life insurance Maria Loera’s husband Roberto bought, she was able to pay for funeral costs, medical bills and day-to-day expenses after his passing. It even helped her set up college savings accounts for their children. "Roberto’s life insurance was such a blessing," said Maria. "It’s something every family should have."

Insurance protects you, your family, and your home from the unexpected, but it can only do its job if the coverage is up to date. Review your insurance annually or during key life changes such as these:

Your family status changes. 

Your family status changes. If you're marrying, expecting a baby, or adopting a child, you'll want to protect your growing family with adequate life insurance and disability income insurance.  25% of Americans wish that their spouse or partner had more life insurance. 

Approaching retirement or losing a family member through death or divorce should also prompt a policy review. Remember to change the beneficiary designations on your existing policies as needed.

Your children grow up.
When you have a new teen driver, adequate auto insurance is a must. Adding a teen driver may initially increase your premiums; however, costs may gradually drop as they gain more experience behind the wheel. Your auto insurance agent can share more and tell you about discounts that may be available. If your student is leaving for college or has recently graduated, it's a good time to consider personal property, liability, and renter’s insurance for the new living arrangements.

You're moving or remodeling. 
Whenever your address changes, review your homeowner’s insurance to make sure the new property is adequately protected. It's also a good time to update your home inventory - whether you're adding items such as new furniture or scaling back for a move to a smaller home. Also, be sure to update your coverage if you renovate or make any additions to your current home.

You're starting a business.
Whether you're going to rent office space or open a home-based business, include a thorough insurance review in your start-up plans. Depending on the size of your operation, you may have to consider property and liability, commercial vehicle, and workers' compensation coverage, as well as a health care plan for employees. If you're a sole proprietor working from home, be sure to review your homeowners plan to see that your business and equipment are fully covered.  Many homeowners policies specifically exclude all business operations on premises.

You need health insurance options,
In today's rapidly changing health care environment, protecting your family's health can be a challenge. If your current plan is up for renewal or if you've been downsized and need brand-new coverage, take the time to compare plan features against your family's current or anticipated needs.

This article brought to you by Tricia Zwirner of State Farm.