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The start of a new year or when you have big lifestyle changes, is a good time to reassess your insurance needs. Need help doing that? Below are some questions to help guide you through the process.

Did you start a new job?

Changing jobs can be stressful for many reasons. One of them is the insurance implications. If you had life insurance through your old employer and your new employer doesn’t offer it, consider a new individual policy. A change in income also warrants checking your life insurance coverage. Make sure what you have is adequate given the change – up or down – in income. Term insurance is often the most affordable.

Retiring soon?

If you’re retiring – and you previously drove to work – there’s a good chance you’ll be driving less than before. Review your auto insurance policy. You can likely get a discount by reporting low monthly mileage on your vehicle.

Did you sign a lease for an apartment?

Let’s say you just signed a lease for a new apartment. Congrats! Now, you need to think about renters insurance. While a landlord must provide insurance on the building itself, you must cover your possessions. Renters insurance does just that – it covers losses from theft and some natural catastrophes.

Has your teenager started driving?

If your teenager has recently started driving, you should add them to your policy. Don’t let them open their policy; it’s typically much more expensive. Adding their vehicle to your policy can also sometimes trigger a discount for you.

Do one thing: When any major life event happens, take some time to review your insurance needs. Make sure you have adequate coverage and look for ways to reduce costs.