Homeowner's/Renter's Insurance Tips for Different Life Stages
At different life stages, consumers' homeowner's/ renter's insurance needs are likely to change. For example:
- Young singles, who typically rent rather than own and may have one or more unrelated roommates, should know that each leaseholder needs his/her own individual renter's policy to protect his/her own possessions and against liability for accidents that happen on their premises.
- Young families who may be buying their first home should know that in most instances it only makes sense to insure their home itself and belongings-not the land on which the home sits. Also if they install a swing set or trampoline for their kids, they should consider additional umbrella liability insurance to cover them in the event a visiting child is injured while on their property.
- Established families that may be remodeling or building an addition to their home should update their homeowner's policy to reflect these enhancements, particularly if they add $5,000 or more to the value of their home.
- Seniors should ask if they are eligible for discounts. And if they've just paid off their mortgage-and their homeowner's insurance was previously paid through their mortgage company-they need to alert their insurance company to send the premium bills directly to them and to pay on time so that their homeowner's policy doesn't lapse.
"DC consumers need to protect themselves from being scammed by fake insurance companies selling bogus insurance policies," noted Hampton. "All they need to do is take a few minutes to stop, call our department (202) 727-8000 and confirm that a company is legitimate and authorized to sell insurance in the District of Columbia before purchasing insurance."
For more useful information about insurance, consumers can visit DISB's website at disb.dc.gov and NAIC's new consumer education website, Insure U Online, at www.InsureUonline.org.
About the NAIC
Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The association's overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, it is the oldest association of state officials. For more information, visit NAIC on the web at: http://www.naic.org/press_home.htm.
