Entering adulthood brings exciting milestones, moving into your first apartment, buying a car, starting a new career, or even purchasing your first home. Along with these life changes comes the responsibility of making sure you’re properly protected.
Check out our guide below for proactive steps to take to protect your home.
Questions? Reach out to one of our knowledgeable insurance agents. We’re eager to set you up with the right coverage and rate!
We sat down with Chris Walton, Agency Manager, to discuss when young adults should consider getting their own insurance coverage and what they should keep in mind as they navigate these important transitions.
Q: When should young adults consider getting their own insurance coverage?
Chris Walton: Young adults should start thinking about their own insurance coverage during major life transitions. Whether it’s moving out of a parent’s home, purchasing a vehicle, renting an apartment, buying a home, or starting a new job, these milestones often mean it’s time to review your insurance needs.
While some young adults may still be covered under a parent policy depending on the type of insurance, there comes a point when having your own coverage provides better protection and gives you greater control over your financial future.
Q: What types of insurance should young adults be thinking about?
Chris Walton: It really depends on their stage of life, but there are a few key coverages that most young adults should consider.
If you own or finance a vehicle, you’ll want to make sure you have the right auto insurance to protect yourself and meet your state insurance requirements.
If you’re renting your first apartment, renters’ insurance is an affordable way to protect your personal belongings. Many people don’t realize that a landlord’s insurance policy typically covers the building, not the tenant’s personal property. Renters insurance can also provide valuable liability coverage if someone is injured in your home or apartment.
For those purchasing their first home, homeowners’ insurance becomes an essential part of protecting one of life’s biggest investments.
As your career grows and you begin building assets, it may also be worth discussing additional liability protection with your insurance agent to ensure your coverage keeps pace with your lifestyle.
Q: How can someone tell when it’s time to move off their parent’s insurance policy?
Chris Walton: Every situation is different, but there are a few signs it may be time to explore your own coverage. If you’ve permanently moved out, purchased a vehicle in your own name, bought a home, or your current coverage no longer reflects your lifestyle, it’s a good idea to have a conversation with an insurance professional.
The goal isn’t just to have insurance; it’s to make sure you have the right coverage for where you are in life.
Life changes quickly, especially in your twenties. Reviewing your insurance coverage after major milestones can help ensure you’re protected when it matters most.
If you’re unsure whether it’s time to get your own insurance coverage, our team at Cornerstone Insurance Agency is here to help. We can review your current policies, answer your questions, and help you find coverage that fits your needs today, and as your life continues to evolve.
This article is for informational purposes only. You should not act based on this information without first consulting with your insurance agent; if you would like a quote from a Cornerstone Insurance Agency licensed agent, contact us. We disclaim all liability for actions taken or not taken by you based on the contents of this article which is provided “as is.” Cornerstone makes no representation that this content is error-free.