How does buying a home impact your auto insurance needs?
Now that you have bought a house, you own a very valuable asset. As a result, you'll want to protect it. If you are ever involved in an automobile accident that results in injury to other people and/or property, all of your assets, including your house, can be subject to liability claims. Claims that exceed your liability coverage can come out of your assets. When you buy a home, you should reevaluate the liability limits on your automobile insurance policy to make sure that you have adequate liability coverage to protect your home.
Do I need to change my auto insurance coverage limits?
Liability claims arising from automobile accidents can result in the loss of your new home and/or other assets. You have more assets to protect now, and you may have others who rely on you. If you have kept your car insured with only the state minimums in the past, you may want to increase your coverage now to protect what you have.
Just because you have the mandated minimum amount of liability coverage doesn't mean that you can't be sued for more than that amount if you are in an accident. Review periodically to make sure that all of your assets are protected in the event of an accident.
Why should I shop around for homeowners insurance?
A new home means a whole new set of factors on which your rate is based. Get a quote from your current company and shop around for home insurance with other companies as well. You can decide which rate and company best meet your needs.
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