The time around your mid-twenties usually involves a lot of change. Some women are graduating from college, some are becoming mothers. Others are headed to graduate school or starting out in their first real job. Whatever you are doing around this time in your life- it surely marks a new chapter which undoubtedly means that your insurance needs are changing as well.
Here’s some advice we collected from licensed insurance agents that can steer you in the right direction when it comes to determining your insurance needs:
Auto Insurance: The good news is, if you earned your driver’s license when you were 17 or 18 years old you have about 7 years of experience under your belt now which means insurance companies will start rewarding you with lower rates. If you have recently come off of your parent’s insurance policy and are paying your own premiums, you know how expensive auto insurance can be. Start shopping around for lower auto insurance rates and ask the agents you speak with about qualifying you for all available discounts that you are eligible for. A lot of times just having an anti-theft device in your vehicle or bundling your auto and home insurance quotes can save you 10-15% on your premiums.
Renters Insurance: Most young women your age haven’t purchased a home yet but may be renting an apartment or house with friends or a significant other. So many people mistakenly underestimate the value of renter’s insurance so you should really check into it if you haven’t purchased a policy already. Renter’s insurance protects your possessions in the event that your rental home is damaged in a fire or if your personal possessions are burglarized. Without it, if your apartment was lost in a fire or other peril, your items would be lost and you would not be entitled to any compensation- not even from your landlord’s dwelling insurance policy.
Medical Insurance: This is around the age when your parents can no longer insure you as a dependent on their health insurance policy and you might need to start looking for your own coverage. Don’t make the mistake of going uninsured as it could end up costing you thousands of dollars in the event you became really sick or injured and needed to be hospitalized. First, if your employer offers a medical insurance plan ask your Human Resource person if you are eligible to enroll (your employer may even contribute to your premiums). Otherwise, shop around for a health insurance plan online and find a competitive price on a plan that covers your specific needs. Remember- dental and vision are usually separate policies.
Supplementary Insurance: Supplementary insurance plans can be really beneficial for young women especially those who plan to have children within the next few years. If you think you haven’t heard of supplementary insurance plans just imagine the Aflac duck- although there are many insurance carriers that offer this type of coverage. Supplementary insurance plans can pay you out in the event you are hospitalized due to injury, sickness or child birth. Supplementary medical plans can also pay you cash in the event that you cannot work due to medical disability (sickness, injury, maternity leave). All plans vary so make sure you really shop around and ask lots of questions.
Author: Carrie Van Brunt-Wiley has been writing about insurance for 4 years at HomeInsurance.com. HomeInsurance.com is a leading online resource for insurance quotes, coverage and consumer information.