Fall is fast approaching, and the new season brings many exciting changes–going back to school or away to college, starting a new job, renting or buying a home, and more.
As one of many young adults approaching big life changes, I’ve already found that learning does not stop when classes end. The biggest lesson so far: that thankfully, even though the world of “adulting” can seem complicated, getting the right insurance protection doesn’t need to be.
Here are just a few of the things I’ve learned as I begin to navigate the real world:
After you’ve found the perfect room or apartment to rent, consider renters insurance even if your landlord doesn’t require it.
Renters insurance will cover your belongings—including furniture, clothing, and electronics—in case of theft, fire, and other perils. Even if you don’t think you have that much stuff, the value of your personal items adds up fast, especially if you have to replace it all at once. Renters insurance also includes liability protection if you are responsible for bodily injury or property damage to someone else. Bottom line: if the unthinkable happens, don’t rely on a GoFundMe to make you whole again.
Purchasing your own set of wheels is a big step, and the next step is making sure you have the right coverage. Unlike health insurance, you can’t stay on your parents’ policy just because you’re under 26. If you move out of your parents’ home for good, you need your own car insurance policy. Depending on company rules, you may even need your own policy even if you still live at home. Think about how valuable that new (or new-to-you) car is, and consider how far the right coverage would go in protecting it.
Last spring I got my cap and gown, but many of my friends are returning to college this fall. Even if you’re without a car, there are benefits to staying on a parent’s auto policy, like protection for driving friends’ cars and full coverage during breaks at home. Many insurance companies also offer discounts if a student is more than 100 miles away from home or maintains a GPA of 3.0 or above. These discounts can add up to significant savings. Or in college terms, lots of pizza money!
Since graduating in May, I’ve browsed lots of ‘roommate wanted’ and ‘car for sale’ ads, and finally settled on my very own (very small) apartment in Seattle. The car search is still underway, but when I do find one I’ll know just where to get the right coverage.
If you have questions about how your life changes impact your insurance protection, give the McClain team a call at (425) 379-9700. They always stand ready to help!