Two Important Insurance Coverages for the Soon-to-Be Grad

May 01, 2017

Congratulations on your approaching graduation!  This is an exciting time with endless possibilities.  Don?t let an accidental loss delay your dreams; be prepared with the right property insurance coverage.

After graduation your coverage needs will change.  Will you be buying your own vehicle?  Are you moving out of your current state for a new job?  Will you own or rent a home?  These are all factors that will affect your insurance coverage needs.

1. Auto Insurance


If you plan to buy a vehicle, you will need to purchase your own personal auto policy.  Think about the different ways you could need this protection while using your own vehicle:

  • What if you cause injuries to others or damages to other property?
  • What happens if your passenger is injured?
  • What if another driver has no insurance or not enough insurance?
  • What if your vehicle is damaged?
  • What if you get injured in an accident?

A typical personal auto policy will address both liability exposures and property exposures.  Liability coverage will protect you from a claim or lawsuit if you have an accident resulting in injury to others or property damage to others? property.  Physical damage coverage covers damage to your auto.

Auto insurance not only protects you against the financial consequences of an auto accident, it could be the law.  Specific auto insurance requirements vary by state; your agent can help you determine the requirements for your destination after school.

2. Homeowners / Renters Insurance

You also need to think about your new home.  If you buy a home, purchasing a homeowners policy can protect your house and the belongings inside of it.  It can also protect you from liability arising out of owning the home.

If you decide to rent a place after school, a renter?s insurance policy will cover your belongings inside the rented home or apartment.  The landlord?s policy will most likely only cover the physical building; leaving the responsibility of your contents and liability on you.

Discounts

Be sure to ask your agent about any discounts on your insurance coverage.  You can often receive a discount for purchasing an auto policy and a homeowners policy from the same company.  For auto insurance, there are often discounts for drivers who attend defensive driving or accident prevention courses.

The best approach you can take is to reach out to your insurance agent for advice.  Your agent can ensure you have met all insurance requirements and have your individual needs covered.

This blog entry is created for informational purposes only.  Any viewpoint or sponsorship of outside parties involved in the blog entry does not necessarily represent Goodville's stance as a company.  The blog should not be used as a substitute for professional advice.