Insurance needs for millennials Posted in General, Auto, Home, Life Are you a millennial? If so, welcome to adulthood! If you’re anything like most, you’ve longed for this moment since your early teens. This time in your life brings excitement, opportunities and independence. It also brings responsibility — don’t worry, this post is not a lecture, keep reading! :) As a young adult you have responsibility to make your own decisions — including financial ones like insurance which is pretty important and shouldn’t be taken lightly. The topic of insurance can be daunting for young adults, who sometimes learn the hard way their coverage isn’t adequate until they need to file a claim. Here’s everything you need to know: Renters insurance (protects your belongings damaged in a fire, theft or vandalism) Landlords are responsible for insuring the structure and premise but their coverage does not include the renter’s personal belongings If you’re still living at your parents’ home, your belongings should be covered under their homeowners policy but don’t assume. Talk with your parents and their independent insurance agent to see what’s all covered To make things easier if you have to collect a claim, take photos or a video of your belongings and store a copy outside your residence or on a cloud system Auto insurance (protects physical damage, bodily injury from a car accident) It’s recommended to purchase a healthy amount of liability coverage for your auto insurance policy; if you’re found liable in an accident the total could cost you hundreds of thousands of dollars in medical bills, pain and suffering — this could be detrimental to you finances Cost for liability coverage is usually minimal and will give you peace of mind Life insurance (sum of money paid upon death of the insured person to the beneficiary, a person legally designated to receive the money) Just because you’re young and healthy doesn’t mean Life insurance isn’t important — a huge benefit is the cost of permanent life insurance is that it stays at the rate of purchase as long as you continue to pay the premiums If you have debt and die before it’s paid off, the co-signer, likely your parents or a close family member, would be responsible for paying (depends on terms and conditions of the loan) Another helpful tip is meeting with your local independent insurance agent. Your agent will be able to guide you through the process and answer any questions. It’s their job to find the best coverage to fit your life. This article is for informational and suggestion purposes only. Implementing one or more of these suggestions does not guarantee coverage. If any policy coverage descriptions in this article conflict with the language in the policy, the language in the policy applies. For full details on Integrity’s renters, auto and life insurance coverages and discounts, contact your local, independent Integrity insurance agent. Share via: Facebook Twitter LinkedIn Email Related resources Dangers of texting while driving Posted in Auto Would you ever drive the length of a football field at 55 mph blindfolded? Well that's essentially what you're doing when texting while driving. Learn the disturbing stats, tips to prevent and how states are cracking down on offenders. Renters insurance: Exposing the myths Posted in General, Home According to the Insurance Information Institute (III) only 65 percent of renters have insurance. Get the facts on renters insurance and why it's important. Exploring types of auto insurance Posted in Auto Understanding each specific type of auto insurance and when it should be purchased (or not) can help you select the most practical protection for your needs. Discover the differences which could potentially save you money.