Retirement is an important occasion. Now that you aren’t working, you’ll have more time for relaxing, hobbies, volunteering and other activities you enjoy. But before you settle into this new stage of your life, be sure to check on your current insurance coverages.

At HomeFirst^®, we want you to have the right insurance for your needs. Take a look at some factors to consider as you celebrate your retirement.

Car Insurance

No more work means goodbye to your daily commute! If you are driving less, talk to your agent about what auto policies work better for your new routine. You may also want to review your deductible now that your income has changed. Also, inquire if any discounts for retirees are offered. Depending on your vehicle and driving record, you may be able to qualify for savings.

Homeowner Insurance

If you’re retired, you may have paid off or be close to paying off your home mortgage. We highly recommend keeping your homeowners insurance, even if the house is completely paid off. You’ll still want to protect your property and valuables and not risk paying out-of-pocket expenses like damage from theft or fire.

Also, you may have plans to spend more time at home from now on, or maybe you want to travel more or spend an extended time away from your primary home during the winter. However you want to enjoy your retirement, reevaluate your coverage needs with your agent. If you are home more, there may be saving opportunities, and if you are going to be away more often, it’s a good idea to let your insurer know. They may recommend updating your policy for perils that could occur while you’re not at home.

Life Insurance

As retirement comes up, your term life insurance may also be close to expiring. You may need to renew, and older age could mean higher rates. But before canceling or letting a life insurance policy expire after retirement, consider how your death would affect your spouse and children financially. Assess any debts that would be left behind and the impact from any loss of income. Then talk with your family and agent about what is best for your family’s needs.

These are just some items to consider. If you have other insured property such as a boat, RV or golf cart —you’ll have time for more rounds on the course now, after all — you’ll need to review those coverages as well.

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