What Coverage Do You Need in Your 20s, 30s and 40s - and Why?

   As life changes so do your insurance needs. From your first apartment to retirement, each decade brings new responsibilities to your life - and the need for coverage that fits. Let’s take a closer look into the coverage you need as each chapter begins in your life.

   You’re in your early 20s, post-grad, job-hunting and laying the foundation for the rest of your life. That’s a pretty tall order. It also means that you have the chance to start smart and insure yourself with the right protection now for your peace of mind that serves you well into your future. With life milestones such as renting your first place, buying a new car and establishing your independence is a perfect time to build a strong insurance foundation.

   Proper auto insurance is essential, and by law, liability coverage is required in the state of Georgia. Accidents happen, even to good drivers, especially when sharing the road with others who might not be as careful as you. In your 20s, you're still gaining experience behind the wheel. If you're involved in an accident, auto insurance helps cover medical bills, car repairs and legal fees, saving you from financial disaster that could set you back from the future you’re building. Without quality insurance that focuses on its value to you, even a minor accident could cost thousands out of pocket. Auto insurance helps you avoid draining your bank account.

   Also consider how to best protect where you live in those early adult years. Whether you're renting your first apartment, living with roommates or in student housing, here’s why renters’ insurance is a must. Your belongings are worth more than you think and replacing them piece by piece can get overwhelming after an accident like a break-in. 

   Picture this, you come home after a late dinner with friends in the city to find your apartment door slightly ajar. You call the police and your Landlord and find that your space has been trashed and your brand new couch is gone. In moments like this, the last thing you want to deal with is the expense to repair or replace your belongings. Renters insurance can help with that, without breaking the bank. It’s an easy, inexpensive way to protect your stuff, your wallet and your peace of mind, and honestly, it’s one of the smartest adulting moves you can make in the beginning. 

   In your 30s, life typically becomes more complex. Careers take off, families begin and you may be looking at buying your first home. This is a huge milestone and one of the largest financial commitments you'll ever make, so you should be focused on the value it provides rather than how it fits into your escrow payment. Home insurance protects that investment from risks like fire, theft, storms and more. Without it, a single unexpected and tragic event could cost you hundreds of thousands of dollars that you don’t have.

   Home insurance protects your physical walls, and it covers your contents and your liability risk as a homeowner. Imagine, you’re having a Start of Summer pool party - the first of many in your new home - and somebody slips on wet concrete and gets hurt. You could be held legally and financially responsible, and when it comes to money, friends can flip on you quickly. Hence the need for liability limits on your homeowner’s policy that focus on protecting you rather than lowering your premium. This is the time to be layering that solid foundation of the life you want, and insurance is what helps you reinforce that foundation. 

   We also encourage you to consider life insurance, which is easier to secure the younger you are. No one anticipates leaving this Earth before they’re old and gray in their beds, but it’s better to protect the what-ifs than to be afraid of them. Think about paying off that mortgage you just secured, sending your kids to college, replacing your income alongside your spouse’s efforts to keep things moving without you. Life insurance is a vehicle that can soften the financial blow of your loss for your family, no matter when it kicks in.

   Your 40s are a decade for a surge of financial growth and planning. By now, your income and assets have grown, which means you have more to protect. An umbrella policy provides extra liability protection beyond your auto and home insurance. Umbrella policies can cover personal injury lawsuits, legal defense cost and injuries or damage cost where you’re at-fault. An umbrella policy typically adds $1 million or more in coverage, for just a few hundred dollars a year. That’s a small price to pay for peace of mind and protection against financial disaster, especially now that you’ve worked this long to build it.

​   No matter your age, insurance isn’t one-size-fits-all, and a little planning now means confidence for the journey ahead. Connect with an independent insurance agent to make sure your coverage fits your life, wherever you are on the journey.