Losing your job is a traumatic experience (even if you didn’t really care for your job in the first place!), and it will trigger an enormous list of of things you need to do to adjust to your new reality, from coordinating your COBRA benefits, buying replacement health insurance, and maybe getting that resume out on Monster.

One thing you should add to that list, although maybe not with the priority of the above examples, is reviewing your Car and Home Insurance.  First, you want to make sure your paid-up on all your policies.  The last thing you want to do is experience some kind of loss with your insurance in a lapsed state while you’re least able to absorb it yourself.  Then, you want to see how your new situation might impact your coverage and the rates you pay.  For example, if you’re not commuting anymore, ask your agent to re-rate your auto policy to reflect “pleasure use” instead of “commuting use”, which could lower your rates significantly.  And, maybe you’re going to do work out of your home for a while until you find that perfect corporate job again.  You’ll want to know that most business activities are excluded from your home insurance policy and ask your agent to make recommendations accordingly.  Finally, if you shop your insurance around, make sure you do it before you get behind on any bills as most insurance companies factor your creditworthiness into the rates they charge you.

Good luck with your hunt for a new job, and give us a call if we can help you with your insurance.

This entry was posted on Wednesday, July 29th, 2009 at 4:25 pm and is filed under Savings Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.