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Graduating College? Congratulations!

Graduating College? Congratulations!

Are you graduating college? When you become a college graduate you step into adult hood with both feet. Hopefully, you will lucky enough to land that first job and move into your own place. You’ll find for the first time your financial well being is all in your own hands. Most people do not realize that a big part of managing your financial security is understanding and purchasing your own insurance coverage. The entire purpose of insurance is to protect your financial well being. Insurance can help you replace your cash into your bank account that you had to use due to a loss or accident. What could possibly go wrong?

  1. Car Insurance: If you are no longer living as a member of your parents household you will need to get your own auto insurance policy. If you have an accident and wreak your transportation to work, you will want to be able to replace your car. Car insurance covers more than the damage to your own car, the other guys car, or someone property because you took out your neighbors fence when you missed the turn. It also pays for medical treatment to you, your passengers, or someone you may have injured while driving your vehicle.  Car insurance is probably the number one defense anyone can buy to protect against financial hardship should something happen to your car or you while driving.
  2. Renters Insurance: Renters insurance is inexpensive and many people never think about buying it. I think most young professionals just do not think they own enough assets to warrant spending the cash on renters insurance. But take some time and walk through your apartment and do a rough calculation how much it would cost you to replace everything in every room, closet, drawer, and storage bin. How much would that be $50,000.00 a $100,000.00. Maybe more if you have a lot of electronics and sport equipment. Stuff can add up quickly.
  3. Personal Liability: You are an adult now you have personal liability.  In this case your renters insurance and car insurance both have a coverage which will protect you from personal liability law suits. You could become personally responsible if your dog bites your friend while at your home. Your renters insurance will pay for the medical bills that may have been incurred. That inexpensive grill you purchased collapsed while your buddy was using it and burnt all the skin off his left leg. You may be on the hook for his medical bills. Especially if you did not assemble the grill correctly. These types of accidents can cost you $5,000 to $50,000 or more. Do not fall into the trap that friends do not sue friends, it happens all the time.
  4.  Health Insurance: Most commercial group health insurance policies will cover children to the age of 26. However, if you are older than 26 you might find that your new job does not offer health insurance benefits and the only way you will get any health insurance coverage is if you buy it on your own. Don’t be afraid of the cost. Take the time and talk to a health insurance professional and find out how much health insurance will cost you. Depending on your income you may find out the government will cover the bulk of your health insurance premium. If not there are other types of health insurance policies you may qualify for that cost less. You will not know until you do the homework.
  5. Small Business Insurance: If you decide to start your own business you will need insurance to cover your business entity. Which will protect your financial investment in your business. If you are working for someone else this won’t be a concern unless you are classified as an independent contractor. If that is a case you are a small business owner. You will need to talk to one of our small business agents.

As you go through your life and you get married, have kids, and you financial net worth changes you will need to update your insurance protection. Insurance is not a static product, it changes with you as you mature.

Congratulations on graduating. Give us a call at 800-452-6826 and let us help you with your next steps into adult hood.

Have a great day

 

Cheri Martinen

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