Insurance Checklist: What to Update After Buying a Home or Car

After a major purchase, coverage gaps may appear before people have a chance to review their insurance. Davis Williams Insurance has created this checklist to help residents in Indianapolis, IN and throughout Indiana stay up to date.

Key Insurance Updates for New Homeowners and Car Owners

Here’s what you should typically review when buying a new home or car:

For New Homeowners

• Update or purchase home insurance: If you’ve recently bought a home, a homeowners insurance policy can help cover your property, belongings and liability risks. Mortgage lenders typically require you to have a policy at the time of closing.
• Review coverage limits: Make sure your policy reflects the current value of your home and possessions, including any high-value items or special features.
• Notify your insurer of address change: Update your address so all communications and documents reach you.
• Consider additional policies: Depending on your location and other unique circumstances, you may want to add flood, earthquake or umbrella coverage.

For New Car Owners

• Review or buy auto insurance: Most states, including Indiana, require all drivers to carry minimum auto liability coverage. If you’ve bought a new car, update your policy or purchase one before driving. Make sure your policy also addresses lender requirements.
• Adjust coverage types: Review options for comprehensive, collision and uninsured motorist coverage based on your needs and vehicle value.
• Add new drivers or vehicles: If circumstances in your household have changed, update your policy to include all current drivers and vehicles.
• Update lienholder information: Provide your insurer with the lender’s details if you financed your car.

Our Team Can Help

Contact Davis Williams Insurance today if you have questions about updating your insurance or want to request a free quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.