While there are many reasons to change jobs, two of the most common reasons for a person to change jobs are more responsibility and more money. People like to advance in their jobs, rather than stay stagnant and retire doing exactly the same jobs they began doing so many years ago.
If you are like many people, a change in jobs that results in making more money will probably result in you beginning to spending more money, too. When you spend more money, you acquire more possessions, as well as more debt in some instances. That is why you should revaluate your insurance policies when you change jobs.
If you purchase a new home, or just new possessions, you should reevaluate your homeowner’s insurance policy. You want to make sure all your new possessions are covered under your current homeowner’s insurance policy. If they are not, you might need to purchase a floater policy or additional coverage to get them protected. If you move into a new home, you’ll need to contact your homeowner’s insurance company to figure out what you need to do in order to get a homeowner’s insurance policy that covers your new home.
If you begin to acquire more credit now that you make more money, you’re also likely to acquire more debt. This isn’t necessarily a negative thing; being in debt doesn’t always mean you have poor credit. Sometimes being in debt simply means you still owe a few payments on a few things. However, if you pass away before paying those debts off (and this includes paying off your new home if you bought one), those debts are left behind for your family members to take care of. This means you should reevaluate your life insurance policy as well when you change jobs and begin making more money.
So, after the thrill of changing jobs subsides, remember to take care of your insurance policies.