Schwarz Insurance Blog

Like most parents you eagerly awaited the arrival of your child. Preparing the nursery, buying mounds of clothes, a stroller, car seat and the list could go on forever. Fast forward 18 very short years later and you are anxiously, or not so anxiously, awaiting the departure of that same baby. With this new milestone in your life your insurance needs are changing as well.

If your new college student lives in a dorm, their things will be covered to some extent through your homeowners policy. As with most things there are exceptions: if your child will be taking expensive electronics or furniture to school, you may want to speak with your agent about additional coverage. On the flip side, if your child will be living off campus, it is probably best that they get a renters insurance policy. A renter's policy is very affordable, as little as $15 per month in some cases, and will cover all of your student's possessions.

If your child decides to take a vehicle to school, they will still be covered under your auto policy. If they choose to forego a vehicle, be sure to let your agent know. There is a possibility this could save you several dollars on your auto premium.

Health insurance coverage options are a bit different. Your child is covered under your insurance policy until they are 26. There are a few things to consider, even though they can stay on your plan. Are they going to school in state? Will they live within your network of providers? If

As Mother Nature begins to show signs of spring, most car enthusiasts are making sure their classic car(s) is road ready. Just like every classic car is unique, you will need to have a unique insurance policy to protect your investment.

We know how special that car is to you, maybe it's a family heirloom or it's that care you've wanted since your 16th birthday and you wife bought it for your on your 50th. Regardless of when or how you acquired that vehicles we also know you'd be devastated if anything happened to it, especially if it wasn't insured properly.

Ask yourself this: How will this vehicle be used?

• Will the vehicle only be used for show?
• Will it be transported via trailer to events or will it be driven to events.
• Will it be your weekend or weekday driver during fair weather months?
• How many miles will you put on the car each year?

Taking all of this into consideration can greatly change the coverage on your policy.

Typically a collector car insurance policy includes the following:

• Agreed value coverage: This specific coverage will pay the car's full-insured value without depreciation in the event your car is deemed a total loss.
• Inflation guard: This helps to protect against inflation by increasing your vehicle's value at a scheduled rate, usually quarterly.
• Spare parts coverage.
• Flexible usage: This coverage puts a cap on your

Over the years, so much of our lives has migrated to the digital space. Important photographs, documents, online banking accounts and social media are common digital assets that most people have.

This is valuable data, data that should be tracked and planned for in the event that you pass away. When we think of estate planning, we always focus on money and our "stuff." People tend to forget that we have "digital stuff" that needs to be protected and taken care of when we're no longer around.

In order to plan for your digital assets, do the following:

Take inventory of all your digital assets. This includes: Computers, hard drives, tablets, smartphones and digital cameras Information that is stored digitally Passwords and login information Online accounts for social media, shopping and email Intellectual property, including copyrighted materials and trademarks Decide what you want done with these assets. Who is responsible for handling each after you pass? What do you want done with them? Some information and property should be archived, while you might want others erased forever. Store your digital asset plan in a secure but accessible location. This could be with an attorney, with and online storage service like Everplan or in a locked file cabinet or safe.

Estate planning might be unpleasant to think about, but it's unfortunately a reality of life.

After spending our 20s getting acclimated to the adult world, by our 30s many of us feel like we have solid footing. Maybe by this time you feel financially sound, but maybe additional financial responsibilities such as children and home ownership have been added to the mix. Regardless of your situation, there are some basic financial tips that can help you navigate your 30s.

Advance your career. Your 20s were mostly occupied with you developing marketable skills than could help you get started on a career. Now that you're on a path, it's time to push forward. You could consider moving to a city with more opportunities or taking a few courses to help boost your resume or abilities. Go hard at your savings. You probably have an emergency fund that was sufficient for your 20s, but as time and expenses change, so does your need for a backup plan. Pump up your savings to match your living cost. Remember, have six months' worth of expenses to ensure you're covered in case of job loss or another hardship. Adjust your insurance coverage. As your assets grow, your insurance coverage might have to as well. Even if your situation hasn't changed, you should still check your insurance policies periodically to make sure you're not only getting the best deal but more importantly that you have sufficient coverage. Save at least 15% of your income for retirement. This might seem like a lot, but if your employer has a matching program, it counts, too. Say they match 4% --

Ah, your 20s. You're supposed to be an adult...but you're not sure if you really feel like one quite yet. Being prepared for the future can help. There are several things you can do that might help you feel like you're taking on the world a little more responsibly.

1. Establish a budget...and then follow it.

Without a budget, you risk overspending, going into debt and under saving for your safety net and important future purposes. Differentiate between your needs, wants and dreams. List your daily expenses and recurring monthly payments to know what you will always spend monthly. Of the leftover money, decide how much is discretionary (read: fun!) income and how much should go into some sort of savings.

2. Build an emergency fund.

Cat need an emergency trip to the vet? Car broken down and you need to get to work on Monday? Here's where your emergency savings will help. Experts recommend having six months worth of expenses.

3. Get insured.

"But it's another expense!" you might say. It's much better shelling out a small payment monthly than ending up with a six thousand dollar car bill or worse, a one hundred thousand dollar hospital bill. Be sure to have car, health and rental/home insurance at a minimum.

4. Repay debt.

Debt is a reality of most twenty-somethings. If you have credit card debt, be strict with your budget, and tackle the highest-rate cards first. If you have student loans, try to pay more