Qualifying events are major life or work changes affecting your insurance coverage.
When certain events occur, it can change the conditions of your health, homeowners and automobile insurance policies. Qualifying events for health insurance can also affect the status of your ability to obtain continuing health insurance coverage through the Consolidated Omnibus Budget Reconciliation Act or COBRA. Qualifying events for homeowners and automobile insurance affects what your insurance will cover under specific circumstances.
Health Insurance
Qualifying life events that cause a change in the number of people covered by your insurance plan include marriage, the birth of a child, adoption, the death of a spouse and divorce. Qualifying events for insurance regarding work changes include termination, whether voluntary or involuntary, lay offs, retirement and a decrease in the number of work hours. These qualifying events allow you to add or remove the number of people covered by your insurance plan.
Homeowner's Insurance
Homeowner's insurance coverage varies widely depending upon the type of coverage you elect. Common qualifying events for homeowners insurance include vandalism, theft and man-made disasters. Storms that cause damage to your property as a result of excessive rain with no flooding, snow, lightening or hail are also common qualifying events. Natural disasters such as earthquakes, floods, tornadoes and hurricanes are qualifying events under specific homeowner's insurance policies you need to purchase separately from your regular homeowner's insurance policy.
Automobile Insurance
Unlike other types of insurance, automobile insurance does not necessarily have qualifying events that affect your insurance coverage. Covered events that can cause changes in your automobile insurance depend upon whether you elect collision insurance, comprehensive insurance or both. Collision insurance covers any damage caused directly to your vehicle as a result of a car accident, or if you hit another object such as a tree or telephone pole. Comprehensive coverage includes any damage caused to your vehicle due to vandalism, theft, storm damage, man made disasters and natural disasters. When these events occur, auto insurance companies will generally automatically pay for the cost of the damages or loss after you pay your deductible.
