Which of these items will not impact your insurance premiums:

a. Your age  b. Your loan provider  c. Your address  d. Your gender

Welcome to real life! College is over, and the real fun begins. We’re off to a new job, a new place to call home, and maybe even a new city. There’s a lot of new and exciting things to think about. Like, insurance? Okay, if you’re like me, that probably didn’t top your list. But now that we’re on our own, it’s time to start taking responsibility for things like that.

For us, there are several types of insurance we should really consider. We’ll need auto insurance because we probably aren’t covered by our parents anymore. And if you’re moving, keep in mind a new area could mean new auto insurance requirements. Another thing to think about is whether or not our stuff is covered – like that sweet flat screen TV, laptop, and other valuables.

When renting, the landlord’s insurance usually only protects the building itself. Which could be a real problem if something happens. And renter’s insurance actually doesn’t cost that much per month – about $20 – or the cost of about four lattes.

Since we’re getting older and on our own, we should also consider life and health insurance. Most employers offer those, so be sure to check out what yours offers.

So, going back to our quiz question: Which item will not impact insurance premiums? The answer is B: Age, address, and gender can all impact insurance premiums. The simple truth is that when we spend a few minutes to find the right insurance, we can know we’ve taken steps to protect ourselves from the unexpected. And maybe even saved a few bucks.

I’m Jheel Jawharkar for My Financial Minute, check back often to continue the conversation.

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