New baby? First job? Retiring? Check your insurance coverage at these life milestones

The milestones that you meet in life are important times for self-evaluation. One thing you should definitely evaluate is your insurance coverage.

First Job

With this financial independence comes responsibility. If you're living on your own for the first time, you'll need renters insurance to protect your professional wardrobe for work, furniture and computer.

Renters insurance can also cover the cost of staying in a hotel if your apartment becomes uninhabitable, and if covers you if someone hurts themselves in your apartment and sues you.

If you're be driving to work, you will need your own auto insurance (can't depend on the folks any more).

Disability insurance might be the last thing on your mind now, but young people are four times more likely to be disabled than die, according to trade group the Insurance Information Institute.

Many employers offer this kind of coverage, which replaces income lost if you're hurt and unable to work, though it may be limited and you may have to pay for it out of your own pocket.

Marriage

If you and your spouse work and you don't have any dependents, your insurance needs may not change much after you're married. But if one of you is still in school, or would be unable to pay all the bills in case of the death of the other, think about life insurance. If you've just bought your first home, consider buying enough life insurance to pay off the mortgage.

If you don't already have it, disability insurance is as important as life, particularly if you're counting on a single salary.

If you buy a home after getting married, homeowners insurance will give you coverage for the value of your home and its contents.

Parenthood

If you still don't have life insurance yet, this is the time you absolutely need it. In addition to paying off major debt, such as credit cards or the mortgage, you'll need to think about replacing your income or your spouse's income in the event something happens to one of you.

Even non-working parents need life insurance, because you would have to pay someone else to take care of the children.

This is also a good time to update your homeowner's insurance, because you will inevitably acquire more possessions as the children grow and need more stuff.

Once the kids reach driving age, you'll need to add them to your auto policy.

Empty Nest

Once the kids leave, you may keep them on your auto policy while they're in school, but once college is over, they must buy their own.

You certainly won't need as much life insurance after they graduate. Though you may not need it for several decades, start thinking about long-term care insurance, which pays for help performing everyday activities like eating, dressing and bathing if you become chronically disabled.

The earlier you consider buying long-term care coverage, the cheaper it will be.

Allison Bisbey Colter is a freelance writer in New Jersey whose work has appeared in The Wall Street Journal and American Banker. She is a former editor at TheStreet.com and a former reporter for Dow Jones Newswires.