Congratulations, you’re getting married! Between choosing caterers, flowers, and other details, insurance may be the last thing that comes to mind. But the decisions you make now can be a fundamental step in establishing your lives together. Here’s what to consider when it comes to insurance for newlyweds!
Renters and Homeowners Insurance
Whether you own or rent, you will want to make sure you are appropriately protected. A renter’s insurance policy can help you cover the loss of your furniture, clothes, and other personal items if they’re stolen or damaged. A homeowner’s policy can include this in addition to the property itself. For some additional coverage, you may want to consider umbrella coverage, which can consist of the costs that go beyond the limits of your homeowners and auto insurance liability limits.
Personal Property Insurance
While renters or homeowners’ policy can go a long way, they often don’t provide enough coverage for certain valuable items. Adding scheduled personal property insurance to your renters or homeowner’s policy can help you ensure that your high-value items are protected from the unexpected.
In most cases, if you’re getting married, you can add your spouse to your health insurance plan without having to wait for your company’s enrollment period. The couple should compare plan costs carefully. You may also want to discuss your options with your company’s HR department.
It may be a good idea to add your future spouse to your auto policy. It’s one of the best ways to save money. That’s because not only you benefit from a multi vehicle discount, you may also benefit from a multi line discount if you bundle homeowners or renter’s insurance with your auto policy
Another essential type of insurance to consider before you get married is life insurance. Life insurance might have seemed like an abstract idea when you’re young and healthy. But the benefits of getting a policy as soon as possible are too many to ignore. Life insurance usually falls under two main categories: term and permanent. A life insurance policy can ensure that your partner can continue to live comfortably. Or, you can donate money to a charity, or pay for your child’s college tuition. If you already have a policy, consider reviewing your beneficiaries before getting married to ensure your information is up to date.
Being recently married is an exciting moment of our lives, but don’t let the honeymoon sidetrack you from making significant financial decisions for you and your new family. Once you’ve defined your needs, speak with an insurance agent to make sure you haven’t missed anything and to find the best coverage for you and your partner!