Now that the wedding and honeymoon are over, it’s time to continue building your life together. This includes the not-as-exciting practical matters such as finances and insurance. As newlyweds, it’s important to review your insurance policies together and use these tips as a guideline for newlywed insurance advice.
Just like engagement rings, wedding rings generally need to be insured. They can be included with most home insurance policies. Although there may be some limitations if they exceed the standard amount. This means high-value items such as engagement and wedding rings might not be covered for full value. Most likely, you will need to get an additional coverage to incorporate with your current home insurance. After receiving expensive wedding gifts, you may wish to increase your coverage, or add items to your home insurance policies.
Furthermore, you can fill out our List of Property form and write down your high-value items to make sure you are purchasing the right coverages.
If you and your spouse haven’t officially moved in together, one of you may need to cancel your current home insurance policy when you move. When you live under one roof, you can ask your insurer to add your spouse to the policy and make sure there is enough coverage for your spouse’s personal belongings as well.
If you are thinking of renovating your home together, review your home insurance policy and connect with your insurance provider. Discuss whether you will be covered during the renovation period and after the renovations have been made.
Contact each of your insurance providers to let them know about your marital status and identify the most valuable auto policy for both you and your spouse. If you are going to be sharing a vehicle, your spouse’s driving history could affect the rate and vice versa. If you each have your own vehicles with different insurance providers, consider cancelling one policy or look to combine policies. Though, be sure the new insurance rate will be available on the day the old policy will end. Don’t forget to ask about any discounts such as a multi-vehicle discount for insuring more than one vehicle.
Another important question to ask your insurance provider is whether you are able to bundle home and auto policies. This can help provide the best value and save you both money if the option to bundle is available.
Marriage is a partnership and by undertaking these essential matters, it demonstrates maturity and seriousness that you are in it for the long haul. As a married couple, if you have any more insurance questions, you can always contact one of our licensed insurance advisors for more detailed information.