Posted on June 14, 2017 at 1:20 PM
5 Ways Your New Marriage May Impact Your Insurance
Marriage is a milestone that impacts many areas of your life.
Insure the bling!
If you bought or received an engagement ring you should protect it. You can purchase coverage with a floater (also known as a rider) to protect your asset. With this type of coverage, the ring will be covered for mysterious disappearance, which means if the ring falls off your finger and you loose it you are financially protected.
Marry home policies
Once you are living together it makes financial sense to insurance your combined personal belongings on a single renter's or homeowner's insurance policy. It may also be wise to review the limits on your policy.
Merge auto insurance
Unless one partner has a poor driving record, you can benefit from shifting to a single auto insurance policy after you tie the knot. Doing so may earn you a multi-vehicle discount - saving you money on premiums.
Bundle up
Buying your renter's or homeowner's insurance and your auto insurance from the same company will often save you money. If you and your spouse have insurance with two different companies, consider having each company quote a "bundled" price for both of your combined policies.
Look at life insurance
Look at life insurance If it would be difficult for just one of you to pay your mortgage or other combined bills if something were to happen to the other partner, you may want to consider life insurance. The least expensive time to purchase life insurance is when you are young and healthy. If you already have life insurance now would be a good time to review beneficiaries.