Coming up to my wife and I’s one year anniversary has me thinking how marriage affected our insurance as newlyweds. Was there anything I could have done to improve my insurance coverage? If you’re about to get married or have been married for years, there are still some things you should consider.
Top 5 things to know about insurance and marriage:
Adding your spouse to your policy will save you money!
When you add your spouse to your policy, you usually get two main discounts. The first is a marriage discount, and the second is a multi-car discount. You read that right, the more cars you have on an auto policy, the less expensive they are to insure. As you combine your policies into one, you’ll see nice savings come your way… unless your spouse has a terrible driving record.
Consider adding a personal article floater to your homeowners or renters policy.
When you are newlyweds, you usually own some jewelry, such as rings, a nice watch, or some other collectibles. Your homeowers or renters policy only allows those items to have a certain amount of coverage in some scenarios. Scheduling these nice items can help improve the item’s coverage.
Understand who is an insured on your auto and home policies.
When you get married, if you don’t add your spouse to your existing home policy, know that they are considered a ‘named insured’ – someone who has all the rights of the policyholder – as long as they live under the same roof. If they move out, or can’t move in as soon as you get married, and they’re not named on the policy, they may not have the right coverages. For your auto policy, anyone you let use your car is considered an ‘insured’ while using your vehicle. Even your spouse or those who have their own policy.
Reassess your personal property coverage.
When you get married, you shouldn’t only consider insuring expensive items. Also, ask yourself if you have enough coverage for your belongings. If you only had $20,000 of coverage for your renter’s policy, that may not be enough when you move in together. Consider recalculating how much money you would need to replace your belongings.
Don’t always assume your current company is the perfect fit for you.
When a client of mine gets married, I always shop them with all of the companies I represent, because different companies will give different discounts for being married. So after your married, ask your independent agent to make sure who you’re with is still the best option.
If you need advice or help, give me a call at 317-253-1155, or click here to email me!
Also, read our blog on What Wedding Insurance Covers & Why You Need It.