If you’re planning a wedding, you probably haven’t stopped to consider how you will combine insurance with your soon-to-be spouse. But when you join two lives, you’re also creating a legal union that will merge your assets, finances, taxes and—if you do things right—your insurance coverage.
Obviously, reviewing your insurance policies before the big day is not nearly as exciting as other details like choosing the music or getting your marriage certificate. However, the insurance decisions you make now will have a long-lasting impact on your life together. It’s important to choose the right insurance company for your needs and life plans.
To get ahead of insurance after marriage, carve out a few minutes to sit down with your independent insurance agent. You can review existing insurance coverage and discuss any new insurance needs based on your upcoming change in legal status. When you do, you can walk down the aisle with confidence, knowing your future life together is covered. When you add your spouse to your insurance, you have coverage options to consider. Follow these tips for tying the insurance knot:
1. Bring it all together
Ever heard the phrase “What’s yours is mine, and what’s mine is yours?” The same idea should apply to your insurance. Review all of your existing policies, including homeowners, renters, auto, life and health insurance. Since marriage is a qualifying life event, your independent agent can help you combine insurance at any point in your policy so that you don’t pay for duplicate coverage. Your agent can also identify any areas where you may be under covered and recommend adequate coverage. If a family plan is in your next steps, your agent can also help you make insurance changes with those plans in mind.
2. Add it up
If you’re combining households, your insurance after marriage might look like dropping one homeowners or renters policy. Be sure the remaining policy has enough coverage to protect your collective household goods. Don’t forget to consider the value of any shower or wedding gifts you may receive. Do you have adequate coverage for gifts of significant value, such as silverware? If not, consider purchasing broader coverage or policy enhancements.
3. Protect those rings!
If a new engagement ring or wedding bands are lost or stolen, your current homeowners policy might not cover the cost. Be sure to have your rings appraised to establish their value. Then talk to your independent agent about insuring your jewelry. When you add your spouse to your insurance, an Inland Marine floater policy will cover items you take with you outside of your home, such as your rings.
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4. Drive down your costs
As a married couple, you may be eligible for discounts on some of your insurance policies, so ask your independent agent about available cost savings. Many insurers offer reduced auto insurance rates when you combine two drivers on one policy. However, there may be situations where it makes sense to maintain individual policies, such as if one of you has a poor driving record. Your independent agent can help you compare costs and make the best decision for insurance after marriage.
5. Make it a home
If you’re shopping for a new home to start your married life, remember that location will impact your homeowners insurance rates. Location will also affect your ability to sell if your family plan includes expanding or upgrading your home to make room for kids down the road. If you make significant improvements or additions to your home, be sure to check with your agent to see if your policy covers the increased value of your home.
6. Think ahead
Right now, it’s hard to think past your wedding day. But your future may hold children, retirement and any number of unforeseen curve balls. Purchasing a life insurance policy can help you save for a child’s education or retirement, and it can protect you and your new family from the unexpected.
This article is for informational and suggestion purposes only. Implementing one or more of these suggestions does not guarantee coverage. If any policy coverage descriptions in this article conflict with the language in the policy, the language in the policy applies. For full details on Grange’s home, auto and life insurance coverages and discounts, contact your local, independent Grange insurance agent.
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