Living Prepared

20
Feb

How Marriage Effects Your Insurance

Just married? Congratulations! Marriage is an exciting time in your life, but it can be difficult trying to figure out where to start when it comes to insurance policies. Before doing anything else, be sure to sit down and talk to your insurance agents about protecting yourself now that you are married.

Auto Insurance

Take some time to review duplicate policies. Review all your insurance policies to ensure they reflect your recent change in marital status and include coverage for your new spouse. Do you both have separate auto insurance? You may be able to save money by choosing a single insurance provider. Generally speaking, married couples are considered safer drivers, as far as insurance companies are concerned, so you could see a price drop, up to 25%, on your auto insurance if you combine your cars onto one policy. Understand, that combining policies doesn't automatically lead to savings. The driving records of both you and your spouse will be factored into your new premium, so if your spouse has had several tickets or accidents, you could see your rates rise. Auto insurance is also strongly rated dependent on your credit score as well.

Life Insurance

The purpose of life insurance is to protect your spouse and their financial welfare in the event of your death. Make sure to update any policy documentation to ensure your new partner is the primary beneficiary. The earlier you buy life insurance the more reasonable the price will be. Life insurance premiums increase with age, so you’ll only be adding to your rate if you wait. Rates are locked in when your policy goes in-force, meaning that you’ll pay the same each month for the life of the policy.

Health Insurance

If you get your health insurance through your employer, inform the human resources department to see if your coverage can extend to your spouse. If you both have insurance through your employer, investigate how much your coverage is costing each of you and determine if you’d save money if you were both covered under one of your plans.

Homeowners Insurance

Once you get married, it is a good idea to have only one homeowners or renters’ policy. You can simply cancel one policy, and you will automatically be covered under the others. It is a good idea to review your coverage limits with an agent and make any adjustments now that there will be more personal items. The best way to ensure all your items are covered correctly is to speak with a Prepared agent about what your policy covers. If “what’s yours is mine,” is true then it’s also yours to insure. Don’t forget the new jewelry that may have come with your big day. You also want to make sure that both you and your spouse have rights under the homeowners policy.

Prepared is here to help you with your homeowners or renters policy, so be sure to speak with one of our agents today!

 Be Protected. Get Prepared.