Insurance advise for married couples

Getting married is a big deal and practicing “two become one” can be a challenge, especially when it comes to your finances. After all, part of merging their lives is getting together to create monthly budgets together and to open joint checking and savings accounts.

But do you know what is generally overlooked in all wedding and honeymoon plans? Insurance!

We know a lot happens when you prepare to spend the rest of your life together, but it is very important to have your insurance reviewed whenever you are going through an important life event, and getting married is the right thing to do. more important. Your life is changing and that means your insurance needs have changed as well. If you're not careful, you might not have the right insurance to protect your loved ones.

There are four types of insurance that newlyweds (and married couples in general) talk about and should practice when they say, “Yes, I agree”:

  • Car insurance
  • Home or tenant insurance
  • Life insurance

Here are some tips to help you and your spouse get the right insurance coverage after marriage.

Car insurance

Chances are, you can get a discount on your auto insurance just for getting married! While you don't magically become a better driver just because you've found your partner, statistics show that married drivers make fewer claims and are less risky for insurance companies. A recent report found that if individuals get married, auto insurance rates drop by about 6%, which equates to an annual saving of about $100 This is also a good time to request further discounts. For example, if you and your spouse are planning to bring a car into marriage, you can have both cars covered by the same policy and possibly get a discount on multiple cars in the process.

Insurance tip: buy a better deal.

Many people treat insurance with a “set and forget” mentality. Either they never look for insurance again or they haven't bought anything in years. This is a mistake that could cost you hundreds of dollars in savings every year. Don't let it be you!

If you haven't looked for insurance in a while, getting married is a great excuse to look around and make sure you and your spouse have the right insurance coverage.

If you're back from your honeymoon, contact an independent insurance agent who can help you find a better deal on your auto insurance.

Home or tenant insurance

Now that you are moving in together as husband and wife, one of you may need to cancel the tenant or landlord insurance that you purchased during your lifetime.

If you are looking to rent for the first year or two of your marriage (probably a good idea as you may need some time to figure out how much you want to live with your in-laws), tenant insurance is a good idea. must. You want sufficient coverage to replace all of your belongings in the event of theft, fire, or vandalism. Trust us - it's worth $ 15 to $ 20 per month!

What if you move directly to a new home? Then you need home insurance. You want to make sure you have adequate insurance to cover the full cost of replacing your home and property if it gets destroyed by a tornado or fire.

Also, keep in mind that some luxury items (wedding rings, anyone?) May not be fully covered by your landlord or tenant's policies if they are stolen. You may need to add a pilot to your policy to fully cover any jewelry and other valuables you might bring to the wedding.

Life insurance

If you are married, you need life insurance. Period. Life insurance should only do one thing: replace your lost income when you die so that your loved ones don't have financial hardship after you die. This is not what anyone wants to think about. But giving your spouse the reassurance that life insurance offers is one of the most loving things you can do.