Insurance Tips Before Getting Married
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Before you plan your special day, read these 10 insurance-smart tips to do before you get married:
- Before combining
auto policies, have a conversation about your individual driving records. If combining policies doesn’t make mathematical sense, look into named-driver exclusions. However, be very careful about accepting a named-driver exclusion, as it voids coverage if that person drives the car.
- Renters -- take the time to update your
renters insurance limits to cover your soon-to-be spouse’s personal items. If you don’t have renters insurance, now is a great time to educate yourself and consider purchasing it.
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Buying your first home together? Carefully consider location, construction type and square footage as these likely will impact
homeowners insurance premiums.
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If you’re considering a fixer-upper as your first home, note that a renovation investment can change the property’s replacement value and your insurance needs. Before you buy, think about what the structure will offer today and tomorrow.
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Create a
home inventory to prepare yourself for unexpected disasters. The NAIC’s Home Inventory app helps you catalog your belongings room by room using your mobile device.
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Consider more than just the lowest premium when deciding whose health insurance plan to keep. Review provisions related to deductibles, co-pays and coinsurance. Pay particular attention to what is NOT covered.
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Most group insurance providers view marriage as a qualifying major event allowing you to make related policy changes outside the approved open enrollment period. To avoid coverage gaps, report your change in family status promptly after.
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Now that “I” means “we”, revisit life insurance coverage assumptions. Include future income potential, the cost of raising kids and outstanding mortgage payments in your calculation.
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Proactively contact your HR department or individual life insurance provider to name your spouse and/or stepchildren as beneficiaries. Beneficiary changes don’t happen automatically.
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Revisit all existing insurance policies to see if you qualify for better rates. Many insurers consider married couples lower risk, which may result in lower premiums.
