Marriage is an exciting milestone, filled with new beginnings and plenty of changes. As you combine your lives, it’s also the perfect time to take a closer look at your insurance policies. Whether you’re newly married or it’s been a few months since you said, “I do,” here are some key considerations to ensure your coverage fits your new life together.
1. Combine Auto Insurance Policies
One of the first steps for many couples is combining auto insurance policies. Why? Because there are several potential benefits:
- Multi-Car Discount: By insuring both vehicles under the same policy, you’ll likely qualify for a multi-car discount, which can lead to significant savings.
- Marriage Discount: Many insurance companies offer reduced rates for married couples, as they’re statistically less likely to file claims.
- Better Rates Through Optimization: If one spouse has a stronger insurance score (a combination of credit rating and claims history), it might be worth listing them as the primary driver to secure a better overall rate.
2. Update Home or Renters Insurance
If you’re moving in together, now is the time to review your homeowners or renters insurance policy:
- Combined Assets: Make sure your coverage adequately reflects the total value of your possessions. A basic renters or home insurance policy might need an adjustment to account for new furniture, electronics, or other shared belongings.
- Joint Liability Protection: With shared ownership of property, you’ll want to ensure you have adequate liability coverage to protect against potential claims.
- Adding Both Names: Be sure both spouses are listed on the policy to ensure full protection for each of you.
3. Revisit Life Insurance and Beneficiaries
Marriage often marks a significant shift in financial priorities. Updating your life insurance is a critical part of protecting your partner:
- New Policies: If you don’t already have life insurance, now is a good time to consider getting coverage. It’s an essential step in securing your spouse’s financial future.
- Update Beneficiaries: If you already have a policy, review and update your beneficiary information to include your spouse.
4. Consider Health Insurance
Many couples also evaluate their health insurance options after marriage. If both partners have employer-provided health insurance, compare plans to determine which offers the best coverage and value for your needs. In some cases, it might make sense to switch to one partner’s plan.
5. Adjust Coverage for Other Life Events
Marriage is just one of several life events that should trigger a review of your insurance. Here are some others to keep in mind:
- New Drivers: If you’ll be adding a teenage driver to your policy, it’s a great time to review your coverage and explore discounts.
- Moving: Whether you’re renting or buying a home, ensure your new address is reflected in all policies, and update coverage to match the value of your new property.
- Household Changes: If someone moves in or out of your household, it’s important to notify your insurance agent to ensure your policies remain accurate.
Start Your Married Life with Confidence
Marriage is an opportunity to build a life together, and part of that involves protecting what matters most. By updating your insurance policies to reflect your new circumstances, you can save money, simplify your coverage, and gain peace of mind.
