Getting Married: Make These 4 Insurance Adjustments
If you are getting married, there is more than planning your wedding party's attire and selecting the vendors that you must worry about. Important financial matters such as insurance need to be handled as soon as possible. You will need to make insurance adjustments both before and after your vows.
1. Add Your Rings to the Homeowners Insurance Policy
Once you have the engagement ring and wedding rings, you should add them to your homeowners insurance policy. Diamonds and other precious stones aren't covered under a basic policy. So talk to your current agent about scheduling it in. If you still live with your parents, you can simply add it to their policy.
2. Insurance Policies Should Be in Both Names
After you've gotten married (or are both living under the same roof), it's important that both of your names are on the homeowners or rental insurance policy. If not, the partner who is not listed belongings won't be covered. So if somewhere were to break in or a flood occurs, they'd be 100% responsible for their items.
The other downfall of not being on the insurance policy is that the uninsured will have no personal liability coverage. So if they are home or away and someone were to get injured because of them, they'd be 100% responsible.
3. Update Your Life Insurance Coverage
Also, after you're married, you want to increase your life insurance coverage. You want your spouse to not have the burden of carrying on with the mortgage, auto loan, and credit card debt you two may have together. By updating your life insurance coverage, you can ensure you both have the protection you need.
4. Get Insured with the Same Company
It's not written in stone that you need to, but it's very convenient for spouses to be insured with the same insurance provider. There are three main reasons:
- You are eligible for household discounts for home, auto, and life insurance
- Your personal auto policy will cover you while you are in your partner's vehicle
- Your terms will be the same. So there is no confusion about what coverages each of you will have
Examine both of your policies to see which insurance company you'd like to have between you both. Ask for a written quote from both to help you compare terms and monthly premiums.
By implementing the above four insurance adjustments, you are ensuring you both have as few insurance complications as possible. If you need to file any claims, this process makes it much smoother to go through. Contact Farmers Insurance Group for more information.