Marriage means you will need to update your insurance to reflect your new marital status.
Once you have said "I Do" you will need to re-evaluate your insurance coverage.
One of you may move into the other's current home, or the newlywed couple may move into a new home together, households and finances get merged. Assessing and addressing your insurance needs early on will help you make the right choices when combining 2 single households into one married package. It can also save you a lot of money in the future and will help carry you over the threshold toward financial stability. Be sure if one of you is changing their name that it is reflected on your policy.
If only one of you have a health insurance plan you might want to put it all under one plan to get. So you don't pay duplicate coverage on health insurance, compare coverages and costs if you or your spouse each has health insurance through your employers'.
Be sure to take out a homeowners or renters policy to protect you in the event of fire or theft. One of your most valuable assets is your home and its belongings. For your new life together, you have bought new furniture and have opened all of your wedding gifts, they need to be protected. Be sure to inventory all of your belongings, go through the entire house together since most couples have lived on their own before marriage. Take pictures/videotape while you are taking an inventory. Write the brand, make, models, serial numbers, and dates of purchase on the back of the picture and store this information in a safe place.
Combining your auto policies into one household can often save you money. Most companies offer discounts for insuring multiple vehicles on one policy. Rates for married drivers are usually lower than for single policyholders.
Also, most insurance companies will give you additional discounts when you package homeowners and auto policies together Though not a topic most newlyweds want to spend a lot of time thinking about, the chance of leaving behind a loved one is a risk that no married person should ignore. Purchasing life insurance is important because you want your new family to be financially prepared in the event of the loss of either spouse. Would your surviving spouse be able to manage the mortgage or rent payments on one salary? How much debt do you currently have including credit card bills, student loans and car loans? If you don't already own a home, are you planning to purchase one soon? Are you planning to have children any time soon?
These are just a few questions newlyweds need to answer. Also, if you already had a life insurance policy before you were married, be sure to change the beneficiary. You may want to add your expensive wedding ring to your policy because most homeowner's policies place a limit on jewelry coverage; this is called a rider or endorsement.
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