What Are Some Insurance Tips For Newlyweds?

Congratulations on your wedding! Whether or not your marriage entails additional changes, such as moving in together, purchasing a new home, or beginning a family, you should review your insurance plans and amend them to reflect your new relationship status. Up-to-date policies provide the finest coverage, and merging your insurance policies with your new spouse can be advantageous and cost-effective.

It may not be as enjoyable to plan as your honeymoon, but discussing your insurance with your spouse is necessary now that you are married.

Newlyweds' Home (or Condo or Renters) Insurance

Depending on your pre-marriage living situation, you may not need to get homeowner's insurance. If you haven't addressed it yet, wish to save money by bundling your policies, or your living situation has changed, you and your spouse should search for a policy that fits your living condition and your assets.

A home inventory is essential for carrying adequate personal property coverage on a homeowners or renters insurance policy. Include both your own and your spouse's belongings!

Insuring Valuables

Whether a renters or homeowners policy, coverage for unplanned jewels is restricted, and this should be mentioned often.

If you've recently gotten married, you and your spouse are likely both flaunting new jewelry, the worth of which may exceed what your policy will cover. Most homeowner's, condo, and renter's insurance policies cover jewelry up to a specified total and per-piece maximum. These restrictions are typically inadequate for the typical engagement ring.

Wedding-Specific Umbrella Coverage

Auto and homeowner's insurance offer liability coverage, but this coverage is often insufficient to cover all your possessions. Because a lien might be imposed on future assets, many young professionals should consider purchasing an umbrella now. Discuss with your spouse whether or not you need an umbrella insurance policy.