You're married! It's an amazing life-changing event and you did it! The wedding plans were crazy, the family was an amazingly beautiful and hectic part of it all, and you're never going to forget how wonderful that day was!
Now comes a host of changes you need to make. From name changes, to joint bank accounts, and more, one of the most important questions is, "Now that we're married, what kinds of insurance do we need?"
Here's a simple list of the basics you should have as a new family:
Car Insurance
What are the benefits of combining car insurance coverage? Well, once you're married, you're seen as a less risky investment for insurance carriers, so you may qualify for reduced rates. Often, just letting your insurance company know you got married can reduce your premium.
Before combining your policies, take some time with us to request quotes from each of your current car insurance carriers to see who offers the best price for the best coverage. Then compare those quotes with other carriers. We're here and more than happy to check these rates out for you so that you get the right coverage for your new family.
We'll also help you make sure that there is no gap in coverage for whoever chooses to cancel their current plan so that any policy changes made in the future won't impact your rates.
Life Insurance
As a single person it's possible that you didn't need life insurance. Now that you're married, it's only natural and logical to make financial plans for your spouse and family in case the worst should happen.
This may be even more important if you are in any of the following situations:
· One or both of you depend on a single income.
· You have a mortgage or other payment in both of your names that neither one of you could afford alone.
· You have debt that neither one of you should have to carry alone.
· Either or both of you came into the marriage with minor children. The type of life insurance you need may diminish as your spouse's income will help contribute to the financial needs of the kids.
Homeowners or Renters Insurance
As is implied by the name, homeowners insurance covers the structure of the home itself (if you own it) along with all the contents inside. Renters insurance covers the contents of your home. If you go from insuring two residences down to one, you will automatically save. This is because one policy completely goes away and it is often less expensive to cover your combined belonging in one location on one policy.
Combining contents also means that you may have more to lose than before so it's a good idea to look into increasing your limits on personal property coverage - this pays to replace or repair items that are stolen or damaged. Also, high-value items like wedding rings might need special coverage (scheduled personal property). We can help you clear up any confusion and answer any questions you have about what assets should have what coverage.
Umbrella Policy
What is an umbrella policy and why might you need it? Umbrella insurance is a form of liability insurance that covers you when you have a claim that is larger than your homeowner's insurance or auto insurance, etc. will cover.
Umbrella insurance even covers certain liability claims other policies may not, such as libel, slander, and false imprisonment. And if you own rental property, umbrella insurance provides liability coverage beyond what your renter's policy covers.
Keep in Mind
It's all too common for us to know that we need to make adjustments to our insurance coverage when big life changes come our way (like getting married!) and not actually make those changes.
Remember, protecting your assets, means protecting your income, which means protecting your lives and the lives of your loved ones. Let us help you make these changes hassle-free and give you peace of mind knowing that you have the coverage you need.
