After You Say “I Do:” Insurance For Newlyweds
In many cases, placing all insurance policies – home, auto, motorcycle or umbrella – with one insurance company can both simplify insurance for newlyweds and save them money through multi-policy discounts. Auto insurance premiums are typically higher with a single vehicle on a policy so it is also a good idea for the couple to consider merging auto insurance policies into a single policy to receive available multi-vehicle discounts.
If a couple is purchasing a new home, or merging households under one roof, it is a good idea to review the current homeowners or renter’s policy to help make sure it provides comprehensive protection. With the increased value of a joint household’s belongings, it is a good time to conduct an inventory of personal property to determine the right coverage limits to provide adequate insurance protection. For instance, most homeowners’ policies provide coverage for jewelry up to a certain limit but often engagement rings and wedding bands exceed those limits.
Newly married couples often overlook their life insurance needs. Many believe that the cost of coverage is much higher than it actually is, or they think that their employer provided coverage is sufficient. It is important to understand the different types of coverage that are available, and the benefits that each type of policy can provide.
As independent insurance agents, we can review the coverages and recommend the best combination of price and service to help protect both newlyweds. As former insurance claim adjusters, we can explain the differences in coverage and help couples select the insurance protection that best fits their needs.