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Before and after you get married, there are a few important insurance related items to consider:newlywed couple

  1. Insure Your Rings

    Love your ring? Of course you do! What if it’s lost or stolen? Think your renters or homeowners insurance cover it? Probably not. Many policies will only cover your jewelry for theft (not misplacing/losing). And most policies give you a small amount of coverage, typically $1,000. On top of that, your policy deductible would apply, typically $500. Don’t risk it! For a small additional premium, you can schedule your engagement ring and wedding bands on your policy. This will make sure they are covered for misplacing/losing and for the full value they are worth with no deductible!
  2. Purchase Liability Insurance For The Wedding 
    Whether your wedding will be big or small… you should really consider purchasing “Special Event” liability insurance for your big day.  What if a guest slips and falls?  What if a guest had a little too much to drink and caused an accident on their way home?  What if a guest eats or drinks something that got them sick?  Think the venue or caterer would be solely responsible when the lawsuit is filed?  Think again!  You were the “host” and when a lawsuit is filed you will most certainly be pulled in along with everyone else potentially liable.  Think the personal liability coverage on your homeowners/renters insurance will cover this?  Maybe, maybe not.  But why take the risk of filing a potentially large claim on your primary insurance policy?  And if it’s a liquor lawsuit, they have the potential of being quite substantial.  What if the limit you have on your policy isn’t enough?  It’s your special day and you have enough to worry about!  Don’t let this be another worry.  Purchase a “Special Event” liability policy and have the peace of mind knowing you are covered should something unfortunate happen that day.
  3. Update Your Auto Insurance 
    The big day has come and gone.  You are now a newlywed.  It’s an exciting time and there’s so much to do.  One of those things on your “to-do” list should be your auto insurance.  Make sure you contact your insurance agent and tell them about your recent nuptials.  Your new status as a married couple will probably result in lower premiums.  You could also possibly save additional money by combining your policies with one insurance company.
  4. Update Your Homeowners/Renters Insurance 
    While some couples purchase a “new” home once they are married, most couples move out of his or her old place into the other’s house.  The one who is moving should be sure to cancel his or her current homeowners/renters insurance.  If you are planning on renting your old place out, call your agent to make sure you get the type of policy you need.  You should also evaluate the policy that’s in place for the home you are moving to.  Make sure there is plenty of Personal Property coverage to cover all of your belongings as a couple.
  5. Purchase Life Insurance 
    Marriage is considered one of the biggest financial events of your life!  Your spouse depends on you, especially financially.  If something unexpected should happen to you, make sure he or she is taken care of financially by purchasing a life insurance policy.  It will help take away their financial burdens such as funeral costs, final expenses, and all the added expenses of your income loss.  If you already have life insurance, most likely your spouse will automatically become your beneficiary.  However, you may want to increase or decrease your coverage depending on the needs of your new family.
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