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When couples get married, they may not think to call their insurance agent right away. But, it's an important step to ensure you have the proper coverage and protection for this new, exciting stage of life.
Protect Your Jewelry
Kiplinger, a personal finance publication, explains that many individuals will believe that their homeowners/renters insurance policy covers all of their jewelry and other expensive items kept in the house, but this is not always true.
Most homeowners/renters policies have coverage limits for these items that might be below their replacement values, meaning that you might want to speak with your independent agent about the need for a personal articles floater specifically designed to cover items like rings and other jewelry. For example, if your policy covers a maximum of $1,500-$2,500 for all of your jewelry, your engagement ring may not be covered in full.
The shortage of coverage can translate to massive losses in the event of a fire, major burglary or other threat, especially if you are storing a lot of highly valuable items.
Auto Insurance
If you plan to share auto insurance, you may want to ask your agent about switching your individual policies to a single policy as soon as you live at the same residence. All states and insurers have different auto insurance regulations for domestic partners that are unmarried and those that are married. Check with your agent to ensure you are covered if you drive each other's vehicles. You may be eligible for discounts once you are married or when you insure multiple vehicles on the same policy.
Homeowners/Renters Insurance
When you start living in one residence together, it's important to make sure you are properly covered and protected. Check with your agent to ensure both of your belongings are covered and you are both named on the policy. If you purchased a home together, your total assets can significantly increase. In the event of a liability lawsuit, all of your possessions can come under fire, meaning that this would be a good time to re-examine the total value of your combined assets and increase your liability insurance limit accordingly.
If you haven't done so already, creating a home inventory can help ensure you have enough coverage for your belongings. Here are tips to help get you started.
All of these matters can be highly difficult to navigate alone. Your independent agent will be able to guide you through the steps you need to ensure you have the proper coverage. Don't have an agent? Click here to find a local agent.
Protect Your Jewelry
Kiplinger, a personal finance publication, explains that many individuals will believe that their homeowners/renters insurance policy covers all of their jewelry and other expensive items kept in the house, but this is not always true.
Most homeowners/renters policies have coverage limits for these items that might be below their replacement values, meaning that you might want to speak with your independent agent about the need for a personal articles floater specifically designed to cover items like rings and other jewelry. For example, if your policy covers a maximum of $1,500-$2,500 for all of your jewelry, your engagement ring may not be covered in full.
The shortage of coverage can translate to massive losses in the event of a fire, major burglary or other threat, especially if you are storing a lot of highly valuable items.
Auto Insurance
If you plan to share auto insurance, you may want to ask your agent about switching your individual policies to a single policy as soon as you live at the same residence. All states and insurers have different auto insurance regulations for domestic partners that are unmarried and those that are married. Check with your agent to ensure you are covered if you drive each other's vehicles. You may be eligible for discounts once you are married or when you insure multiple vehicles on the same policy.
Homeowners/Renters Insurance
When you start living in one residence together, it's important to make sure you are properly covered and protected. Check with your agent to ensure both of your belongings are covered and you are both named on the policy. If you purchased a home together, your total assets can significantly increase. In the event of a liability lawsuit, all of your possessions can come under fire, meaning that this would be a good time to re-examine the total value of your combined assets and increase your liability insurance limit accordingly.
If you haven't done so already, creating a home inventory can help ensure you have enough coverage for your belongings. Here are tips to help get you started.
All of these matters can be highly difficult to navigate alone. Your independent agent will be able to guide you through the steps you need to ensure you have the proper coverage. Don't have an agent? Click here to find a local agent.
