Marriage is one of those major life events that triggers a number of changes to your finances and responsibilities. It also changes how insurance companies consider covering you.
Historical data and statistics show married couples take on lower risk and file fewer claims. In the context of insurance, that can mean a number of immediate changes to be considered upon receipt of your marriage license.
Under One Roof
There’s strength in numbers and that’s often the case with possessions when two individuals become one legal entity. The amount of items owned increases. You might begin by reviewing your current dwelling policy. In this review, you want to make sure that your policy would adequately replace your household and/or the items within it.
Typical additions to a newly married couple’s household include new jewelry, new tools, household items, appliances and other new possessions from wedding showers and wedding receptions. Together, the value adds up quickly. Those wedding gifts and purchases might be significant enough to raise the level of insurance you need.
If you are renting, that could be a matter of making sure your renter’s insurance covers the loss of items. For homeowners, that means reviewing your homeowner’s policy to make certain it will cover the cost of repairing/rebuilding the home and replacing items within.
A look in the garage
As you move under one roof, that includes taking a look at what’s in your garage, i.e. your auto insurance. A number of items must be considered when determining your auto rate, but married couples – especially those with good driving records – might find it advantageous to combine auto coverage.
Some questions we always recommend considering:
What exactly does our policy entail?
Should an accident happen, will our policy cover other people’s injuries?
What about our injuries?
What if we’re hit by an uninsured vehicle?
Accounting for tragedy
As your new life together begins, this topic is certainly not one that is pleasant to think about; but as with any risk management, the worst-case scenario is an important consideration.
Life insurance policies are all unique, like the people they protect.
Will your funeral expenses be paid for?
Will your spouse be provided for?
Will your children’s future be secure?
Putting benefits in place to bring comfort to surviving family members is a proactive and rewarding step. You can fully enjoy the best day or your life knowing the worst day is already accounted for.
The RFME Difference
Even in the midst of the joy surrounding your wedding, we know the number of changes and new things coming your way can be complex and overwhelming.
With each couple who comes through our door, we work to eliminate confusion because we believe you deserve the most secure coverage possible. After meeting with us, we ensure that you leave with a clear understanding of your new policy and peace of mind that accompanies it.
Give us a call and let your RFME agent find the perfect plan for your new life together.