Insurance changes for those saying “I Do” (or will be soon)!

Before you say “Yes to the Dress” – you may want to give your insurance representative a call.  It may be the last thing on your mind while you pick out colors, dresses, and flowers – but it may be the most important call you make.  Marriage changes many things – including your insurance contract – so it’s important to figure out what you need to do.  We’ll share the six most common tips for those who are planning on getting married.

  1. Schedule your engagement ring!  – The average cost of an engagement ring (according to theknot.com) is $5431!  What if the ring is stolen?  What if the ring is lost while washing dishes or doing lawn work?  Standard renter’s and homeowner’s insurance policies only provide coverage up to a certain amount and only for certain causes of loss.  Protect the jewelry by ‘scheduling’ the ring on your home or renters policy to provide cost-effective comprehensive coverage.

  2. Add your spouse! – Add your spouse to your policies after you are married – you may be eligible for certain discounts.  Statistics show that married people have fewer accidents than those flying solo.  Also, if you each are insured with different companies (or different policies) – you’ll most likely save money by combining your policies.

  3. Ask about a multi-vehicle discount!  – If you each own a car, you will be eligible with most companies to receive a multi-policy discount.  In some cases, it may cost the same amount to insure two vehicles as it does one!  When are insurance companies ever logical!?

  4. Ask about a multi-policy discount! – When combining insurance policies, always first check to see if it is cheaper to put all of your insurance policies with one company.  Many insurance companies offer substantial multi-policy discounts – which may save you bundles of money.

  5. Ask about an umbrella policy!  – After marriage, life tends to start moving quite quickly.  Home purchases, baby showers,  and babies all happen before you know it!  An umbrella policy is a cost effective way (around $10/month) to protect your assets from the increasing liability exposures that usually accompany marriage.

  6. Buy life insurance! – You no longer just care for yourself – you have a spouse (and possibly children) to care for and protect.  Life insurance can provide protection for a spouse in the event the unthinkable does happen.  Life insurance proceeds can be used to pay off mortgages and debts, used as replacement income, for children’s tuition, final expenses, and a myriad of other uses.  Protect those you love by purchasing life insurance.

Insurance is the last thing anyone thinks about while planning their special day; however, it is an important topic to bring up.  It’s also a great way of saving money and offsetting some of those wedding day expenditures!