4 Important Insurance Policies for Newlyweds

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There are so many amazing things that happen on a couple’s wedding day!  And in most cases, the smallest details have been in the works for months – the wedding dress, flower arrangements, centerpieces, vows, DJ or band…I get tired just thinking about it.

When you think of what the months leading up to a wedding entail, it is easy to see how a new couple can overlook other changes that need to be made as they start a new life, including their insurance.

To help ease the stress and give some direction, here are four things that newlyweds need to consider when it comes to their insurance.

Auto Insurance

The nice thing about making changes to an auto insurance policy for new couples is there may be some discounts or lower rates they can take advantage of that weren’t available before.  For the guys out there, especially the one’s under 30, changing the martial status on your policy can shift the savings in your favor.

If either the bride or groom are on their parents auto policy, it should be as simple as taking the car they drive off their parents policy and adding it their soulmate’s.  If  both have their vehicles on their parents policy, now is a great time to find an independent agent who can shop different companies and find the best coverage and best rate. #adulting

If there is only one vehicle currently on the policy, by adding another, they will be able to take advantage of a Multi-Car discount, which most companies offer.

Renters Insurance

For younger couples who are renting a home or apartment and saving until they are ready to buy a home, renters insurance is a must have…and it is very affordable.

Renters Insurance is essentially a policy that covers your personal property (aka your “stuff).  Think of all your clothes, new furniture, appliances, electronics, and all that stuff you registered for that family and friends were able to bless you with.  There is a common misconception that the landlords policy will cover the renter’s stuff too…but this is not true.  In most cases, $12-$15 per month can get you $20,000 in coverage.  See, I told you it was affordable.

And, if you can get a renters insurance policy with the same company that you have your car insurance with, you will be able to take advantage of a Multi-Policy discount.  So now, when you figure how much you are saving on your auto insurance by having a renters policy, what was $12-$15 per month may actually equal $10-$12 per month.

Scheduled Personal Property / Personal Articles 

Scheduled Personal Property coverage is coverage for specific items that you have.  While a renters policy will give you a blanket coverage for all your stuff (so you don’t have to list each and every thing), there are times when it may be appropriate to put the proper amount of coverage on certain possessions (think wedding and engagement rings, for example).

While a renters policy may cover jewelry, most policies will only cover them up to a certain amount, and the deductible will apply.

The company you choose will determine which option you have for coverage.  Some companies offer this as “Scheduled Personal Property” (wording may vary), which is an endorsement on a renters policy that will insure an items for its value.  Other companies may have a separate policy, also known as a “Personal Articles Policy” (again, wording may vary).  There are two benefits of taking this extra step: 1.) Your item can be insured for its value in the event something happens, and 2.) In most cases, the deductible will be greatly decreased.  Many companies have a $0 deductible options for this type of policy.

Life Insurance

Marriage is one of the major events that prompts us to take a look at life insurance.  The fact is, it’s not just about you anymore.  And while you may have just started your life together, now is the time to look what options are available.  This is especially true for younger couples.  You are not getting any younger, and life insurance is based, at least in part, on your age.  #adulting

Don’t get overwhelmed with all of the different types of life insurance that are out there.  Get in touch with an independent agent or financial advisor that is willing to sit down and educate you on the best option for you and your spouse.  And know that you need to re-evaluate this as time goes on.  A policy that you put in place when you are newly married (because I know you will), likely won’t be sufficient after you buy a home, add a dog, cat, and 2.3 kids.

So there you go.  I know, like you needed more things on your mind right now.  If its any consolation, you should be able to add all four of these at a reasonable price without breaking the bank.

And I know you’ll make the right decisions.  People are still talking about those centerpieces…

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