Insurance after Marriage
Marriage may seem to be all about love and joy, but there are also some unromantic topics that need to be addressed. Insurance is one such topic.
The joining of two people in matrimony means that their lives have meshed into one. This includes the consolidation of finances and insurance. Couples can receive the maximum benefit by taking advantage of the discounts insurance companies off for those who put home and auto insurance together. By discussing the options with a professional, an advisor can plainly lay out what needs to be covered and how much it is worth.
Insurance professionals recommend compiling a list of everything a person owns. If a couple is moving around the same time that they are getting married, this is the perfect opportunity to do so. Most people gather their possessions over years or decades, and simply lose track of what they have and what it is worth. As the individuals move from their respective locations into their shared dwelling, they can start their journey with a clear picture of their possessions. This will make it far easier to figure out what type of home insurance they will need.
People run into difficulties when they attempt to find insurance coverage when they are unaware of what may affect their coverage. This is where it becomes vitally important for both partners to be completely honest about their property and disclose their circumstances. Insurance is little more than a contract between two separate parties, the couple and the insurer. The insurer promises a certain amount of pay based on the facts provided by the couple.
In the time leading up to and immediately after the wedding, a couple may acquire items that are of more value than they previously owned as wedding gifts. For example, they may be given expensive kitchen supplies or even antique furniture and jewelry. The value of these new items may exceed the standard policy coverage limit. They may need to decide to decide which items fall into the traditional homeowner policy and which need to be put on a separate policy.
For example, valuable jewelry must have an appraisal document that is less than two years old and usually has a policy of its own. An engagement ring or other precious jewelry may have a higher value and may be protected against additional risks that are not of concern to items covered by traditional insurance such as the stone falling out of the setting.
The couple should also discuss whether they will be renovating their home soon after evaluating their insurance situation. Experts agree that it is a good idea to make sure that their policy will coverage damage to their home if the renovation does not go as planned.
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