GETTING MARRIED? HOW IT MAY AFFECT YOUR INSURANCE

Marriage is a milestone that impacts everything, from your living arrangement to your taxes to even your comic book collection.

But it may come as a surprise to many newlyweds that marriage affects your insurance coverage, too, and warrants a review of your insurance. So while you bask in marital bliss, you also will want to evaluate several coverage items and consider the following recommendations.

• Insure the bling. If you bought an expensive engagement ring, protect it with additional coverage through a floater (also known as a “rider”). With this type of additional coverage, the item will be covered for “mysterious disappearance.” This means if your ring falls off your finger and is lost, you could be financially protected.
• ‘Marry’ home policies. Once you’re married and you move in together, it makes financial sense to insure your combined personal belongings on a single renter’s or homeowner’s insurance policy.
  
  It may also be wise to also review the limits on your policy. Depending on what you own, you may want to bump up your personal property coverage to ensure that your now-combined items are fully insured.
• Merge auto insurance coverage. Unless one partner has a poor driving record, you could benefit from shifting to a single auto insurance policy after you tie the knot. Doing so may earn you a multi-vehicle discount, saving you money on premiums.
• Bundle up. Buying your renter’s or homeowner’s insurance and your auto insurance from the same company will often save you money. If you and your spouse have insurance with two different companies, consider having each company quote a “bundled” price for both of your combined policies.
• Look at life insurance. If it would be difficult for just one of you to pay your mortgage or other combined bills if something were to happen to the other, you may want to consider life insurance. The least-expensive time to purchase life insurance is when you’re young and healthy.
• Also, if you have a life insurance policy, now may be the time to review beneficiaries. After you’re married, you’ll probably want to make your spouse the beneficiary in place of your parents or another relative.

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