Congratulations on your engagement or recent marriage!
As you embark on this exciting journey with your partner, it's important to remember that a strong foundation is crucial to building a successful marriage.
Here are six tips for newlywed couples or recently engaged couples to help you start your new life together on the right foot:
1. Locate and Review All Insurance Policies
Once you have all of your policies together, make an appointment with your insurance agent to review the policies with you to determine how you will combine your coverages. You’ll determine which policies to keep and which policies to get rid of, and determine if you need to purchase additional insurance.
2. Consider Potential Insurance Discounts
While meeting with your agent they’ll make certain you’re receiving all discounts you qualify for. Many times, married couples are eligible for additional discounts on their auto & homeowners insurance.
3. Update Your Name, Addresses, and Emergency Contacts
Chances are you thought to change your name and other information on your driver’s license and social security card, but make sure you update all your insurance policy contact info.
4. Create a Combined Home Inventory
Once you move in together, it’s important to create and maintain a home inventory. Remember to include your engagement ring and wedding gifts you received as well. Once you’ve completed your inventory, you’ll want to consider increasing your coverage to cover your combined personal items.
5. Secure the Engagement Ring Properly
Depending on where your ring was purchased, you may or may not have coverage for your investment. However, this coverage, in most cases, leaves something to be desired. You may also assume you have coverage under your homeowners or renter’s policy. While this all may be true, there are better options to provide you with the coverage you need. We advise our members to purchase an Inland Marine policy in addition to their homeowner's policy. This policy will provide you with replacement coverage based on your most recent appraisal on file.
Periodically throughout the year, our agency hosts an event to allow our members to come to our office to have their items appraised by our recommended appraiser, Vincent Lash.
If you have any questions or would like a quote, please contact us to speak with a licensed agent today!
6. Update Beneficiaries on Life Insurance Policies
When you speak with your agent, be sure to have them update your life insurance to add your spouse as your beneficiary. You may want to revisit your policy to make sure you have the right amount for your new journey.