Congratulations, newlyweds! You’ve had the fun of celebrating with family and friends, jetting away on a trip, and opening dozens of presents. And while that’s enough to make you feel like you’re on your way, here’s something else to add to your adulting — figuring out which insurance changes to make now that you’re married.
We’ve got you covered. Here are 5 insurance questions you should ask after you tie the knot.
1. Should we combine car policies?
You might’ve taken each other’s names, but do you need to take each other’s insurance policies once you’re married? The answer is “maybe.”
It could be a “yes” if you both have great driving records because you could save money by combining. That’s especially true if you can achieve a discount for having multiple cars on one policy.
But if one of you has a blemished driving record or numerous claims, adding that high-risk driver to the low-risk account may up the rates.
The best way to decide whose policy wins (or if you’re keeping your own) is to sit down and compare car insurance quotes to see which policy’s the most cost effective.
2. Have we combined our homeowners insurance policy?
Sorry, we can’t help you decide if his beat-up recliner belongs in the living room or if she really needs all those pillows on the bed. But what we can do is protect those items against damage or theft. (Even though yes, we realize the recliner probably isn’t exactly on a “must-steal” list.)
Once you’re married, you’ll want to make sure that you have updated and consolidated your homeowners or renters policies so you’re not duplicating coverage. Review the policies to make sure there are no surprises and then drop the one that has less coverage or costs more.
3. Should we insure my engagement ring?
No matter what kind of ring you have, chances are good it didn’t come cheap — which is why you want to make sure you have adequate insurance on your engagement ring.
Look into getting an “endorsement” or “rider,” which is designed to protect high-value items like that ring of yours. Whether it gets lost or stolen, you’ll want the peace of mind that it’s protected financially, even if we can’t help with the sentimental part.
4. Have we done the math on our health insurance?
Though you might’ve had your own insurance before you tied the knot, there might be positives to combining your benefits. Spend some time perusing policy costs and coverage, run the numbers, and talk to your HR department to see what your options are. But hurry — most companies only give you 60 days after exchanging vows to switch up your plan.
5. Have we updated the beneficiaries on all our policies and important papers?
If you haven’t looked at the beneficiary or “emergency contact” on your policies for a while, now’s the time. No one wants an old “friend” being inadvertently called at a sensitive time. And you definitely don’t want your belongings going to your flaky ex-roomie should something happen.
Got any other questions about insurance? You know where to go and we’re here to help.