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Marriage = Insurance NeedsMarriage is one of the greatest joys and blessings that life has to offer, and finding that special someone to share your life with makes it nearly impossible to think of anything else!
Compared to planning your wedding and honeymoon, reviewing your insurance needs may not seem very romantic or exciting, but, in reality, coverage that protects you and your spouse against life’s unforeseen risks is not only an important part of planning your life together, but can be one of the greatest gifts of love that you can present to each other. More than likely, you have each had your own auto policy up to this point or have been listed on your parents’ policy. As a married couple, you will most likely receive a discount by combining your policies into one. This should be one of the first things you do as a married couple.
Most companies also offer a multi-policy discount by combining your auto policy with a companion home owners or renters’ policy. Merging two households provides the perfect opportunity to do a home inventory. This will help you determine the level of coverage you need for your personal possessions, but also provide you a list of your possessions in case a real disaster strikes. Photographing or videotaping the rooms in your home is an excellent way of providing proof of your possessions. Most homeowners and renters policies cap the limits on items such as jewelry. You’ve probably made a sizable investment in wedding rings and will want to protect them to their full value through a rider (or floater) attached to your policy.
It’s always a good idea to shop around, compare rates and make sure you feel confident that the insurance agent has done his or her job by explaining coverages, deductibles, liability limits and all the other things that go into making an informed and wise insurance decision. Congratulations, and make every day you spend together the best ever!
- Mark Madeja, AAA Insurance, Sioux Falls, SD
This article was also featured in the 2009 VOW Wedding Planner. To view a PDF of this article, go to the HOME, FINANCE & AUTO section of VOW.