Wedding season is upon us, and with all the planning and preparation that goes into the big day, it might be easy to overlook simple modifications to your insurance policy that could help save you money – and what newlywed couple couldn’t stand to save some money? Knowing what insurance options are available to you and your partner will also assist you in making the right decisions to ensure you and your property is properly protected.
Here are some tips to help newlyweds protect what they have today and better prepare for tomorrow.
Whether moving in together for the first time or moving to a new home, it makes sense to insure your combined personal belongings on a tenant or homeowners insurance policy with both of your names on it.
If you both have separate tenant insurance policies from before you were married, you can easily drop one policy. Once your spouse moves in, he or she is automatically covered on the remaining policy. Just make sure that you have adequate coverage for all of your spouse’s possessions that will be moving in with them!
If you own a home and your spouse moves in, your spouse is also automatically covered on your existing homeowners policy, but be sure to review the limits on the policy to determine whether adjustments should be made now that you likely have more personal belongings to be insured.
If you plan on renovating your current home after the wedding, then it will be important to review your current policy before the renovations begin and then again once they’re completed to protect your investment. Renovations can affect the amount of coverage you will need on the policy.
Work with your insurance agent or broker to find the best policy for you and your partner. If you are now sharing a car, your spouse’s driving history may affect your rate. If you both have cars, but are insured by different companies, think about consolidating the policies with one insurance provider. A multi-vehicle discount could help save you money.
Jewellery and Gifts
Wedding rings, expensive jewellery, or valuable wedding gifts should be added to your home insurance policy. Most home or tenant policies will insure these items, but often with limitations. If your valuables exceed the standard amount, you’ll need an additional policy to add to your home insurance. In addition, engagement and wedding rings must have a current appraisal document (less than two years old) to be insured. Learn more about how you can protect your jewellery.
Wedding Day and Honeymoon
While your wedding celebrations should be wonderful all around, it is prudent to consider that wedding crashers may attempt to walk away with gifts in hand. It is a good idea to ask a trusted friend to look after the gift table. Event insurance may be available to you as well.
Before heading on the honeymoon, newlyweds should take some precautions, such as installing a home alarm system or paying a subscription fee to an alarm company to monitor their home while they’re away to protect valuables from theft. Newlyweds should be cautious about what is shared on social media networks such as Facebook and Twitter because thieves can use information from these sites to see when people will be out of town.
Do you have money-saving tips for new couples? Share them in the comments below!