Getting married? Congratulations! With all the hustle and bustle of wedding plans the excitement of the wedding day and the transition to newlyweds insurance understandably often falls through the cracks.
But couples should understand how their insurance is impacted by marriage. Even before it’s official you may want to considerwedding insurance which can protect you from unforeseen out-of-pocket costs should the day need to be delayed or if it doesn’t go as planned. This is especially true if you plan to have awedding in your backyard(even more so if there will be alcohol).
You’ll also want to consider travel insurance for your honeymoon. If you book in advance you may want trip interruption or cancellation insurance however the real necessity istravel medical insurance– getting sick or injured is obviously not the plan but it happens and you don’t want to be worried about medical expenses after the cost of a wedding and honeymoon.
So you’ve considered what you need for insurance before you’re married but what about after?
If you’re not already living together you’ll need to have a home or renter’s policy with both of you listed. You will also want to add each other as additional drivers or insureds on your car insurance policies (or get one joint policy). Depending on the value of your wedding rings you may also want to consider insurance for those in the event they’re damaged or stolen. Life insurance may be another consideration.
Whew! That’s a lot.Insurance brokers can helpyou navigate this transition by finding the coverage that suits your needs and budget best. Your broker can also help you develop strategies for updating your personal inventory— remember it’s not just his or her stuff anymore but our stuff—as well as point out additional ways to save. For example did you know if you insure your home and vehicle with the same insurance company you can getdiscounts for bundling?
As you begin your life together make sure you are prepared for insurance considerations every step of the way by downloading our Life Events E-Book which includes chapters on:
- Starting your own business
- Buying your first home
- Child’s birth / adopting a child
- New toys