Congratulations on tying the knot! As you embark on this exciting journey of marital bliss, it’s essential to consider how your union impacts your financial and insurance matters. While insurance might not be the first thing on your mind as newlyweds, it’s a crucial aspect of your future life together. With that in mind, we’ve compiled the top 5 insurance tips for newlyweds to help you navigate this important aspect in unifying your lives.
Insurance Essentials for Newly Married Couples.
1. Insure your rings.
Engagement and wedding rings are among the most cherished possessions you’ll acquire as newlyweds. These symbols of your love and commitment are not just precious in sentiment; they often have substantial monetary value. It’s vital to protect them in case of loss, theft, or damage. Consider getting insurance specifically on your rings through a jewelry insurance policy or as an extension to your tenant or home insurance. This gives you added peace of mind, and it is your responsibility to make sure your home or tenant insurance policy will cover new high-value items.
2. Bundle your insurance policies.
Bundling your insurance policies is a great way to save on insurance premiums. After getting married, you might need auto, renters or homeowners, and even life insurance. Bundling these policies under one insurance provider can give you access to more discounts. Not only does this save you money, but it also simplifies your financial matters by consolidating your insurance under one roof. Visit our webpage for more information about the benefits of bundling your car and home insurance.
3. Make an inventory of important belongings.
With marriage comes the merging of households and the valuable items you each bring. It’s crucial to create or update your inventory of important belongings. Take photos, list their values, and store this information in a safe place. This will help streamline the claims process in case of theft, fire, or other unforeseen events, ensuring you receive the proper compensation to replace your belongings.
4. Notify your insurance broker that you’re living with an additional licensed driver.
If you and your spouse both have driver’s licenses, and even if you don’t share a vehicle, you’ll need to notify your insurance broker about the additional driver under the same roof. This step is essential as car insurance rates can vary depending on your driving history. Your broker can help you find the best policy that suits your needs and ensures you’re adequately covered while saving on premiums.
5. Purchase or revise your life insurance policy.
As newlyweds, your lives are becoming intertwined in many ways, including financially. Consider setting up life insurance policies to protect each other’s financial well-being. Life insurance will provide a safety net for your spouse in case of an unfortunate event. Whether you opt for term life or whole life insurance, it’s an investment in your shared future, offering security that will take care of your loved ones in your absence. Getting married is an ideal time to get some advice from a certified life insurance advisor like Christina Wyatt, Managing Advisor – Life Insurance Division.
Insurance might not be the most romantic topic for newlyweds, but it’s certainly the responsible thing to do. By following these top 5 insurance tips, you can ensure a commitment to each other’s financial well-being, just as your vows represent your commitment to each other’s hearts. Protecting your belongings, bundling policies, and planning for the unexpected are all essential steps to building a solid financial foundation as newlyweds. As you embark on this exciting new chapter, reach out to a Bauld Insurance Advisor for some good advice along the way.