If you’ve ever been in downtown Charleston on a Saturday, you know that Charleston is a hotbed for destination weddings. With so many marriages starting here in Charleston, it is a good place to start thinking about insurance coverage you will need as a married couple. Making sure you’re protected against unforeseen risks may not be all that romantic, but it’s important to your long-term happiness together.
So, once you’re home from the honeymoon (or before), take some time to consider just how your insurance coverage should change to reflect your new reality.
If you’re renting, you’ll want renters insurance to cover the value of your possessions and help replace them due to damage or theft. In certain instances, according to your policy terms, your renters insurance can even help if you’re held legally responsible for injuries to another person while they’re visiting your home.
If you’re buying a home, most lenders will require homeowners insurance before they will issue a mortgage. Typically, a homeowners policy will cover, up to a defined dollar amount:
- Damage to your house from covered losses, such as fire.
- Stolen or damaged personal property.
- Medical costs or legal fees arising from injuries or other mishaps on your property.
Coverages can vary widely, so you’ll want to work closely with your insurance agent to be sure you get the policy you want. Also, you may want to consider additional personal property coverage for valuable items that may not be fully covered by your homeowners insurance—like, say, your new wedding rings.
If you and your spouse both own cars and have respectable driving records, you’ll likely save money by having your cars insured with the same carrier, on the same policy. Married drivers typically have fewer accidents, which can mean a lower rate, and you may get a discount just for having multiple vehicles on the same policy.
You’ll want to review your respective health insurance plans carefully. You typically have 30 days once you’re married to make changes. If you’re both covered through your employers, compare your coverage and costs. If they’re similar, it may be in your financial best interest to maintain separate plans; but, if one plan is significantly better, it may be more cost-effective to switch one spouse over to the other’s coverage.
Single people without dependents often believe that they have little need for life insurance. You, however, may want to consider it. It’s reassuring to know that your spouse (and, perhaps in the future, your children) will be taken care of if something happens to you. Term life insurance, rather than whole life, is generally the most affordable way for newlyweds to get this coverage.
And Maybe More
Umbrella insurance may provide extra liability coverage when your auto or home insurance limits are exceeded by a lawsuit; coverage for defense costs in such lawsuits; and coverage for legal issues in unforeseen situations, such as an accident involving a borrowed vehicle or an accident in another country. The best part is how affordable it is. Typically sold in million-dollar increments, umbrella insurance rates often start at less than a dollar a day.
With all the excitement and upheaval that goes with setting up a new household, reviewing and potentially consolidating your insurance policies can help give you the peace of mind to focus on things that really matter—like each other.
Content from Safeco Insurance.