Insurance For Married Couples

There are insurance implications of combining your households once you become a married couple. From car insurance to homeowners insurance, getting married can affect all of your coverages.

Insurance for Married Couples

7 Reasons To Meet With Your Agent to Discuss Insurance For Married Couples

#1 Help with determining where to live. It would be to your advantage to meet with your insurance agent to compare the premiums. Are you new to being Florida Homeowners? The location, size, roof type, flood zone area (high risk vs low risk) and construction type are just a few things that are considered when calculating your insurance premium. For example, if one home is larger or in a higher risk area, the insurance may be significantly more per year.

#2 There are insurance implications if you plan to leave one of your homes vacant while it is for sale or when you are combining households. Your vacant home can be a target for vandalism or break-ins and pose a higher risk for unforeseen damage (e.g. burst water pipes, fire). Insurers can impose coverage limitations once a home is vacant for a certain number of days.

Insurance Tip: If your house will be vacant for an extended time, talk to your agent about purchasing a supplemental endorsement that provides coverage while the home is vacant.

#3 Make sure ALL your belongings have insurance coverage.  Inform your insurance agent of ALL of your combined assests. Together take an inventory of all belongings you will be combining as part of setting up house together. This will help your agent determine how much coverage you will need as a married couple. For example, if you or your spouse has valuable collectibles, artwork, or jewelry – you may need a personal property rider on your policy to provide adequate protection against accident, theft or natural disaster – such as a hurricane in Florida.

Insurance Tip: Update your household inventory list as you purchase new items together or that you receive as wedding gifts.

#4 Making home improvements and adding to outdoor play areas may call for changes to your current insurance coverage. You may choose to add on to one of your current homes to accommodate an expanding family now or in the future.  If you add outdoor play equipment like a  trampoline, swing set or swimming pool, you might consider an umbrella policy to increase your liability coverage – which protects you in the event someone is injured on your property.

Insurance tip: Always review your insurance coverage after any home improvement projects over $5,000.

#5 Avoid Penalties and/or paying extra payments. Most insurance companies will require you to submit a cancellation request in writing. Contact or meet with your insurance agent to see how much notice you are required to give to them and where to send the request.

#6 Good News for Newlyweds! You may find that you are eligible for extra discounts. Some insurance companies consider married couples a lower risk and may lower your rates. In addition, if you combine your auto policies or add auto coverage with the same company as your homeowners or renters policies, you may be eligible for additional volume or multi-line discounts.

 Meet with an Erb and Young Insurance Agent before your wedding day

#7 If you or your spouse own motorcycles, boats, personal watercraft, recreational or other types of vehicles, be sure to contact your insurance company to see if both of your names are required to be added to the insurance policy.

Now is the time to get educated about your insurance needs! For more information about auto and homeowners insurance options – as well as tips for choosing the coverage that is right for you and your family please contact an Erb and Young Insurance Agent today.

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