Engaged? Just Married? Here’s the Scoop on Insurance You’ll Want to Consider
Wow! This is a “major life change” for you. The love you’ve found in another person is transforming your life. In addition to the love and closeness you’re experiencing there are some practical, but real-world issues to consider now that everything is changing for the so-much-better. This article outlines a few of the topics you might want to consider now that you’ve decided to hang your hats together for a lifetime.
Guys used to be the ones who look at the practical matters involved with engagements and marriage. You know: Guys are all about “practical” matters. They’re the ones who traditionally want to “solve problems” and “find answers” to everything. But in today’s modern world, women too look at how an engagement or marriage changes things. So whether you’re a guy or gal … we’ve collected a few ideas for your consideration.
Ideas that can give you protection against unwanted and unexpected costs and expenses. Who wants those hassles? Your relationship is about loving one another. You don’t need money issues to raise their ugly heads and complicate what you have together.
So … here are a few things you might want to consider as you make your way to a brand new life together.
Auto Insurance for Married Couples
Did you know that you can cut your auto insurance premium payments by up to 25 percent once you’re married? It’s a strange but not well understood fact that married people have fewer accidents than singles. Just the wonderful fact that you’re married can reduce your premium by a substantial amount. You can use that “extra money” to enjoy life with your new partner: take in some movies, go out to eat or save for a special vacation.
Here’s how it works.
You and your spouse simply insure your vehicles on a single insurance policy. You’ll get a multi-vehicle discount immediately. Then, for reasons not fully understood, married couples have statistically fewer accidents than singles. (Maybe it’s because the guys, who typically have higher crash rates than women, realize they’ve made a commitment. They need to drop the boyish lifestyle that includes aggressive driving and focus on their new responsibilities. We’re not sure, but that seems to be a likely explanation). The insurance industry knows from actuarial reports that married couple have lower crash rates, so they offer lower premium rates to married couples. Although not every insurance carrier offers discounts for married people, the insurance pros at Quoteasy represent many different carriers. We’ll do the research and find the very best company for newlyweds. (In fact, we already know who they are!)
Further, if you’ve both had a good driving records without traffic citations or accidents you may each be qualified for “good driver” discounts. Moreover, did you know that owning a home makes you a better risk to insurance carriers? If you do own a home, we’ll factor that into the discount formula as well.
In short, there are many factors insurance carriers take into account for married couples. We know what they are – carrier by carrier. And we’ll dig into each policy to get you the best coverage to protect you against financial loss at the lowest price.
What About Your Personal Property?
That expensive engagement ring? The folks at Glamour.com [1] point out that men, on average, spend over $5,000 on an engagement ring. Jewelers suggest that the “right amount” to spend on an engagement ring is about three month’s salary.
Now that your gorgeous ring has found a permanent place on your third finger, left hand you might want to consider insuring it against loss.
And … what about all the gifts you received at showers and as wedding presents? Individually the gifts may not have extremely high values, but collectively you could be looking at thousand or tens of thousands of dollars in new possessions.
The answer, from the insurance industry standpoint, is either Renter’s Insurance or Homeowner’s Insurance.
Renter’s Insurance
This is a special type of insurance for people who rent their living quarters, whether it’s an apartment, a condo, a villa or a single family home. It provides protection against many kinds of loss – fire, theft, wind and weather damage, electrical surges and others. You can choose to cover your new possessions for their actual cash (market) value at the time of loss, or for full replacement value. Expensive jewelry sometimes requires and extra endorsement or rider. Check with your insurance professional about an HO-4 renter’s insurance policy to make sure your engagement ring and new possessions are fully covered.
By the way, renter’s insurance is one of the lowest cost policies you can buy. Coverage varies with each insurance carrier, however most of them also include liability coverage that pays for injuries to others while at your rented quarters. Many will even pay your temporary living expenses if the rented property becomes uninhabitable due to a covered peril. Buying renter’s insurance is a good financial move.
Homeowner’s Insurance
On the other hand, if you’re so fortunate as to have purchased a home together, you may already know that homeowner’s insurance comes in many styles: HO-1, HO-2, HO-3, HO-5 and more. All of these are actually a mash-up of coverages that include liability insurance and protection against various “casualty” losses.
The insurance experts at Quoteasy will tell you that the specific carrier you choose is not as important as the detailed terms and conditions embodied in the homeowner’s policy. We can help you find coverage for your new possessions as well as for your home. Here’s a quick review of what most homeowner’s policies cover. Call us when you need someone who can dig deeper into the details to find you the best policy.
Virtually all policies cover you against losses from:
· Damage from vehicles and aircraft
· Fire or lightning
· Glass breakage
· Lightning
· Personal liability
· Riot of civil commotion
· Smoke
· Theft
· Vandalism or malicious mischief
· Volcanic eruptions
· Windstorm or hail
Other policies add coverage for these perils:
· Accidental damage from water or steam from within a plumbing, heating or air conditioning system or domestic appliance
· Building collapse
· Damage from the weight of ice, snow or sleet
· Falling Objects
· Freezing of appliances – plumbing, heating and air conditioning systems
· Sudden failure from artificially generated currents (e.g., lightning or electrical surges) to electrical appliances, devices, fixtures and wiring
· Sudden failure of a steam or hot water heating system
What do all these hazards and perils have to do with your newly-engaged or married status? It’s simple. As you move into your new chapter of your life, it just makes sense to protect yourself against unwanted financial loss. You and your spouse deserve a lifestyle that’s comfortable, enjoyable and worry-free.
Appropriate insurance coverage can deliver that to you.
Other Options to Consider
Umbrella Insurance
Just as it sounds, it provides coverage across a wide range of losses that are not covered by your homeowner’s, renter’s, automobile or other policies. It’s a form of liability insurance that pays for bodily injury and damages to the property of others.
For example, if you’re found at fault in an auto accident and the injured party sues you for loss of wages, medical expenses, pain and suffering, long term care and other expenses, you may find your auto insurance isn’t adequate to cover all those costs. An umbrella policy acts as a “rescue” by paying the amounts not covered. Umbrella insurance is especially recommended for homeowners because it can pay for a wide range of liabilities not included in most homeowner policies. Even better, umbrella policies generally don’t cost much, even for coverage up to one million dollars.
Life Insurance
Once you’re married you’ll want to review or acquire life insurance policies. Term insurance is the best value in the market today and we’ll be glad to help you find economical coverage over your entire lifetime that will care for your family in the event of your passing.
We’re Here to Help with Free Professional Services
Quoteasy agents are experts in the complex field of insurance protection. Give us a call at 305-587-2410 or click for more information. We work with people like you every day, helping find the best coverage at the lowest cost.
Source
(1) http://www.glamour.com/weddings/blogs/save-the-date/2013/09/for-once-and-for-all-how-much.html
