Published: January 2016
Q: My fiancée and I are getting married soon. We both have insurance policies. Will we need to make any changes to them?
A: Congratulations! And yes, marriage is a milestone that warrants reviewing your insurance, says Matt Rogers, an Allstate agency owner in Macon, Georgia. In many cases, you may be able to combine your policies and save yourself some money on premiums, says Rogers. And for policies like life insurance, this is a smart time to review and update your beneficiaries.
First, did you buy an expensive engagement ring? Rogers recommends protecting it by including it on a scheduled personal property rider you can add to your renters or homeowners insurance policy. "Before you give the ring to your fiancée, it should be covered on your policy," says Rogers. "However, once your loved one accepts the ring, it is legally hers and she should protect it with a rider on her insurance policy."
Once you're married and your spouse moves in, it makes sense to insure your combined personal belongings (clothes, electronics, furniture, etc.) on a single renters or homeowners insurance policy, says Rogers.
If you both have separate renters insurance policies from before you were married, you can easily drop one policy. Once your spouse moves in they are automatically covered on the remaining policy, he notes.
If you own a home and your spouse moves in, your spouse is also automatically covered on your homeowners policy, says Rogers. Rogers also suggests reviewing the limits on your existing policy to determine whether adjustments should be made now that the two of you live together.
"Depending on what you own, you may want to bump up your personal property coverage — the portion of the policy that covers your 'stuff,' or personal belongings — to help make sure your now-combined belongings are insured," Roger suggests.