• Carbone Insurance Service

Getting Married: Combining Insurance and Updating Your Coverage

Updated: Feb 26, 2020

Marriage is a perfect time to review your insurance coverage because newlyweds face some big decisions as they merge their lives. Here are some key things to consider:

Car insurance

Combining policies: Check with each of your insurers, or shop around, to find the best price and coverage. Request a thorough review of your current coverage. This, can not only save money, but also make certain that you are protected properly as you begin your new life together.

Discounts: Multi-car discounts and a bundling discount for buying homeowners or renters insurance can save 20-25% off your rates. Plus, simply letting your insurer know that you’re married can reduce your rates.

Homeowners and renters insurance

Choosing a policy: As with your car insurance, you may need to choose new coverage If you’ve been living apart and paying for separate home or renters insurance.

Increasing coverage limits: You may need more protection than your current policy offers now that you and your spouse have combined belongings, such as furniture and electronics. Ask about increasing your limits on personal property coverage which pays to replace or repair items that are stolen or damaged. Consider adding a rider to cover specific high-value items such as wedding rings or musical instruments.

Life insurance

Life insurance for newlyweds can be a critical piece of the financial foundation. When you marry, you promise to take care of each other for richer or for poorer; in sickness and health and until death do you part. Life insurance extends that promise further by helping to care for your partner financially even after you’re gone. Money from a life insurance policy can be used to help pay final expenses, ongoing day-to-day expenses, pay debts and, eventually, help support your children.

Health insurance

Special enrollment period: According to Healthcare.gov, you may qualify for a Special Enrollment Period to purchase individual health insurance. This period ends 60 days after the date of marriage. For employer-based health insurance, you have 30 days from the date of marriage to join your new spouse's plan.

TIP: Independent agents offer a wide range of products from multiple insurance companies and are able to offer a variety of products, coverages, and prices. Independent agents don't work for one particular insurance company; instead, they work for and represent you. Finding an independent agent who has your best interests in mind ensures you are receiving the best coverage for the best price. They can provide guidance and support for all major life events.

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