How Tying the Knot Can Impact Your Home Insurance Needs

January 29, 2013

Insurance

Home Insurance Needs

Home Insurance Needs

If you are a couple who currently live together and are planning on tying the knot in the near future, or if you are a couple who are planning on purchasing a home shortly after you get married, you may have questions regarding your home insurance needs. There are certain adjustments that must be made to your policy if one party currently owns the home, and there are also discounts you may be entitled to as a married couple. Here are some answers to the most common inquiries when it comes to marriage and homeowner’s insurance.

Merging Possessions

When you move into a new home or apartment or if your husband or wife moves into your current home, there will be a merging of possessions, including the addition of a variety of costly wedding gifts. It is important for these high cost items to be insured in the event of a theft or act of nature, and this means that current policies must be updated and for new policies all items must be considered. The best way to keep track of all new items that need to be covered in your policy is by completing what is called a Household Inventory Checklist. This document will allow you to name everything that you own in the event of an unforeseen catastrophe, and you can also use this document if you wish to change your current policy.

Married Couples Can Save Money on Their Policies

While marital status is often considered for auto insurance policies, married couples may also be able to obtain a discount on their home insurance. Certain companies implement what is known as a personal status discount, allowing up to a 5 percent discount for married couples on their homeowner’s insurance policies.

What to Consider When Finding a New Home

When purchasing a new home, this often means a new homeowner’s insurance policy. The three things that are taken into consideration when it comes to your premium are location, size of the home, and construction type. It definitely pays to shop around and compare rates, and this can easily be done online as well as contacting the agents directly. It is always a good idea to follow up with a phone call after comparing insurance rates and before immediately signing up online, as a live agent may be able to advise of hidden discounts and updated rates. If one of you has homeowner’s or renter’s insurance on your current home and you wish to cancel the policy it is a good idea to cancel the policy effective for the date that you no longer physically live on the premises instead of on your intended move out date. This will allow you to stay covered in the event that your move is delayed or if you are planning on moving out one stage at a time.

Take the Proper Steps

By taking some time to learn just what will change as far as your homeowner’s policy when you get married, as well as compare rates of potential insurance carriers, you will have the information you need when it comes time to update or sign up with a new agent. By following some simple steps, you will be able to enjoy your new life together, with the peace of mind that you are both appropriately covered.

Stephen Catalano is an insurance consultant. He loves sharing his knowledge on various personal finance blogs.

How Tying the Knot Can Impact Your Home Insurance Needs

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Home Insurance