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Marriage and Insurance

So, you’re getting married soon. Starting a new life with someone means a lot of changes, and one the important changes you shouldn’t forget is making sure your insurance is updated once you tie the knot.

In many cases, you may be able to combine you and your spouse’s policies and save yourself some money on premiums, says Matt Rogers, an Allstate agency owner in Macon, Georgia. 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.”

‘Marrying’ Your Dwelling Policies

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.

Merging Car Insurance

Unless one partner has a poor driving record, you could benefit from shifting to a single car insurance policy after you tie the knot, with both of you as listed drivers, says Rogers. “Doing so may earn you a multi-car discount, depending on where you live,” he says. Your agent can review both of your car policies and help you decide whether makes sense to combine them.

Bundle Up

Buying your renters or homeowners insurance and your car insurance from the same company is often a money-saving move, says Rogers. “If you and your partner have insurance with two different companies, consider having each firm quote a ‘bundled’ price for both of your combined policies to see what makes the most sense for your budget,” he suggests.

Time for Life Insurance?

As you merge your personal lives, you often merge your financial lives, too. If it would be difficult for just one of you to pay your mortgage or other combined bills if something happened to the other partner, you may want to consider life insurance policies, notes Rogers.

“The least expensive time to buy life insurance is now, when you’re young and healthy, but not everyone does it,” he notes. “You’ve probably seen fundraisers on social media for folks who died and left their families needing financial help. Believe me: You don’t want to be one of those people.”

Already have a life policy? Now may be the time to review your beneficiaries. “After you’re married, you probably want to make your new spouse your beneficiary in place of your parents or an ex,” he says.

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