Being newly married is exciting, but it also comes with a lot of new responsibilities. One important responsibility is reevaluating your insurance coverage. Use the following tips to make sure you are adequately protected:
Check Your Health Care Coverage Options
Health care coverage is important because it covers the costs of preventative checkups, medications, and medical emergencies. Just one medical emergency could completely devastate your finances, so it is important to invest in a policy that protects you and your spouse. As a newly minted couple, you have new insurance coverage options to explore. If you got married quite young, you may still be covered under your parent’s insurance policy, but in most cases it’s important to get your own coverage for your new little family. In some cases, you may be able to use both your parent’s insurance coverage and your own insurance coverage to provide extra protection.
If both you and your spouse are employed, look at the benefits packages that come with each job. Will you be better off keeping separate policies, or adding your spouse to your policy? Which package offers the most affordable monthly rates? Which package provides the most coverage in emergency situations? Which package provides the best coverage for mundane health care needs like checkups and prescriptions? Do any of your options include vision and dental? Consider your budget, your health, and your long term plans when choosing to commit to a health insurance policy.
Combine Your Auto Insurance Policies
In most cases, being married means you are a lower risk to insurance companies, which means married people often qualify for lower auto insurance rates. This is especially true if one spouse has a bad driving record and the other spouse has a good record.
An independent insurance agent can help you compare rates and policies to make sure you get the best coverage at the best price. In some cases you’ll want comprehensive coverage, collision coverage, liability coverage, and every other protection in between—this is usually true if you have a newer vehicle that you are still making payments on. In other cases, bare minimum coverage might be enough (for instance if you’re driving a very old car that couldn’t be resold or repaired if it broke down). This will depend on the type of car you drive, your budget, and your tolerance of risk.
Take An Inventory Of Your Possessions
Combining your life with a new person means you also need to re-evaluate your renter’s insurance or homeowners insurance coverage. Take an inventory of your combined possessions and assets and adjust your policy’s coverage to account for your combined assets. Make sure your renters or homeowners insurance policy provides liability protection, protection for your property, and protection if your home is no longer habitable. In many cases increasing your coverage won’t significantly increase your monthly payments, but it will provide much-needed protection in the event of a theft, fire, or other disaster.
Research Life Insurance Policies
Being married is often the first time people have a dependent, which means it is important to look into life insurance policies. Life insurance can provide financial security and peace of mind. It is also often less expensive if you invest in it while you are young and healthy. Life insurance is especially important if you’re planning on having children.
Do Your Homework Before Making Changes That Could Affect Your Insurance Rates
Being newly married comes with lots of changes, but it is important to understand your insurance policies before making big lifestyle changes since those changes could take a toll on your insurance rates. For example, owning a trampoline or adopting a certain breed of dog could increase your homeowners insurance rates. Buying certain vehicles or driving more frequently can increase your auto insurance rates.
However, changes don’t just increase your rates. Some changes can lower your insurance rates. For example buying a newer home, storing your car in a garage, installing a security system in your car and home, and taking defensive driving courses can all lower your insurance rates. You can also sometimes get discounts on health insurance for going to the doctor for a yearly checkup or using a gym membership.
In the long run, insurance will save you money on health care costs, home repairs, and auto repairs. It gives your family financial security, especially in worst-case scenarios. The best way to learn about insurance coverage and rate changes is to consult an insurance agent. Using an independent insurance agent means you get all the advantages of shopping around for the lowest price, but someone else does the research for you. At Esposito Insurance Group, our licensed independent agents are invested in finding the best policy for you. Get a free quote today!