Insurance Changes to Make When You Get Engaged

It may seem a bit unromantic to think about insurance when you're wrapped up in the that loving mood, especially if you've chosen this time of year to become engaged. Getting married is one of the biggest changes in your life, and while you're making plans for the future with your partner, you might as well start off on the right foot.

When you join your life with another, this will affect every type of insurance you have, from auto insurance and health insurance, to your home or renters insurance, and if you don't have life insurance at this time, this will become a higher priority for you as a married couple.

First Things First

To understand what changes you need to make and what you want to discuss with your insurance agent, it is best to sit down with your future spouse and make an inventory of each type of insurance and what level of coverage you have.

• Auto Insurance
• What is your deductible?
• Are you getting any auto insurance discounts?
• How much insurance are you carrying?
• What are your driving records?


• Home Insurance or Renters Insurance
• Do you each own houses, do you both rent, or is there one of each?
• Which house will you live in, or will you buy a new house?
• Build an inventory of your combined property to determine with your insurance agent, if you'll need an additional floater for expensive items including jewelry, antiques and electronic equipment.


• Health Insurance
• If you both have health insurance with your employers, compare health insurance policies to determine which provides the best coverage and the cost for each.
• Find out what it would cost to add your future spouse to either policy and what is involved.


• Life Insurance
• Going from single to married, you're now responsible for another.
• Married life will typically require you to take on more debt and provide security for your loved ones.
• Do a 'Needs Analysis' to determine how much life insurance you will need. Your insurance agent can also help you with this.

The Good News

While these changes your life can be a bit overwhelming, they can also be exciting and rewarding.

According to the Foundation of Taxpayer and Consumer Rights, unmarried couples pay approximately 22% more for auto insurance compared to married couples. So when you begin to consolidate your insurance policies, expect to see some discounts in your future, including multi-line and multi-car discounts for carrying your auto insurance, home and life insurance with one insurance company.

A Side Note - Protecting That Engagement Ring

The Insurance Information Institute estimates that consumers will spend over 17 billion dollars on Valentine's Day gifts this year, and a big chunk of that estimate lies with jewelry and consumer electronics purchases.

With most home insurance or renters policies, there is a limited dollar amount of coverage for the theft or damage of items like jewelry, furniture, furs and home entertainment equipment, computers and the like, which is typically between $1,000 to $2,000. To properly insure that engagement ring or any other expensive gifts you've given each other, it is important that you talk to your insurance agent about purchasing a floater, which adds coverage for those items to your home insurance or renters policy.

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