Lifetimes: The Best Policy

It may not be the most romantic activity for a newlywed couple, but reviewing your insurance policies after the wedding is critical to your future together. “It’s never too early to start thinking about your insurance,” says David Beck, vice president of The Weimer Group, an insurance company with locations in Perkasie and Souderton. “It should be part of your pre-wedding plans.” Before you schedule a meeting to review your policies, here are a few things to keep in mind.

Homeowners/Renters Insurance
You should start looking into insurance as soon as you say “yes” to your fiance’s proposal, says Christopher M. Laskey, an agent with Ron Black Agency in Royersford. “The first thing you should do is get that diamond insured,” he says. Adding it to your homeowners or renters policy will cover the diamond’s value if it is lost or stolen, or you can take out a separate policy just for the ring.

If you own a home, Laskey recommends a standard $300,000 policy per person that covers liability; for renters, he advises estimating coverage for $8,000-$10,000 per room. Insure everything you would take with you if you move, he says.

Auto Insurance
Make sure to add each other to individual policies, says Laskey. Contact your auto insurance provider and change your classification from single to married. You may need to provide information about your spouse and his/her driving record. Some companies offer incentives to married couples if they consolidate their policies or both use the same insurer. Laskey recommends a policy that covers up to $100,000 in property damage and includes uninsured and underinsured coverage.

Life Insurance
Before purchasing life insurance, consider whether either partner has debt that the other would be responsible for, including a mortgage. A common pitfall, says Beck, is forgetting to change the beneficiaries on a policy you started before marriage, such as a life insurance policy you received through your employer. “Make sure you change the designations on each and every policy you own,” he says.