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Newlyweds And Insurance
by Dave Dionne, djsmaine.com
Insurance issues between newly married couples is an area that is best reviewed prior to the wedding reception. Who's policy covers the wedding gifts? If either the bride or groom has renters, homeowners, condo or mobile home insurance, wedding gifts would be covered under their policy. In a case where neither the bride or groom has any type of homeowners insurance, coverage would depend on whether or not the bride or groom has been living with their parents prior to the wedding. If either of them has been living with their parents, coverage would exist under the parents homeowners policy. The conservative way to approach this would be for the bride & groom to purchase homeowners insurance prior to the wedding to be sure there is no question as to coverage for wedding gifts and other combined personal property (furniture, appliances, etc). The nations largest homeowners insurance company, State Farm, provides a "wedding gift" endorsement, which can be added to an existing homeowners insurance policy to provide coverage.
Jewelry requires an appraisal to be properly insured. Most insurance companies add jewelry to a schedule, specifying the item by value, cut, clarity, color, etc. Since most engagement rings are valued in the thousands of dollars it is advisable to insure the ring at the time of purchase. Who should insure the engagement ring? Once the ring is given to the future bride, most companies require that the bride-to-be add the ring to her insurance.
In addition to insurance for personal property, newlyweds should also combine their auto insurance policies and homeowners insurance policies since multi-car discounts and multi-policy discounts will usually develop the lowest combined prices. Couples should use some caution prior to combining policies since most companies now use insurance credit scoring to determine rates. Couples may want to combine vehicles and personal property onto the policy of the individual with the best credit. Claims history, poor credit or a bad motor vehicle record will negatively affect merging insurance policies.
To help protect assets and to develop a long-term financial plan newlyweds should also consider the types of life and disability insurance that best fits their needs and budget. Visit with a local insurance agent to get policy recommendations and coverage ideas.
Dave Dionne, djsmaine.com
Dave Dionne has been a
disc jockey in Maine since 1975. He is also a
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