Just Engaged? Here’s How Your Insurance Will Change
About 40 percent of engagements occur between Thanksgiving and Valentine’s Day each year. According to a 2018 Newlywed Report by WeddingWire, most of those take place during the Christmas season. It’s no surprise that the magic of the holidays inspires so many couples to take the first step in ensuring their relationship’s future. But a lot of couples don’t know the steps they need to take after that.
If you’re one of the happy couples ringing in the new year with a new ring on your finger, here are the steps you can take to join your lives by streamlining your finances and combining insurance policies.
First, lock down the ring.
“The first thing I would say to a newly engaged couple is, ‘Congrats, and make sure you have that beautiful ring on its own insurance policy,’” says Jody Brown, a Texas Farm Bureau Insurance Agent in Nacogdoches.
Take time before your big day to get your engagement ring — and wedding band if you already have it — appraised to expedite the insurance paperwork. Don’t forget to insure high-value wedding gifts as soon as you get them, too.
Next, take stock of all your policies.
When you begin to combine your life with someone else’s, combining insurance policies makes sense — that way you can ensure you’re getting all the coverage you need, and all the discounts available.
“The new year is a time for resolutions and looking to the future,” Brown says. “Everyone is in the mind-set of making changes in their lives to improve and grow in different areas, so taking this time to review your current insurance policies to make sure they are meeting your current and future needs is very important.”
Figure out your car situation.
Whether you’re downsizing to one car, saving up for a family-size addition, or simply moving both of your current cars to the same driveway, ask your Agent how you can consolidate your coverage now that you’re one household. There may be discounts for including multiple vehicles on your auto policy — plus, combining policies cuts your paperwork in half.
My property is your property.
If you’re moving in together or buying a property together, it’s a great time to consolidate your property insurance and make any necessary updates, since your new coverage needs might be different. Your Texas Farm Bureau Insurance Agent can help you move your insurance policy when you move.
Re-budget for your future.
“This is a good time to look at your liability limits to make sure they cover the needs of your new life together and ensure you have deductibles that fit your newlywed budget,” Brown says.
Sitting down together and mapping out a budget for your insurance and other expenses helps ensure a smooth transition to your new life together.
Think about generations to come.
“Starting out together is also a time to review life insurance needs and beneficiaries,” Brown says. “There are new responsibilities that have to be addressed, and newlyweds need the protection that life insurance provides.”
Dream big.
Engagements are an exciting time to celebrate your relationship and to start dreaming up your future together.
Things like finances, budgeting, and insurance may seem like unromantic parts of that, but they’re actually an essential element of your lives coming together and the foundation on which you’ll build your future. Set yourselves up for success by having these important conversations.
“Take the time to sit down with your agent and review your policies,” Brown advises. “This is an exciting time in your life, and, as Agents, we love nothing more than to help see you through this transition from newly engaged to newly married.”
Call your Texas Farm Bureau Insurance Agent today to talk through how your policies will grow with your family.
Coverage and discounts are subject to qualifications and policy terms and may vary by situation. © 2019 Texas Farm Bureau Insurance
