Insurance and Finance

An Insurance Checklist for the Newly Wed

By Mary O. Parker 2.8.16

As you head to the altar, insurance is likely the last thing on your mind. But as you usher in your new life, don’t forget to take a fresh look at your coverage to protect your future together.

Protect Your Property

Let’s start with the diamond that declares your love. Considering that the Insurance Information Institute cites jewelry losses as the most common property-related claim, you’ll want to make sure your beautiful bling is aptly insured.

While most renters or homeowners policies cover jewelry, they do so only up to certain amounts and under certain circumstances. Todd Jaggers, a Texas Farm Bureau Insurance Agent based in Franklin County, suggests purchasing a personal articles floater policy to make sure your wedding rings are fully insured. In order to procure such coverage, included items need to be itemized and appraised.

As you merge two households, Jaggers also recommends reevaluating your personal property policy to determine how much homeowners or renters insurance to carry. This handy Texas Farm Bureau Insurance Household Inventory Evaluation Form can help.

Consider Life Insurance

A shared life means that it might be time to consider life insurance. Term life may be a great option because it can be affordable and easier to obtain. Term life policies may be purchased for specified periods, usually 10, 20, or 30 years.

Combine Policies

Now that you’re wed, you can probably “couple” your auto and health policies. That’s good news, considering married policyholders tend to pay lower auto insurance premiums than singles.

And when it comes to your health insurance, don’t worry if the annual open enrollment period has passed; marriage is considered one of those “life events” that allows you to modify or sign up for coverage at any time.

Looking for the perfect Valentine’s Day gift for your new spouse? Check out these sweet spots across the Lone Star State.

Coverage and discounts are subject to qualifications and policy terms and may vary by situation. © 2016 Texas Farm Bureau Insurance