Getting married is one of the most joyous occasions in one’s life and a major stepping stone in your own personal journey. Newlywed couples have a lifetime of marriage ahead of them…to deal with the many challenges ahead.
Once the wedding ceremony and obligatory honeymoon period are over and done with, newlyweds have to think about things such as household budgets, everyday expenses that come with two people living together as well as a plethora of other issues, like for instance, insurance.
With that in mind, here are some helpful suggestions regarding insurance needs that newlywed couples should consider (courtesy of Economical Insurance):
Get Your Jewellery and Other ‘Bling’ Covered: Valuables such as engagement rings and wedding bands can cost an arm and a leg. Did you know that most home insurance policies have a coverage limit for all of your jewellery combined? You might need some extra insurance for that new diamond ring.
Tell your broker you’re living with another licensed driver. If your spouse also has a driver’s license and has their own car, you’ll both need to notify your respective brokers now you’re living under the same roof, even if you both have your own separate policies. Be prepared to provide your partner’s driver’s licence details and insurance policy information.
Bundle your policies. Now that you’ve tied the knot, why not tie your insurance policies together, too? Bundling multiple policies with the same insurance company could help you save…a bundle (pun intended).
Take advantage of discounts on home and car insurance. While you’re getting a quote for a bundled home and car insurance policy, why not ask your broker whether or not you qualify for any discounts on your premium? The vast majority of insurance companies offer some kind of discount for insuring both your home and auto under the same company.
Take stock of your stuff. Now that you’ve taken that all too familiar wedding vow of “what’s yours is mine,” chances are you have a lot more belongings than you used to. Take a little time to update your home inventory to include everything in your new home — in the event of an emergency, it can help your insurer process a claim as quickly and easily as possible.
If you have any questions about what kind of insurance or changes in existing insurance you need, feel free to contact one of our knowledgeable and experienced insurance professionals at Pacific Insurance at (416) 494-1268.