Happy Summer my friends and colleagues!
I have some special and exciting news to share this month. I’m getting married! Pretty soon you will notice a name change – don’t worry, my email is staying the same!
I wanted to share this exciting news and dedicate this month’s issue to life changing events such as getting married. In past issues, we’ve discussed how important it is to review your property and casualty, and life insurance coverage when experiencing major life changes. So this month, we’re going to dig a little deeper and discuss some of the specific ways your insurance needs are impacted when going through such a change as saying “I DO!” Maybe you have been married 20 years, perhaps you just recently got married, or you know someone that is a soon-to-be bride or groom. Either way, you can take this helpful information and share it with others.
When you get married, besides a name change and relationship status of Facebook, there are a lot of other changes! Keeping your insurance up-to-date is extremely vital to make sure you are properly covered, and it will most likely provide quite a bit of
Since Texas is a community property state – yes, you now legally share everything! – there is an insurable interest in one another’s property. For example, if you and your significant other had separate auto policies, you can now combine your vehicles on one insurance policy where you are both listed as named insureds. Many times, this will reduce your rates tremendously compared to paying individual premiums. Similarly, your spouse can also be added as an additional, or 2nd named insured on your homeowners policy. Keep in mind with additional assets or liability exposures, it’s also a good time to review your liability coverage limits and increase if necessary to make sure you are adequately protected.
Insuring the Jewels
With the wedding comes the wedding rings! It is easy to forget to purchase coverage for your wedding rings. Did you know that if your home or renters insurance policy will only provide a limited amount of coverage for jewelry? The amount generally provided in a policy is $1000 to $1500 maximum coverage for jewelry that is unscheduled. For minimal premium, you can endorse your jewelry on your existing policy, or purchase a separate policy for the specific jewelry to cover theft, mysterious disappearance, etc.
I cannot stress enough the importance of life insurance. I’ve said before and will say again that I have personally seen what life insurance can do for a family, and what it could have done for a family who has experienced the loss of a loved one, and the loss of their income. In most cases, the couple will share the living expenses and are both dependent on one another’s income. After marriage, the next life changing event to fall in place is usually in no particular order, a new mortgage and children. This adds a whole new level of expenses, and a whole new need for life insurance. And I’m going to share a little tip: you can use your savings from combining your other insurance policies to put towards life insurance. I promise you one thing, your spouse will never be upset that you loved them so much that you purchased life insurance that will provide financial peace of mind in the event of your death.
So if you are a newlywed, know a newlywed, or been married so long you can tell everyone else how it’s done, set up a time to review your policies with your agent.