Combining Insurances When Combining Lives

When couples decide to pull their resources together and become one, insurance needs should be high on their list of important matters to discuss.

There will be a number of areas to cover when it comes to combining insurance plans, so be sure to get with your agent and see what works best for the both of you.

The first step is to compare the premiums you are or will be paying.

Keep in mind that locale, size and construction type are factors when determining your insurance rate. Another item to note is that premium rates for a residence that has been insured for a long period might have additional discounts, so check the present policies for these kinds of discounts.

Couples should also obtain quotes from both of their insurance companies and from other insurers to make the best comparison.

Another piece of advice for couples is to compile an inventory of all their belongings in order to decide what coverage amount will be necessary. If one or both of the individuals has valuable collectibles, jewelry, etc. they may require a personal property rider on their policy to provide the proper protection against accident, natural disaster or theft.

For those couples who may be installing play equipment in their yard, they may think about an umbrella policy to add to their liability coverage. By doing so, they protect themselves in the event someone is injured. The umbrella policy also offers greater limits of liability for their vehicles.

When it comes to a couple cancelling one or both policies, make sure the timing is correct.

When you decide to cancel a current homeowners’ or renter’s policy, terminate the coverage effective the first day you’re no longer present in the home. By doing so, you cover yourself if you move out a piece at a time. In the event you are selling a residence with a mortgage, your lien holder might ask you to maintain insurance coverage until the home is officially sold.

The majority of insurance company will necessitate that individuals submit a cancellation request in writing.

The best thing once again is to check your policy or discuss with your agent to determine how much notice you must give the insurer and where to direct the request.

Bringing together two people can provide a lot of happy days ahead; be sure those days are properly insured.