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I Do, Now What?

If you’re recently engaged or newly married, you know firsthand how busy this time in your life can be. In the pre-wedding stages, your mind is flooded with thoughts of cake tastings, dress/tux fittings and finding the perfect venue. After you and your fiancée say “I Do,” you and your new spouse become so preoccupied with the honeymoon, decorating your house and writing thank-you notes for hundreds of presents that it becomes easy to forget about making some of the most important activities a priority, such as planning out your insurance needs.

Figuring out insurance can be tough for anyone; but for newlyweds, especially, it may be difficult to know where to begin merging finances and insurances. To give you a head start, we’ve compiled a list of five tips for the two of you to consider:

1. Life:
It seems to be a popular assumption that young, married couples are exempt from needing life insurance coverage until they have children or get older, but you’ll want to establish your insurability while you are still young and in good health. Some experts suggest multiplying your annual salary by seven so your spouse is covered for 5 to 10 years, but talk with your agent to find out what’s best for you.

2. Health:
Before ‘the big day,’ have a talk with your spouse concerning both your medical needs and consider more than who has the lowest premium, when deciding which one to keep. Be sure to review deductibles, co-pays, co-insurance and find out what is NOT covered by each plan, as you carefully make your comparisons and decisions.

3. Home:
Whether you buy a house before or after the wedding day, make sure you consider location, construction type and square footage before purchasing, as these variables will impact the cost of your home insurance premium. Additionally, think about getting a security system that is tied to the local police department, and for certain, smoke alarms; both of which could lower your premium by as much 5% percent.
If you will be living in an apartment or leasing a home, most of the above suggestions apply here, but it might be wise to consider Renters Insurance.

4. Auto:
While you and your spouse may each have your own cars, it’s safe to assume at some point you will each drive each other’s vehicle. For this reason, we suggest you consider consolidating policies, nf case of an accident. Also, often a nice discount is available for multiple coverage’s of all properties.

5. Flooding:
Be sure to research flood zones in your area to determine if you are at risk for potential flood damage. For those whose homes are not in a flood zone, coverage is very inexpensive. An important tip to remember is that just one inch of water can cause costly damage to your home, so it might be beneficial to check into flooding insurance policies.