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When you move in with your partner, there are a lot of new things to think about. Not only do you have to adjust to living with someone else, but you also have to merge your finances and make important decisions about your future. One thing that many couples overlook is insurance. Whether you’re newly married or have been together for years, it’s important to make sure that you’re both properly insured. Here are a few insurance tips for couples that are moving in together.
How much should you pay for engagement ring insurance? It depends on the ring value and where you live. Find out now!
Review your insurance policies and make sure you are both fully covered
If you’re both on the same insurance policy, review it together. Talk about what benefits are most important to you and make sure you know how to make changes if necessary.
If you’re buying a home together or have been married for some time, it’s time to look into getting homeowner’s or renter’s insurance. This can protect your property in the event of a disaster and provides liability coverage just in case someone gets hurt on your property.
If you’re combining households, be sure to update your address with your insurance company
Since you’re now combining households, it’s important that you update your insurance policies with your insurance provider. This will ensure that both you and your partner are covered in case of an emergency, whether it’s a car accident, fire, theft, etc.
This way, both of you will be covered in case of an emergency. If you’re moving to a new state, you’ll need to update your car insurance policy as well. Make sure to shop around for the best rates and coverage for your new home. And don’t forget about renter’s or homeowner’s insurance! Whether you’re renting or buying your new place, you’ll need to ensure that everything is covered.
Make a list of all the valuable items in your home and have each person create a home inventory
This list can be useful in the event of a loss due to fire, flood, or theft.
An inventory is a list of all the valuable items in your home that you would want to have covered by insurance in the event of a loss due to fire, flood, or theft. It is important to create an inventory for each person living in your home, as each person’s belongings are likely to be different.
Some items that you may want to include on your inventory list are:
- Jewelry
- Electronics
- Furniture
- Artwork
- Collectibles
Creating a home inventory can be a daunting task, but there are a few ways to make it easier. You can start by going room by room and making a list of all the valuable items in each room. Alternatively, you can make a list of all the items you would want to replace if they were lost or damaged. Once you have created your list, be sure to store it in a safe place, such as a fire-proof safe or a secure location. Then, make sure to keep your inventory up-to-date and add any new items that you acquire over time. This will ensure that you always have an accurate record of the valuable possessions in your home.
If you are not sure where to start, there are a few online resources that can help, such as the Home Inventory Checklist from the Insurance Information Institute. This checklist provides a comprehensive list of items that you may want to include on your inventory.
Once you have created your home inventory, be sure to review your insurance policy to see if you have adequate coverage for the items on your list. If not, you may need to purchase additional insurance to make sure that you are fully protected in the event of a loss. One thing to keep in mind is that the coverage provided by homeowners’ and renters’ insurance policies for your high-value, custom, or sentimental jewelry pieces is severely limited. We will discuss this in further detail later on in this blog.
Update your beneficiaries on all life insurance policies and retirement accounts
It’s important to update your beneficiaries on all life insurance policies and retirement accounts. This way, in the event of your death, your loved ones will be taken care of financially. To update your beneficiaries, simply contact the company that holds your policy or account and request a change form. Once you have completed the form, return it to the company. It’s as simple as that!
If you have any questions about updating your beneficiaries, or if you need help finding the right form, simply contact your life insurance company or retirement account provider.
Be sure to discuss who will be responsible for paying bills and household expenses if one of you is out of work
If one of you is out of work, it’s important to discuss who will be responsible for paying bills and household expenses. This way, you can make sure that all your financial obligations are taken care of. There are a few options for handling this situation. One option is to have one person pay all the bills and expenses, while the other person contributes what they can. Another option is to set up a budget and divide the bills and expenses between you based on your income. Whichever option you choose, be sure to discuss it with your partner and come to an agreement that works for both of you.
It’s also a good idea to have an emergency fund to cover unexpected expenses.
An emergency fund is a savings account that you can use to cover unexpected expenses. This can be helpful if one of you is out of work, as it can help to cover the cost of bills and other household expenses. To start an emergency fund, simply open a savings account and deposit money into it regularly. You can use this money to cover unexpected expenses, such as medical bills or car repairs.
Keep copies of important documents like birth certificates, social security cards, and mortgage papers in a safe place
One of the most important steps in preparing for a disaster is to keep copies of important documents like birth certificates, social security cards, and mortgage papers in a safe place. This will ensure that you can access these documents quickly in the event of an emergency. One option is to store these documents in a fire-proof safe or safety deposit box. Alternatively, you may want to scan these documents and store them online, in a secure location.
Whatever method you choose, be sure to regularly update your copies of documents as time goes on. This way, you can make sure that they always reflect the most up-to-date information.
Finally, if you have any valuable items, such as jewelry or artwork, be sure to keep them in a safe place. Keep in mind that if your jewelry is worth more than $1000, you should definitely purchase specialized jewelry insurance!
Check List of insurance coverages that you may need
1. Homeowners Insurance
If you own a home together, it’s important to have adequate homeowners insurance. Your policy should cover the dwelling, personal property, liability, and medical payments. You may also want to consider adding earthquake and flood coverage, depending on your location and risk factors.
2. Auto Insurance
If you both drive and own cars, it’s important to make sure that your auto insurance policies are up-to-date and properly aligned. Look for discounts or bundling options that can save you money on both your car insurance premiums and any other insurance needs you may have.
3. Travel Insurance
If you travel frequently as a couple, it’s important to consider getting travel insurance. This can protect your trip investment in case of unexpected events like medical emergencies or flight cancellations to ensure that you’re both covered if one of you should fall ill during your travels.
4. Health Insurance
If you’re not already covered by an employer-sponsored health insurance plan, you’ll need to purchase your own health insurance as a couple. Make sure to shop around and compare plans to find the best coverage for your needs and budget.
5. Life Insurance
Life insurance is an important consideration for any couple, regardless of your age or stage in life. Make sure to discuss your needs and goals with a financial advisor, andweigh the pros and cons of different types of insurance policies, such as term or whole life insurance.
Photograph Jill Wachter styled by Severine Ferrari, jewelry Christopher Designs
Jewelry is often one of the most valuable items that couples own, so it’s important to consider getting specialized jewelry insurance. This can cover your valuable pieces in case of loss, theft, damage, and mysterious disappearances so that you can rest assured that your jewelry is protected.
As we discussed earlier, an important thing to remember is that homeowners’ and renters’ insurance policies severely limit coverage for high-value, unique, or sentimental jewelry pieces. We know that everyone prefers to use one insurance company for all their needs because people find that easier, but it isn’t necessarily better. This is one example of why.
The four main limitations of homeowners’ and renters’ insurance are Coverage caps, limited riders, high deductibles, and adverse claims impact:
Caps on coverage
If your homeowner’s insurance covers your jewelry, as in the instance of theft, you’ll almost certainly encounter a coverage cap that isn’t even close to the replacement value of your engagement ring. Most plans limit jewelry claims to roughly $1,500 when they are classified as personal items.
Riders are limited
One of the most significant disadvantages of depending on homeowner’s or renter’s insurance to cover your engagement ring is that your policy will most likely have restricted riders. Jewelry that is lost, inexplicably disappears, or is damaged as a result of a natural disaster is often not covered by this insurance.
Deductibles are quite high
You may have to pay a significant deductible to have your engagement ring replaced. Deductibles combined with coverage caps result in a significant out-of-pocket expense to replace the item.
Adverse claims impact
A jewelry claim on your homeowner’s insurance might have a negative influence on your insurance credit score and future coverage. It may result in higher rates or denial of future coverage due to a poor claims history.
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