“In general, any couple going through a lifestyle change should seek the advice of a licensed insurance agent to find the best coverage that will suit their individual situation.”
--John Ammendola, president of person lines at Grange Insurance
Columbus, Ohio (PRWEB) August 07, 2012
From the moment you got engaged, you’ve had a million things to do. Yes, setting the date, finding the venue and registering for gifts that will make your new house a home are important things to check off your Honey Do list. But there’s one more item that will ensure your marriage is full of bliss in good times and in bad – insurance.
As you continue your journey as newlyweds and, maybe one day, as parents, Grange Insurance offers these tips for love birds ready to tie the knot.
1. Got the bling? Insure that ring.
Get an appraisal for your engagement ring and wedding bands to establish the amount for which the item should be insured. This will aid in the claims settling process if your rings are lost or stolen. Then, schedule the jewelry on an Inland Marine floater policy. These policies were created specifically for items that don’t stay in one specific location, like your home.
“Most homeowners policies have limitations on the amount they will pay if a piece of jewelry is lost or stolen,” said John Ammendola, president of personal lines at Grange Insurance. “This can be avoided by scheduling the item on a floater policy since it is likely your rings will travel with you outside your home and wherever your new life takes you.”
2. Make your house a home.
When looking for a new home with your soon-to-be-spouse, remember its location will play a big role in the price of your insurance as well as the ability to sell your home should you need to upgrade to make room for a growing family.
“Couples tying the knot should also add their spouse as an insured to all policies, including homeowners, auto and renters insurance,” said Ammendola. “Often times, auto insurance rates for married couples are discounted. Newlyweds also need to verify that all coverage amounts are adequate once households are combined, even if they decide to rent, instead of own, their home.”
3. Verify the value of shower gifts.
Gifts received at showers are considered personal property and will be automatically covered under a homeowners or renters policy in the case of fire, vandalism and wind, assuming the couple has one of these policies. However, newlyweds should verify the limitations and conditions under their policy to confirm gifts of significant value, such as silverware, will be covered in case of theft.
“It is important to check your homeowners or renters policy to ensure you have adequate coverage for gifts received,” said Ammendola. “If the gift exceeds limitations in your policy, broader coverage should be purchased. Newlyweds should also consider purchasing policy enhancements that will cover personal property in unforeseen situations such as accidental breakage.”
4. Plan ahead for new additions to your family.
Even though your married life is just beginning, life insurance is a great way to plan ahead for a growing family, a happy retirement and any curve balls life may throw.
“Though it may be hard to think past your wedding day right now, life insurance policies are a great way to start saving for a child’s higher education or your retirement, can cover your children and can help you remain prepared for the unexpected,” said Ammendola. “In general, any couple going through a lifestyle change should seek the advice of a licensed insurance agent to find the best coverage that will suit their individual situation.”
Couples embarking on a new beginning together should consult with their independent agent to review current and broader coverage options. For more tips and information on homeowners, renters or life insurance policies, visit http://www.GrangeInsurance.com.
Grange Insurance, with $2 billion in assets and in excess of $1 billion in annual revenue, is an insurance provider based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life and business insurance protection. Established in 1935, the company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin. For more information, visit http://www.grangeinsurance.com.