How do I combine insurance with my new spouse?
October 11, 2023
Marriage can be very joyous, and very stressful. The excitement of marrying someone that you love dearly, combined with the stress of planning a wedding can bring with it a whirlwind of emotions. Something else that the newlyweds must think about how to merge their lives together, and combine insurance. Let’s take a look at how your auto, home, and life insurance is affected by marriage.
Merging auto insurance with your spouse
Auto insurance is where the greatest impact is felt for married couples. Those in their young twenties could receive anywhere from 10-25% off car insurance premiums once they are married. However, the difference is less as you age. People in their thirties report a much lower discount on average when they get married. Other benefits of merging your auto insurance when you get married are having the ability to share vehicles, and the ability to get a multi-car discount with most auto insurers. It’s also easier to manage a single auto insurance policy instead of two.
Something to note: your auto insurance policy automatically covers those under the same household as you, but you’ll still want to contact your auto insurance company to get your spouse added as a driver, especially if you want to get the maximum discount.
Moving into a home with your spouse
Home insurance typically does not change or receive a discount in the state of Massachusetts when you get married. However, it’s still a good idea to purchase one homeowners insurance policy when you get married and move in together, so that you’re not paying twice for one property.
If one of both of you already owns a home
If you and your spouse were previously living in different homes, one of you is likely to sell one home so you can move in together. Sharing one mortgage payment and one insurance premium is much easier to manage, and more cost effective, than two. When you are selling your home, make sure to keep your home insurance coverage on that property until it is officially sold. Let your insurance company know at least a month before the closing date so that they can prepare to issue you a refund for any payments that you made that go beyond the day you close on your home.
When you move into your spouse’s home or vice versa, you’ll want to make sure that both of you are listed on the insurance policy. You’ll also need to determine whether the level of coverage you or your spouse currently has for personal possessions is still enough when you add in their new possessions. For example, adding your spouse’s electronics to the household may merit a higher degree of coverage. As a note: you and your new spouse’s wedding rings can be added to your homeowner’s insurance policy; if they get stolen, damaged, or destroyed, you are covered.
If you are purchasing a home together
If you’re purchasing your first home together, you’ll want to investigate purchasing a homeowners insurance policy early into the process. This is because most mortgage lenders will require you to have a policy in place before you can close on the home. In many cases, you’ll be expected to pay the coming year’s premium upfront so it can be put in the escrow. If you already have another type of insurance, such as auto, with a carrier that you trust and has good service, it might be a good idea to reach out to them for a quote on a homeowners insurance policy. Oftentimes, they will bundle your insurance and you will receive a discount for your policy because they will be writing more than one line of insurance for you.
Purchasing life insurance for you and your spouse
If you or your spouse doesn’t currently have life insurance, getting married is a good opportunity to consider getting some. Life insurance is a financially responsible safeguard to have in place in the untimely death of either you or your spouse. Otherwise, your spouse would be left in a difficult position financially if they lost out on a significant portion of the total household income.
If you got married recently, congratulations! At WebFirst Insurance, we want to make the process as pain free as possible to combine insurance with your spouse, so that the two of you can enjoy the first steps of married life together. Consider bundling your insurance through us; with options for home, auto, and term life insurance, we will work with a variety of carriers to make sure you get the best price for your coverage needs.