Whether you’re starting a new chapter together or going your separate ways, big relationship changes often mean it’s time to rethink your insurance coverage. While it’s not always the first thing people think about, adjusting your coverage is key to making sure your home, car, and personal belongings stay protected.
Knowing what to review can take some of the stress out of the transition. In this article, we’ll walk you through the key insurance updates to consider when your relationship status changes. Your insurance agent can also help you review your policy to make sure there are no coverage gaps—and that you’re getting all the savings you’re eligible for.
Getting Married?
Marriage is about more than joining lives. It often means sharing homes, cars, and finances. When it comes to insurance, that can actually be a big plus. Bundling policies, adding multiple vehicles, or updating homeowners or renters coverage can lead to savings and simpler management. It’s a great time to streamline your coverage and take advantage of potential discounts.
Bundling Policies for Discounts
When you and your spouse combine insurance policies, like auto, home, or renters, you could unlock valuable multi-policy discounts. That can lead to noticeable savings on monthly premiums. For example, if you and your partner each have separate auto insurance policies, combining them into one could qualify you for a multi-car discount, plus save you time managing fewer bills.
Updating Your Homeowners or Renters Insurance
When moving into a shared home, it’s important to update your homeowners or renters insurance to include both names and reflect your combined household. Take time to review your personal property coverage and update your home inventory to account for any shared items. If you received high-value items as wedding gifts, talk with your insurance agent about whether additional coverage might be necessary.
Auto Insurance Adjustments
If you’re sharing an address, most insurance companies will want both of you listed on each other’s auto policies, even if you drive different cars. It’s smart to reach out to your agent and ask about the best way to combine your coverage for simplicity and potential savings.
Going Through a Divorce?
Divorce brings its own set of challenges, and revisiting your insurance policies is an important part of the process. Separation usually involves dividing up assets, which means your insurance needs will likely change.
Separating Auto Insurance Policies
Once you’re no longer living at the same address, you’ll need to separate auto policies. Make sure both parties have their own vehicle titled and insured individually. While you’re at it, review your coverage limits and deductibles to ensure your new policy still fits your needs and budget.
Updating Your Homeowners or Renters Policy
If one person is staying in the home, make sure the insurance reflects the current ownership. If the home is being sold or you’re moving out, you may need to switch to a renters policy or create a new homeowners policy for a different property.
Reviewing Personal Property Coverage
Dividing up belongings also means adjusting what’s insured. Be sure to remove items you no longer own from your personal property coverage. It’s also wise to reevaluate the value of your remaining belongings and make changes accordingly.
Steps to Update Your Insurance
In summary, whether you’re beginning a marriage or navigating a divorce, here are the key steps to take to make sure your insurance coverage is keeping up with your life changes:
- Notify your insurance agent of your change in marital status
- Combine or separate auto insurance policies
- Update homeowners or renters insurance to reflect living arrangements
- Reassess personal property coverage for high-value items or divided belongings
Your local Farm Bureau Insurance agent is ready to walk you through these updates and any other changes life may bring. Talk to an agent today to make sure your coverage is current and protecting what matters most.
Disclaimer: The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts.
