Wednesday, March 4, 2015

5 Insurance Tips for Newlyweds

With everything that goes into a marriage, from the wedding planning to moving in together, sometimes insurance coverage can slip through the cracks. It's easy to get wrapped up in the excitement, failing to fully think through all the financial implications of joining lives. Newlyweds have a lot to consider when it comes to updating their insurance and making sure everything is covered. Your Lake of the Ozarks insurance agent brings you these 5 insurance tips for newlyweds:

1. Review Health Insurance Options

While you may think you don't need health insurance or can't afford it, the truth is no one can afford to go without it. When illnesses develop or emergencies pop up, the medical costs can quickly add up. You don't want to have to worry about money when you are dealing with serious issues. Marriage is a qualifying event for bringing someone (and their dependents) onto your group health insurance plan. However, typically you must make this change within the first 30 days of the qualifying event or else wait until the next open enrollment period. Be sure to review all of your options as each situation is unique.

2. Purchase or Update Life Insurance

Typically it takes a big life event, like a marriage, to really think about life insurance. If you don't already have a policy for yourself, now is the time to get one. Now that you are married, you have a financial obligation to your spouse and any children you have. To determine the amount of life insurance at the Lake of the Ozarks that you will need, consider future income potential, the cost of raising kids and any outstanding mortgage. Remember that even if income is not a concern, having life insurance will help pay for the expenses in the event of a death. If you already have a life insurance policy, now is the time to update beneficiary information and consider adding additional coverage to increase the death benefit amount.

3. Combine Auto Insurance

When it comes to combining your car insurance, there are several factors that go into determining the premium. Finding out after you're married, that your new spouse has a problem with speeding can come as a shock to not only you, but also your Lake of the Ozarks auto insurance premiums. If both of your driving records are clean, combining your car insurance policies could be a great way to save some money for bundled policies and also to ensure all drivers are covered on all vehicles. Combining home and life insurance policies, along with car insurance can add even more of discount.

4. Evaluate Homeowners Insurance

When purchasing a home together, one thing to consider is the insurance costs. Homes that are less than 10 years old or have been completely renovated within the last 10 years cost less to insure. If your home is made of fire-resistant materials, like brick and masonry, you could save even more money. If you're thinking about purchasing a fixer-upper, be sure to consider the home's replacement value. As you research coverage, think about what the structure offers today and what it will offer tomorrow. In addition to location, construction type and square footage will likely impact the premiums of your homeowners insurance at the Lake of the Ozarks.

5. Take Inventory of Personal Property 

Once you move in together, you'll generally want to take out a joint policy that covers not only your residence, but also all of your belongings. Much of your possessions can be covered automatically under your homeowners policy; however, it is important to take inventory of your items to help you decide on how much insurance to purchase. Be sure to consider items that may not be covered under a basic policy, such as your engagement ring or any expensive wedding gifts you may have received. You may need to add supplemental coverage to make sure everything is fully insured.

It is important for newlyweds to take the time to organize their Lake of the Ozarks insurance needs as a single unit. Doing this will ensure you're protected and that you're getting the best value for your needs. Starting a new life together will be an exciting adventure, but be sure to take care of all the details involved in becoming a married couple. Insure the Lake is here to help with all of your insurance needs. Contact us today at 573-348-2794.

Contact Insure the Lake today for all your Lake of the Ozarks life insurance needs! 

About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC

3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral

T: 573-348-2794
F: 573-348-0191