Now that everyone can enjoy the legal and financial benefits of marriage, the initial rush to the courthouse is over. Many couples are now left to wonder, “what do newly married same-sex couples need to know about insurance?” Mostly, it’s the same thing any newlywed insurance would be reviewed for, but it’s important to make sure your coverage does what you think it does!
1) On a renters or homeowners insurance policy, the “named insured” is defined as “named insured, resident spouse or resident relative.”
This means that your spouse is now considered to be a named insured right along with you. They will enjoy the same benefits, rights, and obligations under the policy that you do. Regardless of being same-sex newlywed or not, a marriage partner = named insured.
2) Most National Insurance Companies Offer Married Discounts
Same-sex newlyweds are able to get many of the same offers available to any newlywed. Many insurance companies have chosen to offer discounts to anyone who is married. However, this may not be true for all smaller companies, so it pays to ask the question.
3) If You Maintain Separate Auto Policies, Your Claim May Be Denied
Combine your auto policies or list each other as drivers on each policy. If you don’t, there’s a potential for claims denial because your spouse is generally considered to have regular access to your vehicle. Failure to combine policies (or list each other as drivers, which is usually more expensive than one policy), may result in claim denial. This is because an “undisclosed household resident” was driving the vehicle. This is not a risk you want to take.
4) The Way Your Home Is Deeded Or Your Apartment Is Leased Can Impact Your Insurance
In some states, in order for both parties to have equal rights to a home, it has to be deeded as joint tenants in common with right of survivorship. It’s worth a phone call to your lawyer to make sure that your recent marriage doesn’t impact who owns how much of a house, or who has what rights to a lease. Once you answer those questions, you can make sure that everyone involved is properly insured.
5) Make Sure Wedding Jewelry Is Listed On Your Renters Or Homeowners Policy
Newlyweds are spending more than they used to on wedding bands and engagement rings, and they aren’t cheap! It’s important to make sure your insurance covers them. Many policies have limits for jewelry in the $1,000 to $1,500 range if it’s not separately declared. If you experience a loss and your jewelry isn’t included in your policy, you might find yourself in a bad position.
6) Your Liability Risk Is Now Inextricably Tied Together In Ways That Were Never Possible Before
Now that you’re a same sex newlywed, your liability risk is in large part applicable to both of you. If one of you is careless with a cigarette and causes a fire, you both could be sued and held liable for the damages. It’s crucial now to evaluate your lifestyle and risk tolerance now that you are both responsible for each other.
7) Just Like With Any Other Life Change, Ask About Price And Coverage
You wouldn’t move without letting your insurance company know, or without asking how the coverage is impacted by your new home. By the same token, your insurance company should be one of the first to be notified of your marriage. Effective Coverage can update your policy and make sure you have the right coverage on the right things for your updated lifestyle.
For more information on how your insurance should be updated now that you’re married, call Effective Coverage at (800)892-4308 or click to get covered - whether you need renters insurance quotes online or coverage anywhere else!
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