Are You Tying the Knot or Planning to Cohabitate This Year?By John Voket Spring is here and love is in the air—that means there will be a lot of plans being made to share the rent or to tie the knot in 2014. So I tapped the Insurance Center Associates of Southern California, and the company's Insurance Info Center to pass on some good, free advice on issues tied property insurance for folks planning to marry or share a household. According to Insurance Center Associates, unmarried partners can often save on homeowners insurance and share a homeowners/renters insurance policy. The benefit is that purchasing a joint policy can reduce premiums. There are however, a few considerations:
Your insurance agent could also be your fiance’s best friend. While jewelers commonly recommend you invest 2-3 month’s salary in an engagement ring, when an investment is as expensive and emotional, insuring its repair or replacement is prudent. Most homeowners/renters policies provide limited replacement coverage for jewelry, so you will probably need to buy additional insurance. Consider these options:
In either case, you will need an appraisal and a description of the ring, which a reputable jeweler can provide at the time of purchase. And remember, once of if you get married, most insurance companies offer a “marital discount” when couples combine their separate auto policies into one. The discount can be even more favorable when the auto policies are combined with a homeowners/renters policy.
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