Should I Be On My Spouse’s Home Insurance Policy?
When you are married, home insurance is another thing you will want to share. So make sure your name is added to your spouse’s homeowners policy. You live there now, and your possessions are there so you may as well add your name to the homeowners policy.
What if you both own a home or a condo before you got married? Moving into one residence will save you money on homeowners insurance, mortgage payments and property taxes. Once you sell your old place and move your possessions into your spouse’s place, you’ll want to be added to your spouse’s homeowners insurance policy. So call your spouse’s insurance company right when you move in.
You’ll also want to look at any coverage adjustments that may be needed. Bringing a lot of new electronics into the house may mean higher coverage limits. So discuss any changes with your spouse and then reach out to the insurance company. Be sure to let the insurance company know that you are married since being married may lead to a lower insurance rate. So spread the good news about your happy nuptials! It could save you some cash on your homeowners insurance.
Buying Your First Home Together
Were you both renters before you got married? Are you finally ready to buy a home together with your spouse? If you’re purchasing your first home together, you’ll want to look at homeowners insurance pretty early on. How much home insurance coverage do you need to cover your joint possessions? Most mortgage lenders will require you to have a homeowners policy in place before you close on your new home. You may be expected to pay a year’s insurance premium upfront. That may be a big amount coming out of your savings. So be sure to check how much you need to pay for your homeowners insurance policy. Don’t forget to get both names on a homeowners insurance policy. You’re married now, no more flying solo.
When You Both Have Homes
If you both owned your own homes before you got married, you have lots of important decisions to make. Will you move into a house that you or your spouse already own or will you be shopping for a brand-new home together? If you own your own home, you already have a homeowners insurance policy with its own coverage limits and premiums, which should be adjusted. If you decide to sell your home and move into your spouse’s home, you’ll want to have your name added to the homeowners policy on your spouse’s home since you will be living in the house and you are bringing your possessions with you. You’ll also want to discontinue your old homeowners insurance policy once you sell your house.Find Home Insurance Coverage
Bundle Your Homeowners Policy
Looking for a way to save money on your homeowners insurance? Bundle your homeowners insurance policy and save. If you already have car insurance with an insurance company, choosing that insurance company for your homeowners insurance will save you money. So bundle your homeowners insurance with car insurance and save money on your homeowners insurance.
Shopping Around for Homeowners Insurance
Shopping around for home insurance is another smart, money-saving strategy. So compare home insurance offers from several insurance companies before choosing the one with the best terms and rates. SmartFinancial makes it easy to do. You’ll be able to compare home insurance rates for single family homes, multi family homes, townhomes and condos. So choose the type of home insurance you are looking for and SmartFinancial will do the rest, delivering home insurance rates and quotes. SmartFinancial has access to more than 200 insurance companies so you are bound to find the home insurance coverage and rate that you are looking for.
Why Married People Save on Homeowners Insurance
With homeowners insurance, you may pay less on your insurance after you get married because married people are less likely to file home insurance claims. How much will you save on your homeowners insurance upon getting married will depend on your policy and your insurance company. So let your insurance agent know that happy news.You will save money on your home insurance policy once you do.
Insuring that Engagement Ring and Other Belongings
Once you move in together as a married couple, it makes sense to insure your combined personal belongings such as clothes, electronics and furniture into a single homeowners policy. What about that expensive engagement ring? Adding a personal property rider to your homeowners insurance policy is a good idea. You want to be protected if something happens to that ring. As mentioned, make sure both names are on the homeowners insurance policy. You want to be listed as a named insured now that you are living in the house.
And this can’t be emphasized enough, review the limits of your existing homeowners insurance when a spouse moves in. Are new limits needed to cover the new items in the household? It is an all new beginning for the two of you together. Your homeowners insurance may need to be updated to reflect the changes that accompany your happy marriage news.
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At the top of the list, is reviewing insurance policies. Are you getting the coverage you need at the price you want? If not, it may be time to change policies. Need a different price? Shop around for better offers.
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