Insurance and Marriage

Usually when two people get married all they are concerned about is how much they love each other and how much fun their honeymoon is going to be and life as man and wife thereafter.

However, it is also important to consider when getting married how a union will affect things in your lives that you may have taken for granted as single or unmarried people.

Take insurance, for example. In the old days people used to leave home only when it was time to get married and they relied on the generosity of wedding gifts and cash to help set them up in house and home.

Today, however, most couples who get married either already live on their own in flats, houses or complexes filled with their own furnishings and belongings, or they have lived together for some time before tying the knot.

The point is to ensure that after your marriage, no matter what your situation before, that you and your spouse are properly and comprehensively insured. With the excitement and build up surrounding a wedding, there is generally scant regard for such mundane issues as insurance.

Which is why it is a good idea to discuss post-marriage insurance well before your wedding day. It is important to always be correctly insured to ensure that all your assets are comprehensively covered and protected at all times.

It is also important to contact your insurer and find out what the implications are of having your possessions separately insured as well as having them jointly insured.

For instance, if possessions are separately owned but at a common residence with a single insurance policy, it is a good idea to have the insurance policy issued in joint names until the wedding.

Should your possessions be kept at different residences, it is recommended to continue insuring separately. It is most common that people living apart are insured separately.

In addition, when going into a marriage and potentially a new home, make sure that your all of your insurance needs are up-to-date. In other words, keep a list of your possessions with their accurate replacement values (supported by receipts and accurate valuations if and where possible).

Don't forget to insure your engagement and wedding rings which can be specified on your all risks policy. Again, do not forget to hang on to all receipts and valuations.

In terms of your big day itself, remember to insure your wedding gifts if they are at given to you at a venue which is not at your home. You should be able to negotiate a provisional figure with your insurance company with the true values being established in the unlucky event of theft or loss.

And last of all good luck!