Getting Married?

Know the Gaps

The 3 Insurance Gaps Every Couple Should Know

Tying the knot? Getting hitched? Taking the plunge?

Whatever you call it, marriage is an amazing, transcendent, and beautiful thing…with a whole lot of implications.

If you’re preparing to walk down the aisle, or even if you’ve recently thrown the bouquet, it’s important to remember a few key pieces of business to take care of, between planning the seating arrangements (remember Uncle Joe cannot sit next to Cousin Steve!) and trying wedding cakes.

1. Make sure to cover the ring

If you already have homeowners, renters, or condo insurance, it’ll typically cover your personal possessions (up to the specified limit). But that’s not usually the case with rare or valuable items, like say, your gorgeous engagement and wedding rings.

Imagine if something happened to them? Besides the massive monetary loss, think of how much trouble you’d be in! Without proper coverage, you might be sleeping on the couch for the rest of your life.

That’s where insurance floaters come in. For example, a personal article insurance floater is used to insure certain scheduled personal property such as your unique or valuable items, beyond what’s provided in your underlying homeowners, renters, or condo insurance. They’re perfect for wedding and engagement rings, and are great at filling gaps in your coverage.

2. It might be time for Life insurance (or more Life insurance)

Marriage means you can always rely on each other. But your spouse is probably relying on you for more than just love and affection. Maybe you’re sharing expenses, maybe you’ve bought a home together. Whatever the case, most likely, you’re relying on each other for financial security too.

That’s why life insurance becomes so much more important after you get married. It’s crucial to protect your family from financial hardships, should anything happen to you. Especially if you start a family, without enough life insurance, your lost income could dramatically affect their future.

Even if you already have life insurance through work, or a personal life policy, your existing limits might not be enough for you, now that you’ve tied the knot. It’s a good idea to review your changing needs with a Farmers Agent to prevent any possible life insurance gaps.1

3. Buying a home together? Make sure it’s fully covered

Almost as big a decision as getting married, deciding to buy a home together is another game changer. Not only is it a major investment, but it comes with a host of extras to consider…including homeowners insurance.

When deciding on homeowners limits, one factor to consider is the true cost to rebuild your home, not just the price you paid for it. This is a common misconception, which may lead to a homeowners insurance gap.

With love comes marriage, and with marriage can come a slew of life changes. So before the big day, speak to a Farmers agent to help you identify and possibly fill some of marriage’s biggest insurance gaps.

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

1 Life insurance, annuities and accidental death insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040.
* Securities offered through Farmers Financial Solutions, LLC, 30801 Agoura Rd. Bldg. 1 Agoura Hills, CA 91301. Member FINRA & SIPC.
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