Thursday, April 03, 2014

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:

• Checks for losses will be made out to both parties, regardless of whose property was damaged.

• One party can remove the other parties name from the policy without notice (in most states).

• Insurance companies may require proof that each party owns some part of what is being covered.

• If the homeowners/renters policy is in the name of only one of the partners, only that partner and his/her belongings are covered, so it is important in this case to be sure to list both people on the policy.

• You may also get a "muilti-policy discount" on your auto insurance as well!   Ask us about shared Homeowners  or Renters Insurance.

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:

• Schedule (add) the ring to an existing homeowners/renters policy (yours or a parent’s)

• Buy a separate jewelry policy

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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