When couples get married or form a blended family, there’s a lot to think about: combining finances, merging households, and planning for the future. But one important detail that often gets overlooked is reviewing your insurance coverage. Life events like marriage or combining families can change your financial responsibilities and protection needs.
Here’s a checklist to help ensure you and your loved ones are properly covered:
1. Review Your Home or Tenant Insurance - If you’re moving in together or buying a new home, review both of your existing policies.
- Make sure the home or renters’ insurance reflects joint ownership or tenancy.
- Update the contents coverage to include all your combined belongings — from furniture to valuables.
- Check limits for items such as jewellery, collectables, or watercraft, and consider adding riders or endorsements for high-value possessions.
2. Update Your Auto Insurance - Combining vehicles or adding drivers means updating your auto policy.
- Notify your broker of any new drivers, vehicles, or addresses, as these can affect your premium and coverage.
- If you now share a vehicle, ensure both partners are listed drivers.
- Ask about multi-vehicle discounts or bundled home-and-auto savings.
3. Life and Health Insurance - Marriage or blending families often means more people depend on your income.
- Review your life insurance beneficiaries and coverage amounts.
- Consider adding coverage to help protect your new spouse or children from financial hardship in the event of illness or death.
- If you both have employee benefits, compare your options; sometimes, combining coverage can save money or provide better protection.
4. Protect Your Family’s Future - If you have children from previous relationships, ensure your beneficiaries and wills align with your current wishes.
- Confirm that all dependents are properly listed on policies.
- Review any trusts, guardianship plans, or estate arrangements to avoid conflicts later.
5. Reach Out to Gibb Insurance Brokers - Every situation is unique, especially in blended families. A Gibb Insurance professional can help you:
- Identify potential coverage gaps.
- Suggest discounts or bundling opportunities.
- Provide peace of mind that your new household is fully protected.
If you’re experiencing a change in your family life, be sure your insurance grows with you, so you can focus on building your life, worry-free. 519-736-8228