Homeowners Insurance

What All Newlyweds Need To Know About Insurance

Date: January 29, 2020 Author: Rinehart Insurance
newlyweds

newlywedsChoosing insurance may not be as romantic as deciding where to go on your honeymoon, but it is one of the most important things you can do as newlyweds. Although most couples are aware of the need to readdress their insurance needs when they get married, there is a disconnect between that awareness and whether they take action.

Use the considerations in this article as a way to start a discussion about your insurance needs. Rinehart, Walters & Danner can then help you narrow down your options.

Auto Insurance

If you and your spouse have separate auto insurance policies, it may be wise to combine them. Get quotes from each of your carriers, and shop around to see if any others offer multivehicle discounts.

Life Insurance

Newlyweds who both have jobs and are not yet dependent on their spouse’s income may not see the need for life insurance. However, as they build their lives together, that dependency grows. If you’re young and healthy, you can benefit from getting life insurance early in your marriage. Typically, you can lock in better rates than if you were older. Remember that the older you get, the higher the rates, so don’t put it off for too long.

While life insurance is less urgent for young couples who are both working and don’t have children, it is important for newlyweds with only one working spouse or those who have children from a previous marriage to purchase life insurance early in their marriage.

If you already had life insurance prior to tying the knot, don’t forget to add your new spouse as a beneficiary.

Disability Insurance

Young people are more likely to become disabled than die prematurely. In fact, more than half of Americans identified as disabled are in their working years—between ages 18 and 64— according to the Council for Disability Awareness.

Disability insurance is historically inexpensive, and can pay you between 50%-70% of your regular monthly income if an accident, illness or injury prevents you from being able to work. If your employer doesn’t offer disability insurance, you can purchase it on your own. This coverage can be critical for you and your loved ones.

Health Insurance

Don’t make the mistake of declining health insurance, even if you and your spouse are healthy. An illness or emergency can cause newlyweds financial hardship that could have been prevented with health insurance. If you and your spouse both have health insurance through your employers, you can maintain separate plans, but it may be cheaper to be on the same plan. Doing so can help you reach your annual deductible more quickly.

Certain life events, such as marriage, allow you to join your spouse’s plan as long as it is within the required time frame. If you decide to share a plan, compare both employers’ coverage and costs to determine which plan best fits your health needs and finances. Be sure to consider each plan’s deductibles, coinsurance, copayments, coverage limits, prescription coverage and choice of health care providers. Remember that if you have a preferred doctor, you’ll want to make sure he or she is in your network.

Don’t panic if employer-sponsored health insurance is not an option for you. Coverage is available to everyone through the Affordable Care Act. You can visit https://www.HealthCare.gov to review and select a plan through the health insurance marketplace, either during open enrollment or within 60 days of getting married. Or, you can contact one of our health insurance specialist and they can assist you with this process. Timing is restrictive so it is important you check into this promptly. 

Renters Insurance

If you rent your living space, you should consider renters insurance to cover the value of your possessions. If you already have renters insurance, don’t forget that you have more to lose now that you have combined belongings, such as furniture, electronics and jewelry. Consider increasing your limits on personal property coverage, which pays to replace or repair items that are stolen or damaged.

Homeowners Insurance

Homeowners insurance is similar to renters insurance, but it covers more than just your possessions. It also covers your home in case of fire, theft or other perils. Both renters insurance and homeowners insurance also provide liability coverage.

Shop Around for Coverage

Addressing your insurance needs early provides a solid foundation for your marriage. Review your financial situation and objectives with your spouse. Then contact Rinehart, Walters & Danner to help you find sufficient coverage within your budget. 

Weather Damage and Your Home Insurance Policy; What You Need To Know

Date: January 8, 2020 Author: Rinehart Insurance
Weather damage

Weather damageWhen you purchase a homeowners insurance policy, you anticipate most weather related damages to be covered. Well, that is not necessarily the case. Depending on the terms of your home insurance policy, some weather-related damages may not be covered. Understand your homeowners insurance policy before a claim happens is extremely important.

To ensure you have sufficient coverage, you must first understand what weather damage claims are typically covered under a standard home insurance policy.

What is typically covered?

Perils typically covered under your insurance policy include:

  • Lightning strikes. Lightning may result in severe smoke or fire damage. Or cause power surges that can damage appliances or electronics in your home.
  • Hail, wind and fallen trees. All three can lead to a variety of damages to your home that are typically covered under a homeowners policy.
  • Frozen pipes. Frozen pipes and a small variety of other water-related damages may be covered under your insurance policy. The source of the water can determine your insurance coverage.

What is typically excluded?

Perils often excluded from your insurance policy include:

  • Sewer backups and flooding. Certain water damage that may be due to negligence will typically not be covered under your policy.
  • Hurricanes, floods and earthquakes. Most natural disasters are not covered under a standard home insurance policy. However, you may be able to purchase separate policies if certain disasters are common in your area.

What can I do?

Talk to your agent today to determine what weather damage is covered or excluded under your homeowners insurance policy. There may be additional overages you can purchase to cover excluded perils. Understanding your policy can help reduce stress in the unfortunate event that you do have a claim. Dealing with a claim is stressful enough. Dealing with a claim and finding you have no coverage is just horrible! We want to help make sure that does not happen to you. 

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