Insurance Advice for Newlyweds

(WMS) - Congratulations! You've just tied the knot and are settling into your new lives as husband and wife. To help make married life a little more secure, all newlyweds should take steps towards financial freedom by assessing their personal insurance needs. Let's start with the car or cars you drive. If you each have a car registered in your own name, consider combining them under one policy. Most insurance companies offer a discount for insuring multiple vehicles under one policy.

Insurance rates are typically lower for married drivers, so make certain that your insurance agent or insurance company representative is aware of your change in marital status.

Now, let's move on to those expensive wedding gifts and the furniture you've bought for your new life together -- not to mention your beautiful ring. Have you considered what would happen if any of these valuables were stolen or lost in a fire? Now may be a perfect time to consider purchasing property insurance for your home or to reassess the coverage that you currently have.

The main purpose of homeowner's insurance is to protect your home and your personal property from fire, theft or other damage. Most lenders require homeowner's insurance to get a mortgage.

Couples who rent should consider getting renter's insurance to cover the value of their possessions. As you combine households, it's probably a good idea to get one policy that covers both of your possessions.

Whether you own or rent, you want to be sure your policy also provides liability coverage if you are sued for negligence in or out of your home. Your homeowner's or renter's policy should become effective the day you move in to your new home.

It's important to keep in mind that most homeowner's and renter's policies have a limit on jewelry coverage (usually $1,500); therefore you may need to add additional coverage -- called a rider or endorsement -- to your policy to cover expensive engagement and wedding rings.

"Assessing and addressing your insurance needs early on will help carry you over the threshold towards financial stability," says Michelle DeWine, MetLife Auto & Home's vice president of corporate marketing. "Determining what insurance coverage is right for you is an important step, and can save you a lot of grief in the long run. In all cases, your best bet is to place a quick call to your insurance carrier or local agent shortly after the honeymoon ends."

MetLife Auto & Home, an affiliate of MetLife, Inc., is a personal lines property and casualty group. For more information about MetLife Auto & Home, contact your local MetLife Auto & Home provider or authorized Independent Agent or visit MetLife's Web site at www.metlife.com.