Home or House Insurance

Why Newlyweds Should Review their Home Insurance Policy

When newlyweds review their insurance policies, house insurance coverage should be given priority. Especially in circumstances where one of the couple has moved into the house previously inhabited by the other. In other words, if either the bride or the groom lived in the house and carried insurance, then once the other moves in with his/her belongings, the policy will not be enough to cover the contents. As the two merge their assets, it will become necessary to increase the coverage.

Additionally, once a couple marries, often they have received thousands of dollars worth of wedding gifts. These items might include expensive crystal, silverware, electronics, appliances and outdoor items such as patio furniture and gas barbecues. And of course, the wedding rings will need to be insured. Depending on the value of the diamonds or other stones, many rings will require a rider to the existing policy while others will fall below the dollar threshold and only require proof of appraisal. But if the house insurance policy is already in effect, it must revised to reflect all the new contents.

Contrarily, if the newlyweds plan on buying a home together, there are several factors which should be considered when choosing a location in order to keep the premium as low as possible. One of the most important things that the house insurance company will want to know about is fire protection. Specifically, how far away from a fire hydrant and how far away from a fire station is the house? The closer to both will be advantageous to the couple seeking house insurance. Likewise, is the house in a residential setting or commercially zoned area? Lastly, does the house have sufficient security such as deadbolts on the doors, smoke alarms installed throughout, carbon monoxide detectors in sleeping areas, and locks on the windows.

In addition to knowing how much the contents of the house are worth, newlyweds will need to asses their working conditions. If one or both work in the home and need insurance for their equipment such as computers and cameras, then the value of these items must be added to the total so that the replacement value can be determined. Similarly, a home based business may increase the premium. This is more true of businesses where the clients come to the home directly. Because an accident can happen, the residents will need public liability and possibly other types of coverage in order to avoid financial ruin. And be careful of pets when accepting clients into the home. This is one of the major claims today causing some insurers to limit the types of animals insured parties can own.

Furthermore, since mortgages require that house insurance is carried by the newlywed couple, a clear and concise budget should be drafted before purchasing a home. And they must ask themselves whether or not they can afford the monthly premiums, in addition to other household expenses. Even if the house insurance premium is paid twice a year or even once a year, the money must be saved to cover the cost.

As one can see, there is much for the newlywed couple to consider in regards to their house insurance once the wedding day is over.

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