A change of status from single to married or vice versa could have an effect on your home insurance. When people marry, they usually combine two households, increasing the amount of goods that need coverage. As a result, you may need to increase your policy limits to get accurate protection. In the case of divorce, you may need less coverage due to a spouse leaving with his or her personal effects. Here are a few ways a change of status can impact your home insurance policy.
Marriage
If you and your new spouse bundle your home and auto policies, you could qualify for a discount on your premium, saving you money on insurance costs. This savings could be invested in increasing coverage limits to protect your combined households.
An increase in personal property will require more coverage, especially if your spouse brings valuable goods into your Monroe, CT home. At Fida Insurance Group, we can help you personalize a homeowner’s policy that meets you and your spouse’s needs.
As newlyweds, you may also want extra liability coverage to protect your combined assets. Umbrella liability insurance will protect such assets as your home, vehicles, rental properties, etc. against major claims or lawsuits.
Divorce
Divorce will require that you alter your policy to reflect changes in your household. If your spouse leaves with his or her personal effects or you divide furniture or other assets, you could reduce property coverage to save on insurance costs. If both of you are listed on the policy, you’ll need to make changes to ensure you’re still covered once the divorce is done.
By discussing upcoming status changes with your Fida Insurance Group agent in Monroe, CT, you can avoid problems in protecting your property. We’ll do all we can to ensure a smooth transition in your home insurance coverage.
