the Happily EngagedInsurance Advice for the Happily Engaged

Congratulations, we’re so happy for you!

Whether you’re moving in together, just got engaged or buying your first car as a couple, your insurance needs are going to change.

Who is the Happily Engaged?
How many Canadians?
Traits
isure Insurance Guidance
  1. The Immediate Stuff

    Make sure your new rings are covered on a Homeowner’s, Condo or Tenant's insurance policy in case it’s lost or stolen (this may be under your own or your parent’s policy). The average costs of a wedding ring is now about $2.3k and basic homeowner’s policies offer very little coverage for jewelry, so you may need additional coverage.

  2. Living Together

    If you live together before getting married, you likely assume you are insured for any property under one property policy. Mmmm, maybe. Even if both of your names are on the lease, your insurance coverage still needs to be properly set up and documented. If you’re not married, not having insurance leads to complications if there is a loss and people decide to break up.

  3. Shared Liability?

    If one future spouse has the policy in their name, the other prospective spouse may not be covered for personal liability coverage for situations that result in some kind of injury. It’s worth looking into your policies before a slip-and-fall at your Jack and Jill engagement party.

  4. Shared Belongings?

    If one person owns a home and the other moves in, his/her belongings may not be covered.

  5. Two Keys on the Car Ring?

    The future spouses may need to still have separate auto insurance policies if not married. However, they may be listed specifying on each other’s policy as a resident non-driver, excluded driver or occasional driver on each car. We know you asked a lot of questions about your partner before getting engaged (e.g. do you want kids, do you like to travel) but did you ask about driving record? Your rates may be affected.

  6. Shared Insurance Joy and The Good News

    Insurance providers love people who get married. In their mathematical minds, they offer less risk. Home, Condo or Tenants insurance gets easier and married couples can also see as much as a 25% auto insurance discount vs. having coverage as individuals. Trust isure’s registered brokers to provide you the gift of marriage savings in time for your wedding.

  7. The Magical and Insured Big Day

    Whether it’s in your friend’s big backyard, or at a banquet hall, make sure the people or business have the right amount of liability insurance. People have been known to get rowdy at weddings, and you don’t want to get stuck with the bill. Plus you want to insure all those wedding gifts are insured if they get stolen. You may want to take out valuables coverage to broaden your protection.

  8. Your New Life, and Your New Life Insurance

    Now that you’re married, some financial planning is in order. What would happen if one spouse died or couldn’t work again in their life? Could you get by? How dramatic of a lifestyle change would you need? Tough, but important questions.

  9. Have a Stress-Free Honeymoon

    For 5% of the cost of your trip, you can buy yourself some honeymoon peace of mind. People can be misguided thinking their travel carrier or credit card will cover their entire travel experience – check what’s covered and exclusions. Given the cost, emotional importance and perhaps exoticness of your honeymoon, make sure you are covered for trip cancellations and interruptions. Guarantee you are covered for: a bankruptcy of an airline or tour company, missed connections, baggage issues, emergency requirements and accidents before or during your honeymoon that might prevent continuation of travel. Also, make sure your insurance has a 24/7 contact number, emergency assistance and quick claims processing.