Spring is for Weddings

When a couple gets married two lives become one. They’ll share a lot of expenses like flowers, dresses, a venue, and honeymoon. And, they may also share savings by insuring their automobiles on the same policy, plus a home/condo/renter policy may give them a lower premium for multi-car and multi-policy discounts. Now is also the time to plan for the future and consider life insurance needs to help protect your future.

For domestic partners it’s a bit more complicated.

Since insurance and domestic partnership laws are different in each state, it’s best to consult with a financial advisor or lawyer who is familiar with laws affecting domestic partnerships in your state. Here are some general insurance tips for domestic partners to consider: 

Auto Insurance

The most practical approach to getting insurance is to have both partners named as insureds on the policy and if there are multiple cars in the household, have them combined on the same policy whenever possible. If financing is involved and both names are on the loan, this will determine how the vehicle is titled at the time of purchase. Most auto insurance policies have one person as the primary driver and others in the household who regularly use the car as secondary drivers. Depending on the insurance company and the laws in your state, a discount may be available to domestic partners involved in a long-term relationship. Some insurance companies will offer a discount; others don’t. So compare coverage and rates of several companies to see what’s available.

Home Insurance

If one person owns the home and is named on the mortgage or the deed, the other should have separate renter’s coverage to protect his or her personal possessions. Always keep receipts, especially for large purchases. Receipts will be a huge help in the event of a claim, so will a complete inventory. You may want to visit our inventory page for helpful information when preparing a home inventory. Insurance is necessary to cover personal property and liability for renters and condo dwellers, so if you fall into that category, don’t cut corners on this important coverage. 

Life Insurance

Is your domestic partner dependent on your income? Are you dependent on your partner’s income? Do you have children? If the answer is yes to any of these questions, consider purchasing a life insurance policy naming your partner as the beneficiary. When determining how much coverage you need, you should consider lost income, outstanding debts, such as a mortgage, and estate costs. It’s good to know you both have the protection you need (and any discounts that brings) as you move forward with your new and exciting life together.

Read more about other life events and how these could affect your insurance needs. 

Make sure you have the right coverage for the season of life you’re in. Come talk to us and make sure you have the insurance that’s right for you.

The content of this article is for informational purposes only. AAA does not guarantee any particular outcome.