If you or your significant other just popped the question, there's plenty of work ahead to plan your life together. In addition to the wedding and post-wedding plans, don't forget to consider the implications of combining your households. From your car insurance to your health insurance, getting married can affect all of your coverages. 

Homeowners and Renter's Insurance

For some couples, one of the first decisions to make is where to live:

• Compare the premiums. Location and size are considered when calculating your premium.
• Premium rates on a home that has been insured for a long period may have more discounts.  Check your current policies for these discounts.
• Whether or not you're moving, get quotes from both your insurance companies. Make sure the quotes are for the same coverages so you're making a fair comparison.
• Make an inventory of all your belongings you'll be combining to determine how much coverage you'll need. Be sure to update your inventory with wedding gifts or items you purchase.
• If either of you have valuable items - artwork, collectables, jewelry - you may need a personal property rider on your policy to provide adequate protection.
• If you're choosing to add on to a current home to accomodate an expanding family, contact your agent. Also review your coverages if you're doing construction projects over $5,000.
• If you're adding outdoor play equipment such as a swing set, trampoline, or swimming pool, you may want to consider an umbrella policy to increase your liability coverage. This protects you in case someone is injured.

Cancelling a Policy

If you decide to cancel one of your current homeowners or renter's policies, cancel your coverage effective the first day you're no longer living there. That way if you're moving out in stages, your insurance continues for any possessions you leave there.

Most insurance companies will require you to submit a cancellation request in writing.  Talk to your agent to see how much notice you are required to give the company.

Leaving a home vacant while you're moving can change your insurance risk because vacant homes can be targets for vandalism or break-ins.  Insurers can impose coverage limitations once a home is vacant for a certain number of days. Check with your agent because you may be able to purchase an endorsement that provides coverage while the home is vacant.

Auto Insurance

With auto insurance, married couples have the option of combining their policies. Consider this when combining:

• If your spouse has a poor driving record, this could adversely affect your premiums. Talk to your agent about options like a named driver exclusion if you're worried about combining your policies.
• Your vehicle age and type affect your premium.

Newlyweds maybe eligible for new discounts. Some insurance companies consider married couples a lower risk and may lower your rates. In addition, if you combine your auto policies or add auto coverage with the same company as your homeowners or renter's policies, you may be eligible for a multi-policy discount.

If you or your spouse own motorcycles, boats, or other types of vehicles, be sure to contact your agent to see if both of your names are required to be added to the policy.

Life Insurance

It's never easy to talk about life insurance during such a happy time, but it helps secure your family's financial future.  It also helps ensure that your estate will be allocated to the beneficiaries you have cohsen. If you already have life insurance, you'll probably need to update your beneficiary information to include your spouse.

Information from National Association of Insurance Commissioners