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Home or Renter’s Insurance

Couples who rent should consider obtaining renter’s insurance to cover the value of their possessions. As you and your new spouse combine households, you’ll want to drop one policy, making sure that the remaining one covers both of your possessions. A renter’s policy also includes liability coverage. Your renter’s policy should become effective as soon as you move in, particularly if you are not living together yet.

The main purpose of homeowner’s insurance is to protect your home and your personal property from fire, theft, and similar perils. In addition, homeowner’s insurance, like renter’s policies, provides liability coverage as well. Most lenders require homeowner’s insurance in order to get a mortgage.

Keep in mind that since most homeowner’s and renter’s policies have a limit on jewelry coverage, you may need to add a rider to your policy to cover expensive engagement and wedding rings.  Remember, assessing and addressing your insurance needs early on will help get your marriage off on the right financial footing. To get started, you should carefully review your financial situation and objectives.

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