Just Married? Time to Review Your Insurance Coverage

Review Your Insurance Coverage

Photo by Artur Aldyrkhanov on Unsplash

Now that you’ve opened the presents and returned from your honeymoon, it’s time to consider some of the changes getting married will bring to your financial life. For instance, if you haven’t done so already, you should review your insurance coverage, compare and consolidate your insurance policies. Good news—you may get a discount just for being married, because many insurance companies consider married people a better risk than single people.

Review your existing coverage

 

  • Car insurance

Compare your car insurance policy limits and coverage. It may be less expensive to combine all your vehicles onto one policy because you will be eligible for a multi-car discount. Get a quote from each of your car insurance companies to see which is the better deal. If you change policies, make sure new coverage goes into effect before the old coverage is cancelled so you don’t have a lapse in coverage.

 

  • Homeowners or renters insurance

If you’ve been living separately, you may have both been carrying homeowners or renters insurance. You should be able to cancel one policy if you no longer own or rent that second home, but make sure the policy you’re left with is appropriate for your needs. 

For example, you may need to increase your personal property limits now that all your belongings are under one roof. You may also need special coverage for high value items like your wedding and engagement rings, high-end electronics, or expensive wedding gifts.

And remember to officially add your spouse to your policy!

 

  • Health insurance

Now that you’re married, you have a limited time to enroll in a new health plan or join a spouse’s plan—usually 60 days. If either or both of you have employer-based plans offering spousal benefits, you’ll want to compare these three scenarios: you each keep your current plan; you join your spouse’s plan; your spouse joins your plan. Ask questions about monthly premiums, deductibles, and other out-of-pocket costs. If you don’t have health insurance through work, you can buy or change your coverage through your state or federal exchange. See healthcare.gov for more details.

 

  • Life insurance

Consider buying life insurance—even if neither of you have children. The death of one partner could lead to financial difficulties for the surviving spouse if you have bills or a mortgage one person can’t afford on their own.

One more thing: be sure to update your beneficiaries and emergency contacts.

 

Need help? We’ve got you covered!

Feeling overwhelmed? Don’t be! Your friendly Lakewood Financial agent can help you make sense of it all. Whether you’re an existing client or a new one, we will be happy to help you sort through your options. As an independent agency, we represent many financially sound insurance companies and will help you make the best choices for your financial situation. Call us today at 941-747-4600, or email us for a car, home, renters, health, or life insurance quote. 

 

Need to Insure a Boat? Check Out American Integrity Small Boat Owners Insurance

small boat owners insurance

Image by Achim Scholty from Pixabay

We’re lucky in the Sarasota/Bradenton area to be able to enjoy our boats and water sports nearly year round. But before you hit the bay, lake, or river, do you have the insurance coverage you need for your boat? Even if you don’t have to carry insurance to satisfy a lender, many marinas require proof of boat insurance before they will allow you to dock, and you should also have coverage in place to protect your liability.

As an independent insurance agency, Lakewood Financial represents many quality insurance carriers—not just one. From time to time, we’ll draw attention to one of our carriers and what they specialize in. This month we want to introduce you to American Integrity, an A-rated, Tampa Bay-based insurance company, focused on insuring Florida consumers. Today we’ll discuss their special small boat owners insurance program, and later in the month, we’ll share information about their excellent homeowners insurance program.

Small watercraft

American Integrity’s small boat owners insurance is specifically designed for small watercraft (up to 30 feet with underwriting approval), including sailboats, bass boats, pontoons, cruisers, and personal watercraft such as Waverunners and Jet Skis. Some features of the program:

  • Boat policies can be written with hull coverage, liability coverage, or both
  • Boat policies can be written on an Agreed Hull Value or Actual Cash Value basis
  • Boating Liability coverage can be purchased up to $500k as a Combined Single Limit or Split Limits
  • Boat policies can be written with a maximum of two owners with an endorsement
  • Uninsured Boater coverage is included with the Boating Liability limit, but can be excluded for a reduction in premium
  • Fuel spillage coverage is included
  • No need to file a navigation plan with them

In addition to the above, American Integrity offers optional coverages, including Bahamas coverage, mechanical breakdown, medical payments, personal effects, and supplemental liability for boats you rent.

Discounts available

To lower your premiums, American Integrity offers several types of discounts, including ones for taking safety courses (state-certified, U.S. Power Squadron, U.S. Coast Guard Auxiliary, or U.S. Coast Guard’s Captain’s License), as well as a multi-program discount if you have your homeowners insurance with them.

If you’d like to see if an American Integrity small boat owners policy is right for you, please call us at 941-747-4600 or email us for a boat owners insurance quote.