When couples exchange vows, combining their existing insurance policies doesn’t typically rank high on the post-wedding to do list. However, combining policies as a married couple can amount to savings that may have you calling your agent the second you say “I do.” Being listed as married versus single can decrease your rates up to 50%. Make sure your agent is on speed dial.
This drop in rates occurs for several reasons. Once you are married, insurance agencies view you as settling down and therefore a lower risk. Additionally, once two people are married, in most cases, the insurance agency will pull credit scores on both spouses and use the better of the two scores found. This could mean dramatic savings.
This may be a good time to shop your insurance, as well, since you are now both starting a new chapter of life together. If you are looking at purchasing a house together, a quality agent can coach you through the process of comparing homeowner’s insurance rates for older homes vs a newer homes. Often times, newer homes come with significantly lower premiums than older homes. This could mean budgeting more money toward a newer home versus budgeting that money toward insurance costs.