New York State
James J. Wrynn Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 3/08/2010||FOR IMMEDIATE RELEASE|
Planning a spring wedding? If so, there are plenty of things to consider and one of them should be a careful review of your insurance coverage. From car insurance to health insurance, getting married can affect all of your insurance coverages.
The New York State Insurance Department recommends that consumers consider these issues when getting ready to tie the knot:
Homeowners’ and renter’s insurance – Deciding where to live is only one decision a new couple needs to make. Whether you’re staying in your current home or finding a new one, make sure your home and its contents are properly insured. If you need to buy insurance, shop for a policy by asking for quotes from several insurers. If you’re choosing to add on to a current home to accommodate an expanding family, call your agent. Always review your insurance coverage after any home improvement projects over $5,000.
Auto Insurance – Since all drivers in your household and the location of your home are used to determine your premium, it is important to inform your insurer when a new driver becomes a resident in your household and/or when you move. Most insurers consider married couples a lower risk than single drivers, and depending on the ages of the drivers, your insurance may cost significantly less. If each spouse has his or her own car, it is usually less expensive to insure both cars on one policy. However, if a spouse has a poor driving record, this could also affect your premiums.
Health Insurance – If you have group health insurance, you are allowed to add your spouse, and new dependent children, to the plan outside annual open enrollment because marriage is considered a qualifying major life event. Contact your benefits administrator to find out what you need to do. However, be aware - some insurance companies require formal notification of marriage within a certain number of days.
Life Insurance -- A life change - like marriage - can be a good time to consider life insurance that may help secure your family’s financial future. It also helps ensure that your estate will be allocated to the beneficiaries you have chosen. You may want to update your beneficiary information to include your spouse if you already have a policy. If this isn’t your first marriage, you may need to consult an attorney to see if there are any legal restrictions to changing your beneficiary information.
Consumers with questions about insurance coverage should always first contact their insurance company, broker or agent. Consumers may obtain insurance information by accessing the Insurance Department’s website, www.ins.state.ny.us or by contacting the Department’s Consumer Services Bureau from 9 a.m. to 4:30 p.m., Monday through Friday toll-free at 800-342-3736.