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Insurance & Getting Engaged

by Steve Lander, Demand Media Google

    Getting engaged might not change your legal status, but it makes life different. You're not thinking about yourself any more -- there's two of you and, maybe, more coming. As your life starts to change, your insurance can change with it. Everything from covering the engagement ring to protecting yourself against unforeseen circumstances is going to get more important.

    Insuring the Ring

    For many young couples, an engagement ring is one of the most valuable things that they own. At the same time, it's small and easy to damage or lose. If you have property insurance like a renters policy, you can usually add a special rider to it that will protect the engagement ring. That way, if the ring gets lost, damaged or stolen, your insurance will pay to repair or replace it. Make sure you read the fine print, too. You might need to take pictures of the ring or get an appraisal to prove its value. If you don't have property insurance, you may also be able to buy a special jewelry-only policy, but it might also be a good time to look into insuring all of your stuff.

    Covering the Wedding

    Whether you're planning a small get-together in the park or a lavish multi-day event, your wedding can be the best day of your life. Unfortunately, though, if something happens, you could end up either having to pay for a wedding that doesn't happen or end up responsible for someone who gets hurt. Wedding insurance can protect you if your wedding gets canceled or postponed or if something happens to one of your guests.

    Protecting Each Other

    Imagine what your fiancee would do if something happened to you. She'd probably need money to help with your arrangements and some time to sort out the loss. Just because you aren't married yet doesn't mean that protecting each other with life insurance isn't a good idea. Besides, when you're young, life insurance can be amazingly affordable. Getting insurance now also prepares you for when you're married and, down the line, when you have kids and really need the protection.

    Discounts Are Coming

    Getting engaged is your first step on the road to more insurance discounts. If you combine both of your cars on one insurance policy, you may be able to qualify for a multi-car discount. Marriage can also reduce insurance premiums for younger men. If you haven't already moved in together, you'll be able to pool your possessions into a single renters or homeowners policy, as well.

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    About the Author

    Steve Lander has been a writer since 1996, with experience in the fields of financial services, real estate and technology. His work has appeared in trade publications such as the "Minnesota Real Estate Journal" and "Minnesota Multi-Housing Association Advocate." Lander holds a Bachelor of Arts in political science from Columbia University.

    Photo Credits

    • Ryan McVay/Photodisc/Getty Images

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