A wedding joins two families into one. In some cases, it also means combining insurance policies, especially if this is your first time living together. Therefore, if you are recently engaged or married, consider the following effects on your premiums.

How Marriage Affects Auto Insurance

One of the factors that affect the price of premiums is your marital status. Most people see a drop in premiums after they marry because insurers have found a general correlation between marital status and safe driving habits--or at least a reduction in accident claims.

Additionally, your residential address has an effect on premiums, so if you are newly moving into a shared home or apartment, you may be able to reduce your costs even further. Contact your insurance agent to learn if you qualify for any additional discounts.

How Marriage Affects Renters or Home Insurance

Unlike with auto insurance, marriage does not automatically affect the cost of home and renters insurance. However, you'll certainly want to adjust the amount of personal property coverage you carry to accommodate your joint belongings.

You likely now have twice as many possessions to insure, so assemble a home inventory list with an estimate of each item's value before updating your coverage. Moreover, if you've moved into larger quarters, your costs will likely increase—although you'll no longer need two separate policies.

Keep in mind that some home insurance policies place a limit on claims amounts for individual items. Your wedding and engagement jewelry may exceed this limit, so you should discuss with your agent whether you need a rider or separate policy to cover their loss.

For professional assistance designing an insurance policy, contact Accredited Insurance Group in Omaha, NE. They are a family-owned, independent agency that has served clients throughout Douglas County and beyond for more than 25 years. They specialize in auto, home, business, renters, and motorcycle coverage. Visit their website to read what their clients have to say about them or call (402) 334-1780 to request a quote.