Finance: Money Matters

from Embrace Magazine Premiere Issue

by embracemedia

SO Mates LU

MONEY MATTERS

Benefits of Combined Policies

B Y

GARY TANNER

nsurance is one of those things that is required and necessary. Yet it usually winds up at the bottom of the list when plans are being made for your future.

But are you doing you and yours a disservice? The less you know about this important necessity, the more trouble you could face in times of need. For instance, did you know when to combine policies? Should you maintain separate policies?

These are serious questions with serious ramifi cations. You probably have guessed that most times, gay couples maintain separate policies rather than combining them.

But those in the know always recommend that you combine your policies if you are living together. You should both be listed as the “named insured” or owner of the policy. That would also allow either of you the ability to discuss your insurance with the carrier and make changes to the policy if necessary. Combining your policies could also give you some potential credits, especially with auto insurance.

For auto insurance, the fi rst thing you want to do is consult with your agent to see if combining your policies will save money. You could potentially get multi car discounts at minimum. If you decide to keep separate policies, you might consider adding each other to your policies so both are covered as drivers on all vehicles. Keeping policies I

separate will probably cost you more than combining policies. As an experienced agent, I would only suggest that policies be separate for a few reasons: driving records, poor credit, or large difference in value of the automobiles. This might even be limited since many carriers won’t allow multiple policies at the same address.

For homeowner insurance, if you are both on the policy, it would cover all your possessions owned by both of you in the event of a claim. In other words, if you move in together, your current policy may not have enough coverage for personal items such as jewelry, etc. and should be increased in terms of value on your policy based on how much value of items was brought into the relationship and household.

If you purchase a home together, you should have a policy that includes both of you as the “named insured.” No one wants to think of ever fi ling a claim, but if you need to, for a total loss of your home, for example, the payment would also be made to both of you instead of just one.

Insurance can be tricky, but you can make the right decisions that will protect you and your partner. Consult your agent and be sure to bring up any questions or concerns about your property, autos, or current insurance policies. They will be able to guide you and give you the information you need to make great fi nancial decisions.

GARY TANNER has a strong background in information technology and property and casualty insurance. He lives in Mount Dora, Fla., with his partner of more than 30 years and is an active member of the community. Tanner owns a successful insurance agency, and he writes technology and lifestyle articles related to the insurance industry.