Odds are you or someone you know is getting married. June through September is the peak of the wedding season in the United States. Every year, 2.1 million couples tie the knot, which breaks down to nearly 6,000 weddings a day. But what happens if the groom gets food poisoning the night before the wedding or a fire burns down the reception hall? Believe it or not, there is insurance for that.
Wedding insurance typically runs from $155 to $550 dollars, depending on how elaborate your special plans might be. It covers the cost to reschedule the nuptials due to weather, injury, the wedding dress or tuxedos not showing up, the failure of a caterer, or if the location is unable to host your event. You can also insure the wedding rings, presents and the photographs.
Is wedding insurance worth it? One provider researched claims filed between 2011 and 2015 and found:
Problems with vendors (venue went bankrupt, photographers failing to deliver and DJs not showing up) accounted for 30 percent of payments
Illness and injury resulted in 29 percent of the claims
Weather issues caused 16 percent of the cancelations
Military deployment was the cause for 10 percent
The good news is that once the rings are exchanged and the honeymoon is over, there are important insurance decisions to make, some that could save you money.
Marriage Discount
Most auto and home insurance companies offer discounts for newlyweds. This applies to both men and women; however, men under the age of 25 see the biggest savings since they are usually considered high risk drivers. The lower rates can also apply to those in domestic partnerships.
Combining Autos
If you both have separate cars with different insurance companies, now that you are married you can save money by putting both vehicles on the same policy. Most insurance companies give discounts for multiple vehicles. It will also ensure that both drivers are covered no matter which car they use. You can find more savings by bundling your auto with your homeowners or renters insurance.
Increase Homeowner or Renters Coverage
You didn’t buy them, but all those wedding presents are valuable. You now have a new set of china, expensive new appliances and other things for your home. These assets need to be covered. Talk to an insurance advisor to make sure you have enough coverage to protect all the things you own and to increase your liability protection. If you rent, keep in mind that your landlord’s insurance does not cover your possessions and you need renters insurance to be certain you’ll be reimbursed if a fire or broken pipe in the unit above damages your furniture, appliances and electronics, not to mention all your clothes. Renters insurance will also pay for living expenses while the home or apartment you rent is repaired, and pays for any medical bills or lawsuits if someone gets injured at your place.
While you are at it, this is also a great time to create an inventory of all the things you own to help you purchase the right insurance protection and make filing a claim much easier.
Get Extra Protection for High Value Items
That beautiful new wedding ring and special gifts like fine art, china or silverware may need scheduled personal property protection, often called a “floater,” to make sure they are covered for their full value. Most homeowners and renters policies will only provide limited coverage for those high value items. Scheduled personal property coverage will also pay to replace a ring, without a deductible, even if it was misplaced or damaged in the disposal.
You worked hard, saved your money and bought a home. Now you want to protect the largest investment you have ever made with homeowners insurance. You’ll sleep better knowing that your insurance will help you rebuild if there’s a fire, tornado or a tree falls onto your home. What you may not know are the many things it might not cover. Your sweet dreams of protection could turn out to be a nightmare because you don’t have the coverage you thought you did.
Here are five things not covered by most home insurance policies:
Earthquake and land movement. As landslides and earthquakes have become more common in many states, many people are surprised to learn that earthquake or land movement damage is not covered by standard homeowners insurance. You need to purchase separate earthquake and landslide insurance protection.
Floods. Multiple surveys have found a majority of homeowners and renters thought their property insurance protected them from flooding; it doesn’t. If a river overflows its banks or storm surge sends tides into your home, you’ll need to purchase separate flood insurance, provided primarily by the federal government. Keep in mind there is a 30 day waiting period before any flood policy can go into effect.
Sewer backups. The sludge can do serious damage and make your home unsafe until it’s properly cleaned up, but it’s not covered under most homeowner insurance policies. Your insurance company can provide a special endorsement to cover sewer or sump pump backups. What you may not know is that homeowners are responsible for the maintenance of sewer and water lines through their property up to the sewer main, and many cities and utility departments will deny responsibility for most sewer incidents.
Maintenance issues. Insurance companies can dispute payment of damage or injuries if you fail to repair a broken step or other obvious hazards, or for mechanical breakdown of an appliance. In most cases, you will also need a special rider to cover food that might be lost due to a power outage or failure of a freezer or refrigerator.
Expensive jewelry, fine art, firearms, musical instruments, furs and collectables. Many people learn after a fire or tornado that their precious items only had minimal coverage. You’ll need special scheduled personal property coverage, often called a “floater,” to make sure they are protected for their full value.
And, if you have a swimming pool, trampoline or certain types of dogs, you need to call your insurance company to make sure you are protected. Many insurance companies are starting to exclude them from policies or refusing to insure homes that have one or more of these.
The Property Casualty Insurers Association of America (PCI) also warns that as many as 60 percent of America’s homes are underinsured because owners:
Didn’t update insurance after remodeling or adding on
Only purchased enough insurance to cover the mortgage
Underestimated costs associated with updated building codes
Didn’t factor in building material inflation in replacement costs
Another important step many homeowners fail to take is to do a home inventory. Nobody can predict when a fire or tornado might strike, but you can make sure your possessions are properly protected. A survey by the National Association of Insurance Commissioners found 60 percent of homeowners have not documented all the things they own. What does that mean to you? Completing a home inventory can speed up your claim and help you determine how much coverage you need. The Insurance Information Institute has created an easy to use home inventory brochure. Items to include are:
The flash of light and the crack of thunder can be scary and impressive, but it can also be deadly. Do you know what to do if a storm approaches?
Many of us still don’t know the danger posed by thunderstorms. The National Weather Service reports an average of 49 lightning fatalities per year, with 27 in 2015. Florida leads the nation in lightning deaths, followed by Texas. Many hundreds of others survive a strike, suffering varying debilitating injuries, some for the rest of their lives.
Lightning strikes the United States more than 25 million times a year. It is one of the most erratic and unpredictable elements of thunderstorms. Most victims aren’t struck during the most intense part of a storm; they are usually injured right before or after the main part of the storm passes. This is because a bolt can strike as far as 10 to 25 miles away from the parent thunderstorm and most people don’t seek shelter until the storm’s full fury. That’s why the lighting safety slogan goes, “When thunder roars, go indoors.” It’s recommended that you stay indoors until 30 minutes after the last thunderclap is heard.
Oh, and the myth that lightning never strikes the same place twice is false. Any tall tree, structure or tower that is isolated can be struck over and over. The Empire State Building is reportedly hit nearly 100 times a year.
It’s imperative that you and your family know what to do when a storm approaches. The National Weather Service has these important safety tips:
No place outside is safe
Seek immediate shelter inside a building or a vehicle (open-sided stands or vehicles like golf carts don’t offer any safety, neither do convertibles, even with the top up)
Don’t seek shelter under trees
Get out of and away from bodies of water immediately
Stay away from objects that conduct electricity like metal towers, barb wire fences, power lines or windmills (these cows were killed when an electrical discharge traveled through the fence where they were lined up)
Even in your home, lightning can still be a danger. Here are safety tips for when you are indoors during a storm:
Stay away from windows and off porches
Don’t touch or stand near metal pipes and plumbing, don’t wash your hands, take a shower, do dishes or laundry
Avoid using corded phones (most home lightning injuries come through charged phone lines)
Stay away from electrical devices like TVs, washer/dryers
Lightning damage to property and homes can be costly. Make sure you are covered.
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
Are you prepared for hurricanes, tornadoes and fires? If your home was threatened would you know what to do? This is the season and at the very least, all of us should:
Unfortunately, no matter how prepared we all are disasters happen. It’s important that you follow these important steps to avoid identity theft or fraud if your home is damaged or destroyed:
Contact your insurance company as soon as possible
Secure the property from further damage or theft
Contact creditors, banks, or appropriate agencies to report important documents (social security cards, tax returns, birth certificates), credit cards or banking papers that might have been scattered or lost in the disaster
Check your credit report to make sure nobody is using your personal information
Beware of “fly-by-night” work crews and contractors
Be skeptical of contractors encouraging you to spend large sums on temporary repairs
Attain recommendations and check the Better Business Bureau before hiring any potential contractor
Review the contract thoroughly and get written estimates
Avoid dealing with contractors that request money up front
Never pay a home contractor in cash – only pay by credit card or personal check
Do not sign over your insurance settlement check
Don’t be pressured or fall for “one-day-only” offers
Be cautious if approached by housing inspectors claiming to represent FEMA or the SBA
Keep or document receipts and other expenses if you are evacuated or forced to find another place to live because of damage to your home or apartment
Your budget may already be on life support if you are getting married. The average cost of a wedding in the United States is now over $30,000 and climbing. I cringe to think of what tying the knot will cost when my daughter finally meets the man of her dreams and there is a proposal.
The costliest weddings are in in Manhattan, where the average bill soars to over $88,000. The average where I live (Colorado) is around $32,000.
Renting the venue and paying for the reception was the biggest expense, averaging almost $15,000. The wedding ring and other jewelry came in at $5,800.
If you are planning a wedding (or a father taking a loan to pay for one), here are some ideas for reducing the stress and the expense of saying, “I do.”
Pare down the guest list. The average cost per guest is around $200. Times that by 100 and you’ve already hit $20,000. It’s a hard task cutting the invites but it could save you thousands of dollars.
Pick a less expensive place for the reception. Instead of a fancy downtown hotel, consider a meeting hall. Having it at a restaurant will also save tons on catering, rental and alcohol. You can really cut your costs and use a friend’s or relative’s home.
Reduce your flower costs. Fresh flowers are beautiful, but like memories, they fade and wilt. Choose flowers that are local and in season. Even though you might have fewer flowers, most people won’t notice.
Simplify your menu. Hors d’oeuvres and cocktails cost less than a five course sit-down meal. A nice compromise is a buffet luncheon or dinner.
Schedule your wedding in the off season or on a weekday. Weekends from June through September, when most weddings occur, will cost more. You’ll find better deals if you plan a wedding for the fall or winter months, except on Valentine’s Day.
Create your own invitations. Instead of frilly paper and multiple ink colors, go simple to cut production, printing and mailing costs.
Hire a DJ instead of a band. Many couples on a budget also make their own mix-tape or iPod play list.
Let your guests help with wedding photos. Hire a photographer for the special portrait and family shots, but purchase some low end digital or disposable cameras for capturing the reception. You will be amazed at the pictures your friends and relatives will take for you.
Get a smaller cake. Forget expensive tiered cakes with fancy frostings, order fabulous sheet cakes that can taste just as good but cost much less and are easier to serve. Some couples have opted for cupcakes, pies, or desert bars with chocolate fountains instead of the cake.
Here’s one final money savings tip: don’t mention you are taking estimates for a wedding. Many vendors charge more for weddings than other events. Instead, say you are planning a family party and you could save anywhere from 20 to 40 percent.
Tie up your insurance.
Once the rings are exchanged and the honeymoon is over, there’s another important step – getting your auto and home insurance in order. Here’s a checklist for newlyweds that can also save you money.
Combine Your Insurance
If you have separate cars with different insurance companies, now that you are married you can find discounts by putting both vehicles on the same policy. It will also ensure that both drivers are covered no matter which car they use. Get extra savings by bundling your autos with your home or renters insurance.
Marriage Discount
Make sure to inform your insurance company that you got married – most auto and home insurance companies offer important discounts for newlyweds. Men under the age of 25 are usually considered high risk drivers. However, once they marry they often see a big drop in insurance premiums. The lower rates can also apply to those in domestic partnerships.
Increase Homeowner or Renters Coverage
Wedding presents are wonderful. You now have a new set of china, expensive new appliances and other things for your home. These assets need to be covered. Talk to an insurance advisor to make sure you have enough coverage to protect all the things you own and to increase your liability protection. It’s also a great time to create an inventory of your possessions to help you purchase the right insurance protection and make filing a claim much easier.
Get Extra Protection for High Value Items
That beautiful new wedding ring and special gifts like fine art or silverware may need scheduled personal property protection, often called a “floater,” to make sure they are covered for their full value. Most homeowners and renters policies will provide limited coverage for those items. Scheduled personal property coverage will also pay to replace a ring, without a deductible, even if it was misplaced or damaged in the disposal.
While they can be lovable, cuddly and loyal, if you have a dog, be careful; dog bites accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2015, costing more than $530 million according to the Insurance Information Institute (III).
The Centers for Disease Control and Prevention reports that about 4.5 million people are bitten by dogs each year with 885,000 of those requiring medical attention – about half of those were children.
The III reported that while the number of dog bite claims nationwide fell seven percent in 2015, the average cost per claim jumped 16 percent to over $37,000. California led the nation with 1,684 dog bites reported to insurance companies. .
“The average cost per claim nationally has risen more than 94 percent in the last decade (2003-2015), due to increased medical costs as well as the size of settlements, judgments and jury awards given to plaintiffs, which are still on the upswing,” said Loretta Worters, vice president with the III.
May 15-22 is National Dog Bite Prevention Week®, providing information and tips to help pet owners and the public avoid the serious health issue associated with dog bites.
Experts say that even normally docile dogs may bite when they are frightened or when defending their puppies, owners or food. The most dangerous dogs are those that suffer from poor training, irresponsible owners and breeding practices that foster viciousness. The CDC finds that over half of the dog-bite injuries occur at home and people who have two or more dogs in the household are five times more likely to be bitten than those living without canines.
The Humane Society of the United States and the American Veterinary Medical Association offer these bite prevention tips:
Be a responsible dog owner – license it and provide regular veterinary care including vaccinations
Neuter your pet
Spend time with your dog and socialize it around people and other pets
Keep your dog away from stressful situations like crowds
Don’t let children approach an unfamiliar dog
Discourage children
Never leave a baby or small child alone with a dog
Refrain from approaching a dog at eye level or too quickly
Don’t interact with an unfamiliar dog and remain motionless if approached by one
Immediately seek professional advice from veterinarians or animal behaviorists if your dog develops aggressive or undesirable behaviors
Homeowners and renters need to know the liabilities that come with dogs.
If you have a dog, you are liable if it bites and injures someone. The Insurance Information Institute recommends pet owners have at least $100,000 to $300,000 liability coverage with their homeowners or renters policy. High income earners or those with expensive homes and assets might consider an umbrella policy.
In some states, statutes make the owners liable whether or not they knew the dog had a tendency to bite; in others, owners can be held responsible only if they knew or should have known their dogs had a propensity to bite. Some states and municipalities have “breed specific” statutes that identify breeds such as pit bulls as dangerous; in others individual dogs can be designated as vicious.
In Ohio, for example, owners of dogs that have been classified as vicious are required to purchase at least $100,000 of liability insurance. Once a dog has bitten someone, it poses an increased risk. In that instance, the insurance company may charge a higher premium, non-renew the homeowner’s insurance policy or exclude the dog from coverage.
