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.
Springtime; for many of us it means we can start hanging up the cold weather gear and begin getting out the gardening equipment. However, the pleasant change in weather can often lull us into a false sense of security. In fact, I’m reminded of the warning Julius Caesar was given, “Beware the Ides of March.”
So what does that warning have to do with you and me? While March marks the end of winter, it starts a dynamic time of year with a clash of late season cold fronts and warm gulf air leading to dangerous thunderstorms, flooding and even tornadoes.
Many scientists warn that between climate change and El Nino, we are facing some of the most extreme and unpredictable weather patterns ever seen: one of the worst droughts and fire seasons ever in California followed by torrential rains and heavy snows, record flooding in Texas, Missouri and South Carolina, rare deadly December tornadoes across the Midwest and South and unprecedented holiday warmth in the Northeast.
Maybe we should change Shakespeare’s line to “Beware the Ides of Spring.”
Springtime Dangers
Flooding
Flood season begins in spring as winter snow and ice melt. Severe thunderstorms can add tremendous amounts of water to the runoff, often inundating cities and towns located in flood zones.
Flooding is the most common and costly natural disaster in the United States, causing an average of $50 billion in economic losses each year. Anyone living in a low-lying area near a lake, river or stream should make sure they are protected. Homeowners and renters insurance don’t cover floods from rivers, streams, or other runoff; if you want your home and valuables protected, you need flood insurance that often has a 30 day waiting period.
Flooding caused by a damaged roof or broken water pipe is covered by most homeowners insurance. While it can happen any time of year, springtime thawing can be the culprit. Do you have enough coverage if water should destroy your valuable possessions? The Federal Emergency Management Agency estimates that just two inches of water can cause more than $10,000 for repairs and replacement of flooded items. Six inches of water can add up to more than $30,000.
Fires
While a house fire can happen any time of year, spring marks the start of wildfire season. More than 4,600 structures were destroyed by wildfires in 2015, 2,667 of those were homes or apartments.
Fuels, such as grasses and brush, start to dry out as temperatures warm. Before they become a threat to your home you should mow and trim back any grasses, trees or bushes to create a 30 foot defensible space. Don’t forget to move gas grills, firewood and other combustibles 15 to 30 feet away from your home. You can find more wildfire prevention tips here.
Tornadoes
The volatile mix of warm and cold usually results in tornadic activity. Almost every state has experienced a tornado, and if you live in the South, Midwest or points east you may have already taken these tornado preparedness actions:
Identify a safe place in your house (basement, storm shelter or sturdy interior reinforced room on the lowest floor of the home
Prepare an emergency kit with first aid supplies, food, water and sanitary needs (include important medicines, eye glasses, etc.)
Practice tornado drills
Severe Thunderstorms
Thunderstorms are the top cause of insured loss each year in the United States due to high winds, large hail and dangerous lightning. When a thunderstorm approaches, immediately move indoors and away from windows and avoid electrical equipment and corded telephones. Preparations for severe thunderstorms are much the same as tornadoes.
How to Protect Your Property
Before wild weather has a chance to threaten your home, here are some key tips to help prevent damage:
Check roofs and shingles for damage, lifting or other signs that they might leak
Clean gutters and drain spouts and make sure they direct water away from your home’s foundation
Look for loose boards, cracking or other damage on decks and porches to avoid tripping, falls or other hazards
Inspect the exterior of your home for cracks, holes or exposed wood or siding that could allow water, insects or small wildlife to get in
Make sure chimneys and vents are well sealed and sturdy to prevent water or wind damage
Trim back trees and bushes, looking for weak or broken branches or other damage, to protect against them falling into roofs or siding
Check Your Insurance
Before a catastrophe strikes, the Insurance Information Institute says you should:
Purchase homeowners or renters insurance
Get flood insurance if you live in a flood prone area
Review your policy so you understand your coverages (replacement costs, replacement of personal possessions, and additional living expenses)
Make a full inventory of everything you own
After a Disaster
If the unexpected should occur, you should take these steps:
Secure your property from further damage or theft
Contact your insurance company as soon as possible
Catalogue your losses and take pictures
Save receipts of meals, purchases and hotels while you are unable to live at home
Be careful of fraudulent contractors
Now is good time to reevaluate your protection against the unpredictable moods of spring; contact a California Casualty advisor to purchase flood insurance, get a review of your policy or add any coverage that you might need. Give a call today at 1.800.800.9410 or visit www.calcas.com.
It seems as if almost every household has gotten a hoverboard; they are one of the hottest gifts of the New Year. Hoverboards are similar to skateboards but they have a motor and can move along at speeds around 10 miles per hour. If you were one of the many hundreds-of-thousands who purchased one of the new high-tech gadgets, be aware that they also have a dangerous side.
The U.S. Consumer Product Safety Commission (CPSC) is warning that many of the self-balancing scooters have burst into flames due to faulty batteries. People and property have been burned and airlines and many college campuses are now banning them because of the fire risk.
The other hazard is from falls. How is your balance? If it’s not very good, stay off a hoverboard. Scores of users have suffered scrapes, bruises and even broken bones after being tossed off the motorized devices. There are a multitude of videos and news sites highlighting “hoverboard fails.” Some of the injuries have been very serious.
So before you get on a hover board, make sure you have a proper helmet, protective padding and wrist and elbow guards. The CPSC also advises to:
Avoid buying them at locations like a mall kiosk or website that doesn’t have information about who is selling the product and how they can be contacted if there is a problem
Be very careful when charging the board – don’t overcharge it, don’t leave it plugged in overnight, always observe it while charging, and keep it away from flammable items
Let it cool after riding before recharging it
Leave it in its partially charged state if giving one as a gift – never take it out of the package to bring it to a full charge and rewrap it
There is another major issue concerning hoverboards – insurance and liability risks. Since they are a motorized device, you may not be covered if you hurt somebody while riding one. If you hit a crack, crash into a person and cause them injury, coverage under your homeowners liability might be excluded. Also, if you loan your hoverboard to someone who subsequently falls and gets injured, you might be on the hook for any hospital or medical bills.
Now, if your hoverboard starts a fire and causes damage to your home or apartment, and you have homeowners or renters insurance, you might be covered for the cost of repairs. Those policies provide protection from accidental fires, but every company and contract is different.
So, the moral of the story is that you should be very careful if you have a hoverboard. You’ll want to read all the safety information that should have come with the device, and be vigilant when charging it. You also need to contact your insurance company to learn about your coverages and how you might be impacted if there were an accident with your hoverboard.
If you don’t have homeowners or renters insurance, now is the time to get it. One of California Casualty’s exceptional advisors is ready to help; call today at 1.800.800.9410 or visit www.calcas.com for a policy comparison or review.
What can we expect in the New Year? There will be a new president of the United States, many are predicting another see-saw year for the stock market and Forbes predicts the Olympic Games in Brazil will turn out to be the most poorly run in history.
What can you expect when it comes to insurance? Here are the thoughts of one prognosticator:
Millennials will have a bigger impact – now in their mid-30s, this has become the generation replacing the aging baby boomers with influence and dollars. Insurance companies will have to continue to adapt to serving them online and offer more services accessible from mobile devices.
Bigger rewards for consumers who adapt to the Internet of Things (Io T) – whether it be devices that monitor how you drive or emerging technologies for the home, insurance companies will continue to use data from intelligent devices to predict losses and reward those who install them. They include water or leak detection systems, interactive door locks, and appliances that can communicate and be controlled via a smart phone or other mobile device.
Renters insurance will spike – with the increasing trend of more millennials opting to rent than buy homes, the renters insurance market will continue to boom.
More peer-to-peer insurance – there will be more specialized insurance dedicated to targeted groups of policyholders. The concept is a return to the earliest forms of insurance that pooled together like-minded groups like farmers. Peer-to-peer insurance provides quality protection at reasonable rates.
As we face a New Year with excitement and uncertainty, it’s good to know there is a company you can depend on for your auto and home insurance needs. California Casualty is a 100 year old company founded as, and continues to be, a policyholder owned company that serves specialty groups: law enforcement, firefighters, educators and nurses with exclusive benefits not available to the general public. They have partnered with us because of our competitive rates and insurance that reflects their members’ professional lifestyles. This means:
Deductibles waived or reduced for vandalism or accidents that occur where your vehicle is parked at work
Personal property damaged or lost in a collision, fire or taken from your car is covered up to $500
Rates guaranteed for a full year (not six months)
Free identity theft protection with each policy
Multiple payment options including EZ Pay and holiday or summer skips
Are you using all of your professional benefits? Now is the time for a policy review to see if you could be saving money or getting better coverage for your auto or home. Call one of our award winning advisors today at 1.800.800.9410 or visit www.calcas.com.
As we drop the confetti and toast the New Year, an annual tradition is to make a resolution. What will yours be? Here are the top five resolutions Americans have made in recent years:
Lose weight
Get organized
Spend less and save more
Enjoy life
Become more fit and healthy
Unfortunately, research shows less than 10 percent of those of us who make resolutions actually keep them.
But, there are easy actions you can take that could save you money and provide peace of mind.
Every year, many Americans fail to take stock of their biggest assets: their homes and vehicles. Here is a list of 11 simple resolutions you can make this New Year to protect the most valuable possessions you have worked so hard to attain.
7 Home Insurance Resolutions:
Do a yearly policy review with an insurance advisor to check that you are getting all the discounts you qualify for, that you adequately insure any new additions or appliances, and verify that your liability coverage isn’t lacking
Make sure you have replacement value if a fire or other disaster strikes
Protect high-dollar items such as jewelry, fine art or musical instruments with scheduled personal property insurance
Complete a comprehensive inventory of everything in your home in case you should ever have a claim
4 Auto Insurance Resolutions:
Get a yearly policy review to check deductibles, coverages and to make sure you are getting all the discounts you qualify for (professional, multi-policy, good student, mature driver)
Add any new drivers to your policy (teens or a new spouse)
Bundle your auto and home insurance to receive deeper discounts
We Are Here To Help
Start the New Year off right; resolve to call today to make sure you are getting the professional discounts you deserve: $500 coverage for items destroyed or stolen from your vehicle, deductible waived or reduced if your vehicle is vandalized or hit while parked where you work, and special coverages for the equipment used for your job.
California Casualty advisors are ready to help you with any questions, do a policy comparison or review, or make any insurance changes you may need at 1.800.800.9410, or go online at www.calcas.com.
