In the wake of Valentine’s Day, Facebook is flooded with happy couples who’ve recently become engaged and need to start making wedding plans. With that new ring, though, comes a flood of insurance questions and potential policies you need to consider. Below are a few ways you can protect yourself, your spouse-to-be, and your big day.
Ring Insurance: Many insurance agencies offer policies specific to fine jewelry, including precious metals, rare gems, antique pieces, and famous costume pieces (for example, Beyonce’s golden crown). Some will even insure “smart” jewelry. For engagement rings in particular, it’s important to find a policy that protects you from damage, theft, and loss, as all of these are common for such a small yet valuable piece of jewelry. You can often insure the ring directly from the jeweler from whom you bought it, or you can take out a policy on it separately on your own insurance plan. Especially for beach proposals, engagement rings are easily lost in the sand, in a beach towel, or to the vast ocean, so be sure to protect yourself against losing such a priceless investment.
Wedding Day Insurance: Weddings are expensive, and the last thing you want is to lose all the money you put down because of an unforeseen accident. If, for instance, there’s inclement weather, a parent suddenly becomes very sick, or the venue abruptly becomes unusable. Before purchasing insurance, check with each vendor, as caterers often have their own insurance. Depending on your policy, wedding insurance usually covers the site, the weather, vendor no-shows, sickness, and military deployment. Unfortunately, though, wedding insurance policies don’t usually cover cold feet, so if you or your betrothed have a last minute change-of-heart, you may be out of luck covering the costs of the wedding.
Auto insurance: Once you’re married, you may combine your auto insurance into one policy. For couples under the age of 30, you could receive up to a 25% discount for getting married, since it demonstrates responsibility. Check with your insurance provider about the impacts of potentially combining your policies.
Health Insurance: There are more options for how to deal with health insurance once you’re married, and there are a lot of factors to consider. You could each just keep your individual insurance policies, or one of you could join the other’s policy. This might be tedious, but you and your betrothed need to sit down and consider the details of each of your insurance policies and how adding a spouse would affect the deductibles (which I’ve written about before) and out-of-pocket costs. You also need to consider what would happen if you decide to start a family and whose insurance would handle such an addition better.
There are lots of ways to protect yourself, your stuff, and the person you love when it comes to planning for a future together. Always read the fine print when deciding on a policy, and always think long term.