Did you get engaged over Valentine’s Day? Congratulations! This is an exciting time for you both with a lot of new adventures in your future. While you plan your wedding and think ahead to your marriage, there’s a lot on your mind. Your insurance usually isn’t what you’re thinking about, but you should. This is a big life event that will definitely have an impact on it.
Insurance and Your Wedding
Insurance plays a larger role in your wedding than you may realize. If you’re holding your wedding or reception at a restaurant, banquet, or special events venue, they need to have enough liability insurance in case anyone attending or in the wedding gets hurt. When liquor is served by a third party (caterer, restaurant, etc), they need to have liquor liability insurance, as well. These are questions you’ll want to ask as you plan the big day.
If you’re keeping it small and simple and holding the wedding at someone’s home, insurance is still an issue. The host will need to talk to their insurance agent to make sure they have enough liability insurance in case of injury or property damage. If alcohol is being served, social hosting liability is also something to consider. The homeowner can be sued if someone gets hurt while at the wedding or as a result of alcohol being served.
Insurance and Your Marriage
The big impacts on your insurance happen once you’re married. There are a lot of changes and potential benefits.
Auto insurance: If you and your spouse join the same policy (yours or theirs), you’ll likely see a drop in your overall premium. Married people pay lower rates than single people, on average. You’ll also be eligible for bundles and discounts you may not have been able to get before.
Home or renters insurance: Whether you’re renting or you own your home, your insurance needs to reflect the change in the amount of personal possessions, especially for renters insurance. Check your limits to make sure you have enough coverage. Getting married may also qualify you for a lower insurance rate here, too.
Valuables: The engagement ring, china sets, and other valuable gifts are common after an engagement and wedding. Make sure you have enough insurance to cover them. This may be as simple as increasing your limits or you may need a special rider specific to your jewelry and other valuables.
Health insurance: When you get married, it’s a major life event that qualifies for health insurance changes outside of the open enrollment period. You can join your spouse’s plan. They can join yours, or you can keep things the way they are. Take a look at who has the better plan and what the cost would be to add someone to that plan.
Long-term care insurance: It’s hard to imagine it now, but there will come a day when one or both of you needs long-term care from an illness, injury, or due to complications from aging and chronic conditions. Buying it now, as a married couple, will be a lot less expensive than if you wait until later. Married couples tend to pay lower rates because it’s assumed you’ll take care of each other when long-term care is needed.
We are so happy for you and your upcoming marriage! Enjoy this time as you think of the future and plan your big day. But don’t forget what happens after the wedding — the rest of your life. If you need help with these changes or simply want one less thing to worry about, contact Charlotte Insurance. We can help you find new coverage and update your existing insurance policies.