Wedding season is fast approaching with nearly 70% of Canadian weddings taking place between June and September. Planning to get married this year? We know insurance isn’t the first thing most people think about when deciding to wed. But there are some insurance implications to getting engaged, planning your wedding and being married that you should definitely consider.
Long before you book the hall and invite the guests, there’s usually a ring. An engagement ring can range in cost from a few hundred to tens of thousands of dollars. If the ring you are considering for your one-and-only is at the higher end of that spectrum, you want to make sure that it’s insured from the moment you leave the jewelry store.
Renting an apartment
If you’re just starting out and saving for your own place, many couples decide to rent an apartment.
If that’s the plan, you’ll need tenants insurance. “It protects you if you accidentally damage the property, and it also covers your belongings,” says Josh Hansen, Sales Manager at Mitch. “It’s very affordable and well worth it. And if you bundle your tenants insurance with your auto coverage, it can almost pay for itself.”
If instead you decide to move in with your or your partner’s parents because they have a finished basement, even if you’re not paying rent, it’s still a good idea to get tenants insurance, since it’s a separate household and there will be more belongings to insure. “It’s also a good way to build up insurance experience for savings down the road if you plan to buy a home,” adds Hansen.
Auto insurance savings
Once you decide to move in together, there are also potential savings available on your car insurance. Some insurance companies want you to live together for a few years before they will rate you as common-law, but if you have a child together, that waiting period does not apply. For auto insurance purposes common-law is the same as if you’re married. It will save you a few dollars.
You can save even more in some cases – up to 15% – if you each have your own vehicle and bundle them together with the same insurance company. Again, this only applies if you live together, married or not.
When you factor in food, sequined bridal gowns, tiered cakes and live bands, your wedding day can be a very costly affair. Wedding insurance is a great idea. Depending on the coverage you choose, it can cover:
- Your non-refundable deposits if the event needs to be cancelled or postponed due to severe weather or illness
- Damage or theft of the wedding dress, rings, flowers, cake and stationery
- Liquor liability if your guests drink too much
- Damage or theft of rented property like tables, stages and audio-visual gear
- Your pre-arranged photos and videos if they don’t turn out and have to be retaken
“This is a very special day for you,” says Hansen. “Wedding insurance is a great way to make sure the day is exactly what you imagined, even when external events threaten to get in the way.”
Most wedding insurance packages offer some coverage if your honeymoon is cancelled because the wedding is cancelled, but since your wedding is likely to go off without a hitch, you’ll probably want to protect your honeymoon with a comprehensive package of travel insurance that can offer protection for the following:
- Emergency medical expenses while out of the country
- Costs if you need to cancel or postpone the trip due to illness, weather, etc. (you can also purchase “any reason” cancellation insurance for an extra cost)
- Costs related to trip interruption, like if a death in the family requires you to cut your vacation short, or if an injury, illness or bad weather forces you to extend your stay
- Lost luggage, and the cost of emergency supplies if your baggage is delayed
- Physical damage insurance for a rental car
- Special coverage for rock climbing, base jumping and other adventure sports
If owning a home is one of your common goals with your life partner, then homeowners insurance is vital. In addition to what is covered by tenants insurance, it provides important coverage for the physical building, along with fences, sheds and any other structures on your property.
If one of you already has a home and the other is moving in, make sure to let your insurance provider know, and consider adding the other partner as a named insured. The big advantage is that the personal liability coverage included in your home insurance policy will now extend to both of you, and to any kids you may have in the future. The difference in premium is negligible, and in some cases the premium won’t change at all.
If you are at that point in your life when you’re considering having children, it makes a lot of sense to get life insurance for you and your partner, to make sure the kids are taken care of in case anything happens. There are lots of options at various price points and for different periods of time. Regardless of which options you choose, the younger you start, the more likely you’ll qualify, and the lower your premiums.
“It’s romantic if you think about it,” says Hansen. “As you start a family together, getting life insurance means your commitment to each other truly lasts forever.”
Regardless of where life takes you after getting engaged, we’ve got insurance solutions to keep you protected. Call us today!