One of the highlights of getting married is the multitude of gifts you receive from family, friends, and well-wishers. Appliances, china, and other expensive household essentials often arrive before your wedding day. Others trickle in during the next year, as guests take advantage of the customary yearlong window to send their gifts. Often, it is the assemblage of these gifts that allows a newlywed couple to get a jump-start on their new life together.
Wedding gifts that are brought to the wedding are often left unattended in an off-site location for a period of time while the bride and groom concentrate on their wedding guests. Wouldn't if be terrible if anything happened to those gifts?! Before gifts arrive at your front door, and certainly in advance of your wedding day, be sure to consider insuring your wedding gifts. You might already be covered. A quick glance at your existing homeowner's or renter's policy will tell you that. If you do not have either coverage, strongly consider whether or not property insurance of some type might be a smart purchase.
A Quick Word About Insurance
Back in the 13th century, ship owners wanted to insure their ships and cargo against an all-to-common occurrence, loss at sea. If one ship in a large fleet went under, premiums paid by the other ship owners paid to replace the ship and its cargo. Hence, modern-day insurance was born.
The more customers an insurer has, the lower the premiums can be, and the less likely the insurer will be to take a loss that affects all of its policyholders. That is why it can be less expensive and safer to employ a large, well-known insurance company.
Homeowner's Insurance
As you homeowners out there know, this insurance can be a lifesaver. Most policies cover personal property that is outside the home as well as in the home. This means wedding gifts. But, there is a maximum coverage amount for each policy. If any wedding gifts were destroyed or stolen from a remote location, say, your wedding reception hotel suite, they should be covered as long as your coverage limit is high enough. Most policies have a minimum dollar value ($25,000), so if you have homeowner's insurance,
you might want to increase the coverage maximum to reflect your anticipated wedding gifts. Be aware that some homeowner's policies do not include items stolen outside the home. In that case, consider adding a rider to include this coverage if your gifts will be left at a neutral site for any period of time.
Renter's Insurance
Available in most areas of the country, renter's insurance is similar to homeowner's insurance in many ways. The main difference, obviously, is that it does not cover any structural damage to the dwelling you rent. It will usually cover personal property outside of the home as well. As with homeowner's insurance, be sure that your maximum values are high enough.
Jewelry and Other Valuables
Warning: most homeowner's and renter's policies put a low maximum cap on jewelry and other valuables, like a piano or fine art. Our survey of agencies found that $1,500 was an average cap. You might opt to add a rider that increases your maximum value if you have items that exceed that limit, such as your new engagement ring. Be sure to check with your agent and purchase adequate coverage for your situation.
If You Don't Have Property Insurance
We suggest you think about purchasing insurance as soon as you complete your wedding gift registry. Suddenly, the value of the property in your dwelling might increase dramatically, and you will want to protect the investment others have made in your new union.
An important hint: most agencies that offer homeowner's and/or renter's insurance also offer car and/or life insurance. Usually, if you purchase multiple policies from one company, a significant discount (10%) on policy premiums is applied, making it more affordable and sensible.
As you go through the process of planning your wedding, you might also encounter wedding insurance that protects various aspects of your affair in case of mishap. A special rider can be included to protect against wedding gift nightmares. For more detailed information regarding insurance and other aspects of your wedding, be sure to read the article, All About Wedding Insurance on our site. For detailed information on travel insurance for your honeymoon, also check out the article Travel Insurance Tips.
How Much Coverage?
The insurance companies we contacted all had a minimum amount of coverage for homeowner's and renter's insurance ($25,000 seems to be the standard). As you increase your coverage from there, the fees increase by an incremental amount. Prices quoted vary according to your age, zip code, the age of the dwelling, any previous losses/claims, specific riders, and other factors. But, if you do not currently have coverage,
you might be surprised at how affordable peace of mind is. How much coverage you purchase is entirely dependent on your unique situation.
With so many details to master, and other concerns taking priority, most couples do not think about purchasing insurance for their wedding day, their honeymoon, or their wedding gifts. Stories abound where couples were underinsured and incurred a loss just as they were beginning their new life together. It certainly makes sense to take a moment to evaluate your insurance needs and plan accordingly.