My youngest who is 36 is getting married in July!! I am so excited for her and her fiancé. They picked the venue, the pastor, the DJ, got her wedding dress, his suit and all the other extras. I am not sure of the total, but needless to say it is a huge investment! Since this is quite an investment, my daughter decided to go ahead and purchase wedding insurance.
The happy couple have been living together for awhile now, so luckily figuring out their home and auto insurance is already taken care of. Many people don’t realize that couples can combine insurance even if they are not married.
Couple’s Insurance: From Moving in to Getting Married
Regarding home insurance, each person needs to be listed as a named insured or carry their own renters policy because if not, then there is no coverage for their stuff and they would also have no liability extended to them. For example, when you travel, rent a room, etc., coverage for damages could come from the liability on a renters, condo or homeowners policy.
For auto insurance: if keeping separate insurance companies, each person should be listed on the other person’s policy since the car is available for regular use. If one person drives the other person’s vehicle and has an accident, the claim could be denied. Two cars on one policy is usually less expensive, since there is typically a multi-car discount.
It is also a good time to think about adding an umbrella policy.
If a couple has decided to tie the knot, wedding insurance is a relatively inexpensive way to protect that investment. For a $30,000 wedding, coverage costs about $650.
Below are some, but not all, of the main areas that are covered:
- No Dress – coverage for bride or groom if dress/tuxedo is lost or damaged.
- Lost Deposit – if vendor goes out of business or declares Bankruptcy before the wedding.
- Ring – replaced if lost.
- Severe Weather – if it causes you to postpone your wedding.
- Can extend liability to the venue
- Can add liquor liability.
Not All Water Damage is Equal: Flood, Water Backup, & Hydrostatic Pressure
Water damage in your home may or may not be covered, depending on the source of the water that caused the damage.
If the water came up from the basement floor or walls where there are cracks in the foundation, items that were damaged by the water that seeped in is covered under Hydrostatic Pressure. Most carriers do not include this coverage, however two of the carriers we write with do.
Damage is covered Water Backup when a sink or toilet overflows, a sewer backs up into your home, or a sump-pump fails. Water backup coverage usually needs to be added on to your home policy.
If you find water in your basement and you figure out that it came in through the window wells – this is considered Flood damage. Flood coverage is also not included in a typical homeowners policy and has to be purchased separately.
Water intrusion from outside of the home is Flood as well. Some examples of this are:
- If a creek or a body of water rises due to excessive rain
- If there is a plugged drain outside of your house in the street
- If water comes under your garage door into your house
- If water comes in through a window.
If you have questions about what type of water damage your policies cover, please give us a call.
We’d love to hear from you – please reach out! We are here to help.
