Planning a wedding is a busy time in any couple’s life and the fall season is becoming a highly coveted time of year for those plans. Beautiful weddings take place all year long, but 8 out of the 10 of the Top 10 Wedding Dates of 2019, fall well within the months of September and October.
From colors to caterers, there is often more decision making going on in that time period than just the wedding itself. It is possible the couple are also purchasing their first home together, which means purchasing homeowners’ insurance. It is possible this milestone of marriage marks an opportunity to purchase life insurance to protect one another. While diving into the evolution of insurance needs this milestone brings, it is important to remember to insure the wedding itself as well.
Special Event Policy
Many venues contractually require liability coverage to be purchased when renting their space. This guarantees that there is a level of protection in place for the venue should damage be caused to their property as a result of your event. This coverage can be acquired a variety of different ways – some personal lines insurance companies will allow this to be endorsed as an extension of your homeowners coverage or there are special event policies you can purchase that provide liability coverage only.
There are also more robust special event policies that provide insurance to cover your deposits should a vendor go out of business or there be a misallocation of your funds. Which you may be thinking, ‘that will never happen’. And you wouldn't be alone in that thought process. But I'm sure all of the brides in our own Indiana backyard who were affected by the bridal store chain Alfred Angelo going out of business and filing for bankruptcy in July of 2017 thought the same thing. Those are the kind of incidents that not only hit home, but also drive home importance of insuring such an important day.
Insurance protects against the unexpected and oftentimes unimaginable. With American’s spending on average $33,391 on their weddings, (not including the amount spent on an engagement ring) it is important to be treating that day as the investment that it is and protecting it as such.
Another important coverage to consider is host liquor liability. It is common to see alcohol served or available for purchase at wedding receptions. Host liquor liability would protect the host in the event a guest were to be involved in an accident or altercation causing injury or damage to themselves or another individual. Even if the brides, grooms or their hosting families aren’t liable for those damages, they still could face hefty court costs proving they weren’t at fault.
'I Do', Now What?
Flashbacks of the children’s singsong rhyme come to mind, “first comes love, then comes marriage, then comes baby...” WITH A WHOLE LOT OF PAPERWORK. Any newlywed can attest, the process of changing your name can be a very time consuming and daunting process. With the Bureau of Motor Vehicles and the Social Security Office being two of the largest hurdles, there are countless other obstacles on your quest towards updating your new identity, including the need to update your insurance policies.
Following the return of your certified marriage certificate and the completion of your legal name change with the Social Security office, it would be an appropriate time to notify your personal lines insurance agent to update not only your marital status, but your new name on your insurance policies as well. It is important to notify your employer to update not only your email signature and business cards, but also the important details of your tax forms and any employer sponsored benefits, such as retirement or your health insurance. September is Life Insurance Awareness Month, this new journey could also trigger the need to not only update your name on your policy, but also to update your policy's beneficiaries or evaluate your future financial needs to protect your new spouse through the purchase of life insurance products.
Happily Ever After
The wedding planning process typically begins with setting the date and then the months and days fly by very quickly after that. It can be very overwhelming coordinating all the details and at WalkerHughes our trusted guides are available to help you navigate the changing insurance needs during this milestone, as well as, the recommended coverages to satisfy your venue requirements and protect your special day!