Before (or After) You Pop the Question – Might Want to Give AAA a Ring

AAA Insurance Offers Tips so you can say ‘I Do’ have adequate coverage 

HARTFORD, CT – If you are planning on popping the question to your Valentine, might want to give AAA a ring too! From the engagement, to the wedding, to the honeymoon and beyond, having adequate insurance coverage can contribute to the ‘happily ever after’.

Insuring the Ring….and more:

Generally, personal possessions are covered under standard homeowners and renters insurance policies but there may be a limit on the amount covered for theft. Typically, items such as jewelry are limited to $1,000 to $2,000. To properly insure your engagement ring as well as any congratulatory gifts you may have received, consider purchasing additional coverage through a floater (also known as an endorsement).

“Before purchasing a floater, the items covered like an engagement ring, must be professionally appraised,” says Greg Lauria, Regional Director, AAA Insurance. “As for gifts, keep any receipts and add the new items to your home inventory.”

Floaters are available as an addition to homeowners and renters insurance policies, carry no deductibles and frequently provide the option of having the insurance company replace the item for you. In reference to engagement rings, prices vary depending on the type of jewelry, the insurance company you choose, where you live and where the item will be kept.

Before and After the ‘I Do’s’

As you start making wedding plans, keep in mind that special event insurance can provide financial protection if you have to cancel or postpone a gathering due to adverse weather and natural disasters such as hurricanes. Most policies also provide coverage for cancellation due to the death, illness or serious injury of a key participant in the event, such as members of the immediate family. Also, if an officiant, such as a minister or rabbi, or a key vendor, like the caterer, florist or photographer, does not show up, you can recover some of those costs as well. Prices vary depending on the amount of coverage you need.

“If you decide to hold your event at home, you may want to purchase liability insurance above and beyond what is provided under your homeowners policy,” said Lauria. “If your event is held at a location such as a hall, restaurant or other event facility, check to make sure they have their own liability insurance.”

Additional riders may include coverage for:

• Military service - in the event the bride or groom is in the military or active reserves, and is suddenly called to duty.
• Gowns and tuxedos - includes stores going out of business or damage to the clothing.
• Honeymoon - in case you need to cancel your trip due to illness, bad weather or other circumstances. 

More on the Honeymoon:

After all of the planning for the big day, many brides and grooms take off on a honeymoon. Insuring the trip and your health while on the trip might help the new couple relax a little more. Trip cancellation and interruption coverage can help get you out of a bind if you must cancel a trip due to a serious illness, death of an immediate family member, mandatory evacuation order or other misfortune outlined in your specific policy. And if said tragedy happens to you or an immediate family member during travel, forcing you to cut your trip short, most policies would reimburse you for the unused portion of that trip.

Because your traditional medical plan may not cover you while traveling abroad, the happy couple may want to purchase International Medical Insurance for long-term and short-term travel. It is designed to meet the needs of international travelers looking for temporary medical insurance coverage while traveling outside of their home country. In addition to medical benefits, the plan includes coverage for emergency medical and political evacuation and repatriation. 

And the Two Policies Become One:

If you are merging two households, you may need to update your homeowners insurance. Couples should look at their own individual policies and insurance companies and determine which company offers the best combination of price and service. The same can be said of auto insurance. Couples may find additional savings by switching insurance companies and bundling both home and auto policies. It may be worth considering an increase in your insurance coverage for any new valuables received, such as wedding gifts, and for jewelry, such as wedding and engagement rings.

After getting married, it’s also important to review your life insurance needs. There will be loans and other debts to pay off. At this stage, it makes sense to protect what you have. Life insurance is a traditional way of ensuring that the surviving spouse is taken care of in the event of a tragedy. Coverage considerations should be made depending on whether both spouses are working or if one is currently dependent on the other’s income.

The primary purpose for life insurance is to provide a spouse, children or other beneficiary with resources in the event of the premature death of the other spouse.

Insurance policy coverage, discounts and rates can vary by state. If you have any questions
about your insurance needs, visit AAA.com/Insurance to learn more.

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