Like millions of other couples this year, you may be putting the finishing touches on your plans for a wedding. In 2018, there were an average of 6,200 weddings per day in the US, but some months are more popular than others. The Spring is an active time, with 10% of all weddings in May and 11% in June. Statistics say that the average wedding budget is $20,000 and the average number of guests is 178. With COVID restrictions lifting in most states, the 2021 wedding season should feel a lot more normal than 2020.
From the event to the honeymoon, it’s a big deal with a lot of details, so it can be easy to overlook insurance. But we’re not just talking about wedding event insurance which, if you plan a costly event, you should definitely consider to cover cancellation or losses such as stolen gifts, damaged photos, rings or gowns and other unforeseen problems. In this case, we’re talking about insurance matters that you and your spouse should consider as you embark on a financial life together.
Of course the easiest way to cover insurance is to make an appointment with your local independent insurance agent, who can walk you through all the considerations both for the event itself and for the various coverage options you’ll need going forward. As you embark on a new life together, you no doubt have many hopes, plans and dreams. The right coverage can keep you on track by protecting you from unexpected losses. Your agent will know the best coverage options and the ins and outs for saving money.
Pop quiz – without looking, see how you do answering these questions:
What are the makes and years of your major kitchen appliances?
How many pairs of pants do you own? Jackets? Shoes? Boots?
What year did you buy your mattress and bed frame and what brand is it?
Name all the power tools you own. List the contents of your tool chest?
What brand of dinnerware and flatware do you own and when did you buy it?
List all your AV equipment, the make, the brand and the year you bought it.
Write down everything in your living room. Include what’s in the drawers and closets.
It’s not so easy remembering that stuff, is it?
It would be even harder if you were trying to recall all your stuff right after your house was destroyed in a fire or demolished in a hurricane. That’s why it’s important to keep a home inventory. If you find yourself under the terrible stress of recovering from a disaster or even a burglary, you don’t need the added burden of trying to remember all the possessions you lost so that you can be properly reimbursed by your insurer. A good home inventory will help you document your losses and make it easier to file a claim and get it processed.
You can record your “stuff” in a notebook (old-school style), but phones and computers have really simplified the process. A simple spreadsheet will do the trick, or use your phone to take room-by-room videos and document with photos. Or download an inventory app. Just be sure that you have multiple copies, that you store your inventory in a safe and accessible place and you keep it updated. Even if you make a hand-written version, you can scan it and keep it online in cloud storage.
If you’ve never done a home inventory, it can be a daunting job, but there are tools to help. And going forward, things will be much easier if you get in the habit of taking photos of new purchases and saving receipts. Log serial numbers, when available.