Three Things to Do Before Saying 'I Do'

What do January, February, November and December have in common? If you pay close attention to the commercials that air during these months, you’ll probably notice a recurring theme: Zales, Kay® Jewelers, Jared® and countless other jewelry stores provide not so subtle hints to single men that it’s time to pop the question to their significant others. The advertising trend is so prominent that the period between Thanksgiving and Valentine’s Day has unofficially become known as “Engagement Season,” with the majority of proposals occurring in December.

If you’re among the many couples who recently got engaged, congratulations! There are a lot of things to consider as you start planning for your big day, but before you start building your guest list, setting your budget and looking at wedding venues, I’d like to offer some tips to start the next chapter of your relationship off on the right foot.

1. Get your engagement ring appraised and insured. An engagement ring is a significant investment so you’ll want to safeguard it against a potential loss. An appraiser will help you determine the ring’s value in case the unthinkable happens and it’s lost or stolen and needs to be replaced. Insurers like Mercury Insurance offer additional personal property protection, which covers valuable or irreplaceable items like jewelry that may only be covered up to a certain amount on a regular homeowners or renter’s insurance policy. Speak with your local insurance agent to learn more about increasing your limit of liability or purchasing a “floater” policy to ensure you have the right amount of coverage. (You’ll want to do the same for your wedding rings.) Additionally, an updated appraisal may not always be required by your carrier, but it’s a good idea to do this every couple years as it may increase or depreciate in value depending on the market.

2. Create and maintain an itemized household inventory. It’s important to be prepared for unanticipated losses like burglaries, fires, natural disasters or other losses that would require a claim to be filed. One way to do this is to keep a detailed inventory of all of your belongings to have an accurate record of what you own so you know exactly what would need to be replaced. If you’re waiting until after your wedding day to move in together, make sure you combine your individual inventories. Update your list with any engagement, bridal shower and wedding gifts you receive.

3. Compare your existing auto insurance providers. Many couples don’t have the same carrier for auto insurance, but marriage can impact how much you pay. Statistically speaking, married couples are safer than single men and women so they tend to pay lowers premiums and now you can take advantage of multi-policy discounts offered by carriers like Mercury. However, if one of you has a bad driving record it might not make sense to combine policies because you may inadvertently end up paying more for your insurance. If a joint policy is the route you decide upon, discuss what’s most important to you when choosing a provider, whether it’s cost, having a local agent, bundling options or available discounts. Once you’ve nailed down those details you can choose to stay with one of your current providers or find a new company. Either way, it makes sense to shop around to make sure you are getting the best rate.

Karl Susman
Susman Insurance Scvs