Getting married?

At Brew City Insurance it is our mission to offer customers a truly exceptional insurance buying experience. We provide our customers with the knowledge to choose the best possible insurance products that fulfill their wants and needs. Our friendly, knowledgeable and professional staff will help inspire, problem-solve, and best of all EDUCATE our customers so they can choose the coverage that best fits at a reasonable price.

Getting married is a significant rite of passage in a couple’s life. And while you’ll probably become preoccupied with wedding planning from the moment you or your partner pops the question, it’s far more essential to plan for everything that comes after you’ve said your vows.

It is essential to examine how getting married will affect your financial and insurance needs. Before you tie the knot, you and your partner should discuss these nine questions to avoid any unpleasant surprises.

1. Should I insure my engagement ring?

According to a 2012 survey from the wedding planning site TheKnot.com, the average cost of an engagement ring is $5,431. That’s a big loss if something should happen to your ring, so it’s important to purchase insurance for expensive jewelry in case it’s lost or stolen. Typically, homeowners or renters policies will only reimburse up to $2,000 for stolen jewelry, and they typically don’t cover claims if the ring is lost.

For additional coverage, consider purchasing an optional “personal property rider” on your existing policy, which will provide coverage for the full replacement cost (the cost to purchase similar items in the same condition) of your valuables. You can also purchase a separate specialized jewelry insurance policy.

2. Should we purchase wedding insurance?

Often, the engagement ring is just a small expense compared to the entire wedding: TheKnot.com’s survey found that the average wedding costs $28,400. Many venues require hosts to purchase venue liability insurance to protect you and the venue operators from liability claims for alcohol-related accidents or other property or bodily injuries.

Additionally, if you don’t want to take the risk of your perfectly planned ceremony getting canceled due to bad weather or a family emergency, consider adding on wedding cancellation coverage, which typically covers up to $1 million in nonrefundable charges, according to Robert Nuccio, founder of the wedding insurance site Wedsure.com. Optional riders may also be available for coverage of gifts, attire and other valuables.

3. What is my partner’s credit score?

If your soon-to-be spouse has a bad credit score, it could cause some complications. For instance, if you plan to jointly apply for a loan or mortgage, your spouse’s score may lead to higher interest rates.

Also, if and your new spouse combine your auto insurance policies, your partner’s credit history could lead to higher premium rates. Make sure you’ve budgeted properly for the possibility of higher expenses in such situations.

4. Does my partner have a bad driving record?

If your partner has been deemed a “high risk” driver due to a previous license suspension or history of violations, he or she may not be eligible to purchase auto insurance through a traditional provider, and you could pay far more when placed in a high-risk category. In Wisconsin a driver cannot be excluded from a policy, so it will increase your insurance costs.

5. How much life insurance should we purchase?

Once you’re married there is a need for life insurance to protect your surviving spouse if you’re not around anymore.Your exact life insurance needs will depend on your financial needs and whether you and your spouse have children to support. Visit an independent insurance agent for the most choices to decide what is right for you.

If either of you have previously purchased life insurance policies, it’s important to update the policy; this is the person who will receive your life insurance benefits when you die. If either of you have been married before, your former spouses are likely to be listed as beneficiaries, so be sure to update your insurance company with your new partner’s name and information.

7. Do we each have enough car insurance liability coverage?

When you purchase car insurance, you’ll need a policy that at least meets your state’s minimum liability limits to cover damage to other people or other property in the event of an accident. In Wisconsin, for instance, the minimum coverage level is $25,000/50,000 for personal injuries with an additional $10,000 for property damage.

However, an accident victim can hold you personally liable for medical and property costs beyond your insurance limits, so you and your spouse should consider purchasing additional coverage to protect your joint assets in the event of a lawsuit. Typically a $100,000/300,000 with $100,000 property damage is the minimum you should get.

8. Will we have enough homeowners or renters insurance?

Once you live together, you’ll generally want to take out a joint policy that covers your residence (if you own your house) and all of your possessions. It’s important to take inventory of your items to help you decide how much insurance to purchase. The general rule of thumb is that each adult should have about $20,000 in personal property and each dependent should have about $10,000. Add them all together and that will give you the ballpark value of your personal property. Tip: Make sure you ask for “replacement value” when purchasing the policy.

Need help with your insurance needs, want to save money, and have a great agency???

Brew City Insurance is a great place to start.

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Come in to Brew City Insurance for a no-obligation insurance review.

We will make sure you and all your family are safe all year long.

Brew City Insurance Agency Inc. is located at 2937 S Chicago Ave. in South Milwaukee between Pick N Save and Walgreens.

Stop in today and see what we can do for you! Or call 414-762-6600 and we can quote you right over the phone.

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