Happy belated Valentines Day. Do you know anyone who got engaged on February 14th? I don’t want to put a damper on these happy occasions however there are insurance matters to consider when people decide to tie the knot.
Here’s something you probably haven’t found. Whose responsibility is it to insure the engagement ring? The answer is it depends on who owns it. If the ring hasn’t been given to the bride to be then, it is the groom’s responsibility to insure it. After the bride receives the ring, it becomes the bride’s responsibility as it becomes her ring.
The main rule in insurance is ownership. After all, you cannot insure what you do not own. Therefore, if the groom has not given the bride the ring, then he is responsible for any damage.
Now there is a question concerning on which policy is the ring insured. For instance, if the bride or groom are still residing in their parent’s home, then the ring should be insured on the parent’s homeowners’ policy on a personal article floater.
Or say the bride or groom live alone; then the coverage should be placed on the individual’s homeowners policy. Or maybe they live together; then the engaged couple should purchase their own homeowners policy and put the coverage on the personal article floater attached to the policy.
Weddings these days are not inexpensive. The average price of a marriage ceremony can be tens of thousands of dollars. Consequently, many marriages run into six figures. Ouch!
What happens if an unforeseen event occurs and the wedding cannot take place? For example:
- A major hurricane hits the wedding location, and the event cannot take place.
- The caterer goes out of business, is not able to cater the reception and loses the deposit.
- Fire hits the photography studio after the ceremony and destroys the photos.
- A member of the immediate family becomes ill, and the wedding gets postponed.
Several insurance companies offer wedding insurance. Think of it as trip insurance for a wedding. However, this type of insurance policy will not pay a claim if the bride and groom get cold feet and decide not to get married. But it will pay for unforeseen circumstances as listed above. The insurance premium is not expensive, and it’ll provide peace of mind as you plan your big day.