Wedding date? Check! Honeymoon plans? Check! Insurance? Huh?!

10 Insurance Tips for Newlyweds & Engaged Couples

It’s easy for many couples to get wrapped up in the excitement of planning a wedding and fail to fully think through the many financial implications of joining lives. In fact, a recent survey revealed disconnects in what couples know is important to discuss before getting married — including insurance issues — and what they actually discuss.

That’s why these 10 Insurance Tips for Newlyweds and Engaged Couples are so important. Take today to avoid misunderstandings that could dim that newlywed glow. 

1. Have “The Talk”. 

Have a pre-wedding sit-down to address important topics in auto, home, health, and life insurance. 

2. Driving record. 

Finding out you’re in love with a speed demon after saying “I do” can be a shock to your psyche, and your auto insurance premiums. You may want to think twice about combining coverage, and educate yourself about named-driver exclusion clauses. 

3. Sharing grown-up ‘toys.’ 

The rules likely change when you go from passenger to driver of your new spouse’s motorcycle, boat or ATV. Before you take the wheel, find out who is or is not covered. 

4. New home or fixer-upper. 

A renovation investment of $5,000 or more can change a home’s replacement value, and your insurance needs. As you research coverage for your first home together, think about what the structure offers today … and tomorrow. 

5. Where to live. 

Location, location, location is not only important to a home’s resale value. Your address, as well as construction type and square footage, likely will impact your homeowners’ insurance premiums. Do your homework before crossing the threshold. 

6. Which coverage to keep. 

The lowest premium isn’t the only consideration when deciding between health insurance plans, or if it makes sense to stick with your individual coverage. To avoid a short-term decision that results in long-term out-of-pocket expenses, be sure to review provisions related to cost-sharing – deductibles, co-pays and coinsurance – and consider what is NOT covered by the plan. 

7. New family coverage. 

Most group insurance providers consider marriage a qualifying major event, which means you can make related policy changes outside the approved open enrollment period. To avoid a coverage lapse, alert your provider immediately if “I do” also includes stepchildren. 

8. Update beneficiaries.

Even if your agent was in the wedding party, to name your new spouse as beneficiary you must proactively contact your HR department or individual life insurance provider.

9. Life insurance – how much is enough? 

Now that “I” actually means “we,” you may want to revisit your life insurance coverage. To determine the correct amount, consider future income potential, the cost of raising kids and any outstanding mortgage.

10. Keep track of property. 

How many of us really know how much ‘stuff’ we own? Without a clear grasp of our property, our most prized possessions might not be covered by our homeowners or renters insurance.  Take pictures and make an album electronically of each room and any valuables.

We are coming up on wedding season in the Pacific Northwest, so take the time to contact MIM with all of your concerns, before the honeymoon phase is over!

The Bounce House - Fun, but...

Having a Bounce House at your Next Party?  Consider getting insurance for a bounce house!

For parents planning a child’s birthday party, a bounce house is a very popular entertainment choice.  However, parents should consider the safety consequences that come along when renting one. Injuries can occur if rules aren’t followed.  Common injuries that occur on bounce houses include cuts, scrapes and sprained ankles, and as we've seen in the news recently, serious injuries can occur as well.

Insurance policies for rental companies cover incidents caused by improper setup. If the renter hires a company that provides a ride attendant, usage and setup is covered in addition to anything else that happens.  Also, home insurance policies that don’t specifically exclude bounce houses will cover injury claims.

Here are four things parents should do to ensure their kids are safe when playing in a bounce house.  

1. Have an adult attendant.

Having an adult monitor what’s going on in the bounce house is vital for safety. An attendant should prohibit kids from wearing glasses, performing flips or bouncing off each other in the bounce house. An attendant also will watch weather conditions and check that the bounce house is securely tied down. Company-provided attendants aren’t licensed but do receive training from the company on proper bounce house safety. A parent or other responsible adult can act as an attendant as well.

2. Avoid human seesaws.

Having a 3 year-old child bouncing in the same bounce house as a 10 year-old child is equivalent to putting the same kids on a seesaw. One won’t move and the other will quickly learn how to fly.  Every bounce house has a weight restriction, but dramatically different sized riders can cause injury such as sprained ankles when children fly through the air and land improperly.

3. Keep inflatables tied down.

Make sure stakes, which secure tethers, are driven into the ground a specific length based on the size of the bounce house. Also, once winds get over 15 miles per hour, most responsible bounce house providers will say you shouldn’t set up the inflatable because it’s unsafe.

4. Spend the extra money to get an insured company.

There’s generally a $10 to $20 increase in price to rent a bounce house from an insured party equipment rental company instead of an uninsured one. For example a company that carries insurance will likely be responsible in other ways too, such as ensuring delivery of a rental inflatable even if the company’s truck breaks down.

Business Insurance Basics

Large or small, a business needs insurance.  There are more than seven million small businesses in the U.S., ranging from construction firms to grocery stores to home-based businesses. All have one thing in common: Without the right insurance coverage, each could be wiped out by a disaster or a lawsuit. In addition, almost all businesses are accountable for the safety of their workers and are responsible for injuries suffered on the job.

Small Business Insurance Basics
There are four primary types of insurance that business owners should consider: Property insurance; liability insurance; business auto insurance; and workers' compensation.  To cover specific risks associated with a business, a variety of additional coverage may be added to the basic business policy. 

Understanding Commercial Liability Insurance
Along with property and workers compensation insurance, general liability insurance is a must have for most companies. Liability insurance protects the assets of a business when it is sued for alleged injury or property damage. Liability insurance can be purchased separately or as part of a Business Owners Package which bundles property and liability insurance into one policy.

Errors and Omissions Insurance
Errors and Omissions (E&O) insurance, also known as malpractice insurance or professional liability insurance, is a type of policy that protects professionals in the event they are accused of wrongdoing by their clients or customers.

Insuring Your Home Business
More than 24 million entrepreneurs operate businesses out of their homes. Whether a masseuse, an accountant, a baker or a computer consultant, each should consider the insurance needs of their home-based companies.  Many business owners mistakenly believe that their homeowner's policies cover the property and operations of their business, but that is not the case.

How To: Find An Agent, Save Money and File a Claim
Making a business successful depends on a company's ability in finding an agent, saving money and filing a claim. While business hope to never have to file a claim, having the insurance and understanding the policy will help to recover if a claim must be filed.

Let MIM lead you through the process of insuring and protecting your business from risk.  Contact Modern Insurance Marketing, Inc today!