What is Wedding Insurance

Wedding Insurance

Wedding Insurance

When couples are planning there big day, there are many considerations to plan for. From the seating chart, to the wedding dress, wedding cake, event location and even the fonts on the invitation, there are many things to plan to make a successful wedding that the bride and groom (and their families) are happy with. The more complex that weddings become, quite often the more expensive they can become.

Some large weddings can now cost more than $25’000 and make for a substantial expenditure which has to be paid for by the married couple or traditionally, the brides father. When most couples think about wedding insurance they tend to think that insurance is only for a cancelled wedding, and that’s the last thing they want. So they tend to avoid giving it much thought and just skip insurance altogether, not thinking about all of the possible reasons that a wedding might be canceled – weather, accidents or any uncontrollable events.

Wedding insurance does not typically cover cold feet, so if one party does not decide to go through with the wedding, the expenses are still payable. It will cover accidents of most kinds, it will cover issues with the location of the wedding and contractors.

Wedding Insurance Cost

The price for wedding insurance really depends on the extent of the coverage and the total amount for the coverage. Even the most basic wedding insurance policies will cover loss of damage to attire (your expensive wedding dress gets damaged), wedding presents, wedding photos and wedding rings and can cost anywhere from $150 through to $500+ depending on the dollar figures insured.

General liability insurance can cover accidents at the event in which third parties are injured and you can obtain $1 million worth of general liability insurance for about $150-200.

Make sure you thoroughly read the policy details to determine precisely what you are covered for and ask the insurance provider about anything you don’t fully understand.

It is also advisable to get your wedding insurance well in advance of the date of the event. What happens if your bride to be spends $5000 on an expensive wedding dress and 3 days before the wedding, the shop burns down. Without insurance you would be out of pocket or waiting many months to be reimbursed by the shop. With wedding insurance you could make a claim immediately and purchase a new dress before the big day.

Wedding Insurance Coverage Details

Again, you should check the specifics of your policy to make sure you know what is covered, but here are some of the things you may not think of, that are covered by many wedding insurance policies.

The Wedding Rings
Even though it’s a cliche, it is entirely possible that the best man may lose the wedding rings! They could also be stolen or lost on the way to the wedding, so having wedding insurance which covers the cost of the rings is nice to have.

Wedding Transport
If your wedding day transport falls through for whatever reason, the wedding insurance should reimburse you for those costs. If the limousine breaks down on the way to the event, the cost of hiring another one will be reimbursed by the wedding insurance.

The Wedding Dress
The wedding dress may be accidentally damaged and when you are talking about dresses that potentially cost thousands of dollars, it pays to have them insured. In addition you might have hired wedding attire for the big day. What happens if you damage it, are you liable? You should check both the terms and conditions of the rental company as well as the insurance policy to determine if you

The Wedding Flowers
Many weddings also spend thousands of dollars on flowers alone with the right flower arrangements necessary to set the scene for the event. What happens if the florist cannot deliver the flowers, or they are damaged somehow? Wedding insurance means that you will be reimbursed if you need to spend money on replacements.

Wedding Reception Location
Wedding insurance also covers issues with the actual location of the wedding reception. If the building in which the reception was due to take place burns down or floods, you don’t want to be stuck with a large bill which comes up when you find a new location. What if the reception location makes a mistake and books 2 weddings for the same day? The coverage will make sure you don’t suffer any financial loss from mixups with the event location.

So there are some of the reasons why wedding insurance might in fact be a great idea for your big day. It will help ensure things go well and that any unforeseen events don’t leave you with substantial bills after the wedding day!

Save Money on Health Insurance!

Health Insurance Policies

Health Insurance Policies

Health Insurance is very important protection for you and your family against expenses that arrive should you or one of your loved ones become ill. For that reason, it is extremely important to get health insurance right. You need to choose a policy with great coverage, that has all of the options you need and is affordable. Check out the below tips to help you obtain great value for money when choosing your health insurance.

Compare life insurance quotes

In order to get the best value for money, you need to consider as many providers as you can. There are many health insurance comparison web sites which have been setup for just this reason. They will allow you to enter a few details and obtain quotes from multiple health insurance providers. The comparison websites will list all of the details of the policy so you can make an informed decision about which one offers the best value for money.

Customize your health insurance

Nowadays you can actually formulate an insurance policy to suit you individual needs and save money. If you don’t want to have any more children you won’t need an insurance policy that covers pregnancy costs, for example. If you are in your 20s you won’t need a policy that provides insurance for hip replacements.

In this way you can remove the extras that a policy doesn’t need and really get down to the essentials and things you are worried about. It’s a fantastic way to save money on your health insurance.

Beware of costly and silly additions on a health insurance policy. If there are items associated with the insurance policy that you know you won’t need, speak to the provider and ask for a special deal.

Start health insurance early

Insurance companies like to reward customer loyalty and customers who join at a young age. Many companies will allow you to lock in a lower insurance premium if you join at a young age (below the age bracket of 30-40 in most cases). If you lock in that low lifetime insurance premium you will have a cheaper rate when you are 50, 60, 70 years of age. You can also be rewarded for staying with the same health insurance for a number of years with many companies offering a discount after 10 years of paying insurance premiums.

Choose an insurance plan with a higher excess

The excess is a payment you make to the insurance company when you decide to claim on your insurance policy. Usually the higher the excess, the lower the insurance premium, so you can save money in this way as well.

There are also co-payment options where you agree to pay a certain sum or percentage of medical costs when you claim on your insurance. That can also lower your insurance premiums, but you must be aware of precisely what co-payment obligations you have. Some plans will have a minimum fee attached to hospital stays on a per day basis, so a co-payment of $100 per day you spend in hospital.

Make sure there are limits on the co-payment amounts when signing onto an insurance policy because a per day hospital co-payment can quickly add up if you have a serious accident. Reading the policy in detail is the best way to make sure there are no hidden or substantial excess or co-payment fees in your policy. It is always a trade off between excess/co-payments and insurance premium savings, so find the right balance for you.

Pay in advance to lock in cheaper premiums

Most years there is an insurance premium rise, so avoid copping this rise, consider buying a years insurance in advance instead of doing monthly payments. Many insurance providers will pass on the rise in premiums immediately to customers who are paying every month, but customers who have paid for a year in advance won’t cop the premium rise until the expiry date on their policy.

If you look at the history of premium increases with your company, you may be able to determine what part of the year they raise premiums. If your insurance company usually increases premiums in March-April, then by buying your year long insurance policy in February, you will lock in a decent saving.

Consult your policy before having procedures done

You can save yourself some money by understanding exactly what your insurance policy covers and doesn’t cover. If you aren’t sure what costs you are up for, consult your general practitioner and contact your insurance company. There might be ways to save money by changing which facility you have the procedure done at or by changing some of the options associated with your hospital stay or procedure.

Make health insurance claims immediately

Make claims on your insurance policy immediately to get the ball rolling and prevent any personal costs to you. Most health insurance companies have a maximum claim period as well, so if you have a procedure and don’t claim it for 2 years, the insurance company will not pay you. You don’t want to be stuck with a large medical bill because you forgot to fill in the paperwork!