With birds harmoniously chirping, the budding of colorful flowers, and longer days, spring inspires an energy and motivation that may have been hibernating during the winter months. The sunnier weather actually slows our bodies’ melatonin production, allowing us to “awaken,” which is when we tend to notice the disorganization and disorder the winter months left on our homes.¹
Before you open a window to air out the dust bunnies or grab the Clorox to begin your dirty-home detox, you may want to add “update insurance” to your spring-cleaning to-do list.
Here are some tips on determining the adequacy of your coverage this spring:
- Toys and Vehicles: Did you take insurance off of your boat or RV as you retired it for the winter season? Maybe you were gifted a brand-new car, motorcycle, or ATV over the holidays (lucky you!)
Before you satisfy that itch to take the convertible for a spin down back roads, be sure to review and update your auto insurance policy to both satisfy any legal obligations and ensure your safety.
- Changes to the Home: Have you finally decided to build that addition to your home this spring? Does the warm weather have you thinking about a pool? Home improvement projects typically require home insurance policy changes. Upgrades like new electrical and plumbing systems, home protection services, and rooftop replacements can help decrease your home insurance premiums.²
More square footage means more home to cover. New decks, pools, and hot tubs add both luxury and liability to your home, which means you may want to increase your personal liability coverage.2 Talk to your insurance agent about the implications of your updates.
- Gifts and Valuables: The winter is filled with gift-giving opportunities. Additionally, as you clean and organize the house, you may uncover new inventory worth covering. “Having an updated home inventory can help you estimate how much your belongings are worth. Once you know the replacement value of your possessions, you can determine whether your home insurance policy is offering enough coverage for your belongings.”³
Typically, homeowner and renter policies have rather limited coverage on items like jewelry, fine art, high-tech gadgets, and antique firearms. We recommend talking to your agent about insurance for valuable items to understand the extent of your coverage and to update item appraisals.4
“Just as it is important to look at your wardrobe, electronics, and other personal items to see what needs to be tossed, fixed, updated or stored for the coming months, everyone should do a thorough evaluation of their insurance coverage at least once a year,” says Jeanne M. Salvatore, Senior Vice President and Chief Communications Officer of the Insurance Information Institute. “So why not make a policy review part of your spring-cleaning ritual?”5
Talk to one of our qualified agents today to determine how the past year’s changes or this coming year’s anticipated alterations could potentially affect your coverage.
While the catchy, yet outdated, phrase “ring by spring” may not hold entirely true in this day and age, you might find yourself bombarded with wedding invitations in the mail, wedding photos on your Facebook feed, and wedding talk among your coworkers and friends as the weather begins to warm.
The origins and tradition of the “ring by spring” phrase are ambiguous and difficult to come by, but the idiom generally describes the desire by college-aged women to be engaged by the time they graduate in the spring. 1 While some universities and colleges, particularly ones with religious affiliations, still see and feel pressure by this phenomenon, the growing trend over the past decade has been to delay marriage until later in life. The average age of engaged couples is now 33, according to the 2019 WeddingWire Newlywed Report.
Regardless of its actual merit, “ring by spring” may help put a name on the increased amount of wedding talk as the weather warms. There is nearly a 20 percent increase 3 in the number of wedding ceremonies from winter to spring, with April and May considered peak season in much of the country.
If you are one of the many planning your wedding during this time, it’s time to start thinking about wedding insurance. No amount of time or energy can guarantee a flawless wedding, but investing in wedding insurance can help guarantee protection against bumps in the road toward your happily ever after.
Wedding insurance helps protect against unforeseen events, such as:
- Vendor complications: Vendor complications are the most common wedding mishap that results in an insurance claim. 5 Of the vendor-related claims, 65 percent were related to the venue, 5 which is the most costly of the wedding expenditures. 2 Other vendor complications include photographers not delivering photos as promised or DJs who failed to show at the reception.
- Extreme Weather: Severe weather, such as a hurricane or tornado, can lead to wedding postponement, with the risk varying depending on the wedding’s geographic location.
- Lost or Stolen Rings: Not only are weddings expensive, but engagement rings can cost a pretty penny as well, with the average price being $5,000 2 . Losing a valuable symbol of you and your partners love can be devastating.
- Dress or Tuxedo Damage/Loss: You deserve to look and feel like royalty on the day you say, “I Do.” An alteration error or tuxedo sent with a stain is not only upsetting but costly to fix.
- Stolen or Damaged Gifts: It can be exciting to receive gifts that help to jump-start your domestic life with your spouse-to-be. With online wedding registries and ever-improving internet shopping logistics, it’s easier than ever for family and friends to help you celebrate by sending a gift straight to your front door. Unfortunately, this ease has been extended to “porch pirates,” as well. In 2018, 1 in 4 people were victims of package theft.
- Unexpected Injury or Illness Resulting in Cancellation or Postponement: No one wants to think about the affliction of a loved one, especially on day so special, but it’s important to acknowledge all of the risk factors that could affect your big day. Such an incident would not only be emotionally upsetting, but costly and flustering in terms of rescheduling.
Your wedding day is often one of the most memorable days of your life and the beginning of your unified life with your partner. Penny Insurance can help with your peace of mind. Call one of our professionals today to learn more about wedding insurance and getting the right coverage for your special day.