Review short-terms insurance if you're tying the knot this summer

Summer is the season for weddings – according to a survey by a South African online wedding directory – so chances are that thousands of love-struck couples are going to tie the knot before the sun sets on 2009.

Typically, consumers tend to review all things financial, including their short-term insurance, at the start of the New Year. But, 1st for Women urges newlyweds not to wait until January.

“Ideally, you should re-evaluate your insurance needs and update your policy straight after the wedding. If you’ve recently gotten married or are going to be wed before the end of the year, you shouldn’t wait until the New Year to update your policy as you normally would,” says Robyn Farrell, the company’s managing director.

The reason being is that couples generally receive numerous valuable wedding gifts, which means they’ll have a pile of new belongings that should be added to their home contents policy schedule. Any items not included on the schedule will not be covered by insurance if they are damaged, lost or stolen.

Research conducted by a UK-based specialist insurer, Hiscox, revealed that the contents in the home of a newlywed couple increases by an average of £12,000 following the wedding. The study also showed that almost 25% of couples receive expensive designer goods as gifts and nearly 15% are given valuable family heirlooms, fine art and antiques.

“It’s advisable that newlywed couples update their short-term insurance policies to include the engagement and wedding rings, as well as any valuable wedding gifts they have received. If the insurer doesn’t know about these new valuables, they won’t be covered,” says Farrell.

She also advises couples who did not share a home before marrying and who do not have a shared short-term insurance policy for their household contents to discuss their insurance needs.

“Aside from the rings and gifts, you’ll both bring your own appliances, furniture and personal possessions into your new shared home. You’ll need to decide whether you want to keep separate policies, if you already have insurance, or opt to insure all your goods under one joint policy.

She concludes: “Your insurance needs change once you are married and it is important that you evaluate your insurance policy against these needs to ensure that they are adequately met.”