Wedding Cakes, Bridesmaid Dresses and…Insurance?; Caterers and Florists May Be Important Now, but PEMCO Insurance Says an Insurance Review Also Should Rank as a Priority for Newlyweds

Business Wire, June 9, 2003

News Editors/Lifestyle Editors

SEATTLE--(BUSINESS WIRE)--June 9, 2003

With June weddings already in full bloom, PEMCO Insurance congratulates the new couples and reminds them: Review and update your insurance coverage before your wedding day.

While the first step in marriage may be an elegant ceremony, marriage also means later taking care of each other through good times and bad. A properly adjusted insurance policy will make the bad times more livable.

"People equate weddings with romance and celebrations," said Jon Osterberg, PEMCO spokesperson. "But weddings also mean that, financially, two people have become one. That's a big change, and the implications can be daunting if their insurance coverage is below what they need in a catastrophe."

Newlywed couples can benefit greatly from reviewing their life insurance, especially couples planning to buy a home together or have children soon. In case of an unexpected death, life insurance can help protect a spouse from carrying a crippling debt load or being forced to lower their standard of living.

Engagement and wedding rings also deserve special attention to protect against loss or theft. While a standard home or renters insurance policy protects the physical structure of the home and possessions, the dollar limit for jewelry theft is often less than the cost to replace expensive wedding jewelry.

PEMCO recommends newlyweds review their home or renters insurance policy to see if additional coverage should be added for jewelry and valuable gifts. Couples should also check for adequate insurance coverage for the value of their combined belongings.

Osterberg also noted it's important to carry adequate liability limits on a home or renters policy, since lawsuits are increasingly common and the financial impact can devastate a new couple.

"Newlyweds shouldn't avoid reviewing their insurance policy because they're just starting out or are on a tight budget," said Osterberg. "Often times, the couple may be over insured or qualify for discounts that will lower their insurance costs."

Newlyweds commonly qualify for multi-car family auto insurance discounts, and couples should inform their agent about their new status as soon as possible to receive discounts right away.

Insurance Tips for Newlyweds

Life Insurance

-- Purchase life insurance early. The earlier you buy life

insurance, the lower the cost.

-- Make sure you have enough coverage for anticipated future

mortgages and large debts.

Auto Insurance

-- Arrange in advance to consolidate auto policies on the wedding

date to take advantage of multi-car discounts.

-- Review liability limits to ensure adequate protection for

assets in the event of injuring a pedestrian or another

driver.

Homeowner or Renters Insurance

-- Know the difference between actual cash value policies and

replacement policies. Actual cash value policies will only

reimburse policyholders for the value of an item at the time

it was stolen or damaged. Replacement policies, although more

expensive, provide enough money to replace the item,

regardless of when the item was purchased or current cash

value.

-- Make sure your policy will cover the value of your combined

belongings.

-- Review liability limits to ensure coverage in the event of a

lawsuit.

PEMCO Insurance, established in 1949, is a Seattle-based provider of auto, home, boat, life and umbrella insurance to residents of Washington state. PEMCO Insurance is sold by community agents throughout the state, as well as through PEMCO offices. For more information, visit www.pemco.com.