Wedding insurance dos and don'ts

First comes love, then comes marriage ... what's next?

With the average cost of a wedding rising almost 25 percent since 2000, couples will spend an average of $ 19,000 on their wedding. More newlyweds are now thinking of ways to "insure" their new life together, even if they can't ensure it.

There is a way to evaluate and plan for your financial future together before and after you walk down the aisle, according to the Western Insurance Information Service, a nonprofit consumer education organization.

Wedding insurance is offered in pre-set packages, or couples can tailor a policy to fit their specific needs. A standard package costs approximately $ 200 and covers the reception, photographs/video, special attire, medical, liability and other additional expenses.

Cancellation or postponement is covered up to $ 3,000, however, a change of heart is not covered. Many wedding insurance policies also cover jewelry in case the engagement or wedding rings are lost or stolen. After the wedding ceremony, as couples merge their lives together, they should also merge their insurance. Many insurers offer multipolicy discounts that can save couples money by combining auto insurance policies.

Since married couples are generally considered better driving risks than singles, they may also potentially save hundreds of dollars on their auto insurance policies. If a couple purchases homeowners insurance before the wedding, they get coverage not only for their new home, but also for their personal belongings and any wedding gifts they take on their honeymoon.

No matter what type of insurance policy a couple has, they need to update it to reflect a change in marital status to ensure they are not over- or underinsured.