The concept of wedding insurance is probably foreign to many couples. After all, this is a joyous occasion, and no one wants to think about something as tedious and mercenary as insurance. But wedding planning takes more than time and patience, it takes a substantial financial investment. But what will become of that investment if the unexpected occurs? How can you protect yourself from loss if your wedding needs to be canceled or postponed? What if your vendors don’t deliver the goods on the big day, or your venue needs to cancel at the last minute? Wedding insurance may not be romantic or glamorous, but it is something that couples need to consider. Particularly with the cost of weddings continuing to rise every year.
Wedding Insurance – Things to Consider
If you are planning a small, intimate, wedding you may not need the protection that wedding insurance can offer. Particularly if you are holding your wedding at a church hall or family home. However, if you are planning a larger wedding, insurance should be on your list of considerations. If your wedding plans involve hiring caterers, entertainment, and a professional venue, you should consider insuring yourself against any unexpected contingencies. Remember, most wedding expenses are non-refundable, and if something does go wrong there will be no way to recoup your financial losses.
Wedding Insurance – What Could Possibly Go Wrong?
The average cost of a wedding is between $30,000 and $50,000. That includes booking the venue, hiring caterers and entertainment, the wedding party’s attire, the cost of the rings, etc. No matter how detailed your wedding plans, things can, and often will, go wrong. Caterers go out of business, entertainers fail to show up to bookings, and wedding dresses get damaged. Something as simple and unexpected as a summer storm can knock out power to your wedding venue, forcing you to postpone your wedding and putting all of your plans in financial disarray. Part of planning the perfect wedding is preparing for the unexpected, and that’s where wedding insurance comes into play.
Wedding Insurance – What Coverage Will You Need?
As with any type of insurance, policies will vary according to cost and insurer. The average wedding insurance policy costs between $100 and $200, assuming an average cost of the wedding itself. If your wedding plans are more extravagant, you may want to opt for additional coverage. Wedding insurance typically covers the following contingencies:
- Cancellation or Postponement – If your wedding is canceled or postponed due to an accident or death in the family, military deployment, or the sudden unavailability of the venue, your policy should cover most of your wedding costs including prepaid deposits.
- Liability – Intended to cover wedding guests who may have had too much to drink and injure themselves, or cause damage to the wedding venue.
- Wedding Vendors – Protects your investment if your caterers or entertainers fail to show, or fail to deliver on their contracts.
- Theft or Damage – Protects against theft or damage to wedding gifts and wedding rings.
- Damage to Wedding Attire – Protects against damage to the hired or purchased gowns and tuxedos of the wedding party.
- Transportation – Covers any failure on the part of your hired transportation, including increased liability for hired chauffeurs.
Most basic wedding insurance policies cover these areas, though couples can always discuss additional coverage with their insurance provider. It should be noted, however, that no policy covers cold feet. If your wedding is canceled or postponed out of choice, you will not be covered.
Wedding insurance isn’t a glamorous topic, but it is something that couples need to consider when planning their wedding. Plans do go awry, and the unexpected does happen, in which case it is important to protect your financial investment. If you decide wedding insurance is right for you, shop around and look for the policy that best suits your needs. Read the details of the policy carefully, and be sure you understand it fully before signing any contract.
