Wedding Insurance: You Need It!
In the United States, the average wedding costs $26,000. With that kind of money invested, you want to be prepared for anything that could go wrong. Wedding insurance protects you from some of the greatest worries associated with a wedding. Wedding insurance will come to your aid in the event you encounter a dress disaster, a deposit is lost, rings are misplaced, severe weather threatens your wedding day, your photos are ruined, and many other mishaps that may occur.
Dress disaster
As much time and money as you put into your dress, it is no wonder that you would be a little stressed over the possibility that something could happen. Wedding insurance will pay for replacement or repair of the bride’s wedding dress or the groom’s tuxedo in the event either are lost or damaged prior to the wedding.
They lost our deposit!
No one wants to think that the caterer, florist or other vendor will go out of business, declare bankruptcy prior to the wedding or just not show up on your wedding day, but it does happen. Wedding insurance will reimburse you for your deposit if this happens to you.
Where are our rings ?
Things happen and wedding bands for the bride and groom can become lost or damaged. Wedding insurance will provide repair of the wedding bands for the bride or groom or both in the event that they are damaged. If they are lost, it provides a replacement. After the wedding, though, coverage ceases.
It’s a monsoon!
Hurricane season is from June 1 through November 30. June, July and August are the most popular months for weddings. On the Gulf Coast and parts of the Atlantic Coast, this can be an interesting combination. In the event that severe weather forces you to postpone your wedding, wedding insurance can reimburse you for expenses that are non recoverable.
What happened to our photos!?
The photos that you take on your wedding day are memories you will always treasure. But what happens if your photographer loses the negatives or the film is defective? Wedding insurance can help you get your wedding party together so that you can take new photos or video.
Many venues, such as hotels, country clubs and parks, require the bride and groom to have their own liability insurance in order to book for their wedding or reception. This is a protective tool for both the wedding couple and the venue in the event that there is an occurrence of property damage or personal injury. Often, host liquor liability is also included in the event that there is an alcohol related accident. Some types of wedding insurance will insure both the wedding and reception for one price but will give you separate certificates of insurance for each.
The price of wedding insurance is not typically steep, especially in comparison to the cost of the wedding that is being insured. There are some companies that specialize in wedding insurance while other companies offer “special event” insurance which is basically the same thing. A policy is typically paid in one lump sum and can range from $185 for a wedding that costs $7,500, to around $1,000 for a wedding that is $150,000.
The primary reason for having wedding insurance is to cover your expenses in the event that your wedding is postponed or canceled for reasons of which your insurer deems valid. If you simply decide to cancel your wedding due to cold feet or a horrid fight with your groom the night before the wedding, you likely will not be covered. Make sure that you review your policy carefully and discuss the terms with your agent so that you know exactly what is covered and what is not covered.
For instance, if it rains on your wedding day and you are planning an outdoor wedding, wedding insurance probably won’t help you. However, if an earthquake, snowstorm, hurricane or some other natural disaster occurs and events ensue that prevent your wedding party from arriving such as airports and highways closing, you are typically covered. If the severe weather damages your wedding or reception site, your policy will kick in and cover that costs that you are incurred in making alternate wedding plans. If you need to cancel or postpone your wedding because of extreme weather, you are also covered.
If a family member or a member of your wedding party becomes ill or is injured and unable to attend your wedding, your policy will generally pay the costs that are associated with canceling or postponing it. However, you need to read the fine print here. Many policies do not cover illnesses or injuries that are preexisting or that stem from a preexisting condition that occurred within the prior 12 months. Also, while a vendor such as the caterer or reception hall cancels or does not show up is covered, if the photographer does not show up it is not grounds for postponement or cancellation. This is usually handled by the policy paying you a set sum so that you can reconvene your wedding party later and take the formal photos. However, if the photos are lost or damaged, this set sum is also paid to you so that you can take the photos at a later date.
Most wedding insurance policies cover only the wedding and reception, including the wedding dress, tuxedos and rings. They typically don’t cover the rehearsal dinner, bachelor party, bachelorette party and engagement party. But if you must cancel or postpone for a covered reason and you suffer emotionally, some policies will pay the bills for your psychiatric counseling.
Wedding insurance can help you prepare financially for and recover from many of the common maladies that could impose on your special day. It can help you recoup some of your losses in the event that disaster strikes. Even though it isn’t pleasant to think of your wedding day consisting of anything more than which doves and cherubic children with you in a beautiful dress, smiling at your handsome, enamored groom as you glide down the aisle, things happen and that picture can radically change. It is always a good idea to be prepared for the worst, especially when you are investing so much into your event. If you are planning a wedding, even a small one, take a look at a wedding insurance policy and see if it can give you some protection and a lot of peace of mind. You can’t put a price on that.