“I do” are the two most important words in the wedding ceremony. They can also answer other marriage questions:
Let’s go back to basics. I often talk about how insurance is considered leverage. Insurance provides a sum of money, known as the benefit, in exchange for a smaller sum of money, known as the premium. This exchange is arranged to avoid a financial hardship.
Wedding insurance in the United States has existed for only the last several years. I’m not sure who thought to offer the product, but with all the bridal disaster shows I see on TV, it seems like a good idea to me.
While every bride wants her special day to be perfect, everyone has probably been to a wedding where things didn’t go exactly according to plan.
We hope the damage is minimal and can be laughed at while watching the wedding videos later, but the business of insurance is to plan for a potential catastrophe that could cause a postponement, or even a cancellation.
How much did you or would you spend on a wedding? The average wedding in the United States costs about $27,800, according to The Knot. For about $125 to $500, you can protect a $24,000 (or more) investment with a plan similar to travel insurance.
What does wedding insurance typically cover?
Additional provisions available for reimbursement:
Find a policy that is right for you. Money can’t fix everything, but it can help in certain cases. Talk to your insurance agent to find out if it’s worth it to you to protect your day with insurance.
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