Written by Linda Rey on April 21, 2011 in Insurance  |   2 comments

Protect Your Big Day with Wedding Insurance
By Linda Rey

“I do” are the two most important words in the wedding ceremony. They can also answer other marriage questions:

• Do you think about getting married? I do.
• Do you want to get married? I do.
• Do you think insurance can help in the process of getting married? I do.

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?

• Illness or injury: If critical members of the wedding party get sick or injured and cause a postponement of the event, you’ll be covered.
• The officiant: If your officiant doesn’t show up or causes another problem, you can be reimbursed.
• The vendors: Between the photographer, the florist, the caterer, and whoever else is providing services, there are a lot of moving parts to the big day. If anything happens to one of the vendors and you have to reschedule, you will recover the costs.
• The venue: If the venue you choose doesn’t carry insurance, your policy could cover the cost of damages, such as a fire, or the venue going out of business.
• Change of heart: Have you seen the movie “Runaway Bride”? I bet all of her fiancés wish they had purchased wedding insurance that protected against “cold feet”/“change of heart.”

Additional provisions available for reimbursement:

• Out of business: If the store where you bought your gown or rented your tuxedo goes out of business, you could be reimbursed.
• Gifts: This protects your gifts against theft or damage.
• Liability: If you’re having your wedding at home or at a venue that doesn’t carry liability insurance for special events such as weddings, you will be protected.
• Your honeymoon: This protects you should you need to cancel your trip due to illness, bad weather, or other unfortunate circumstances.
• Military service: If the bride or groom is in the military and is called to duty and the ceremony must be postponed, you could be reimbursed.

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.

Follow Linda on Twitter.

Read More:
Save Money on Your Insurance Premiums by Changing Your Deductible
4 Questions My Insurance Clients Never Ask—But Should
3 Things That May Not Be Covered by Your Homeowner’s Insurance— But That You Still Need!
Four Ways to Protect Your New Construction or Renovations from Liability
Check the Fine Print: Situations That Could Invalidate Your Insurance Coverage

1. lynnettekhalfani@gmail.com says:

   April 27, 2011 at 10:03 pm

   Nice article, we've shared this with our followers on http://askthemoneycoach.com

   Reply
2. Augustine Sibilio says:

   October 19, 2011 at 2:12 pm

   Thanks for the tips you have provided here. On top of that, I believe there are numerous factors that keep your insurance premium lower. One is, to bear in mind buying autos that are inside good listing of car insurance companies. Cars that happen to be expensive are more at risk of being snatched. Aside from that insurance policies are also using the value of your car, so the more costly it is, then higher the actual premium you spend. Better Insurances

   Reply

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