For wedding couples, or their parents, who have lovingly planned every detail and budgeted down to the last penny, even a relatively small loss can feel devastating, while a large loss or liability claim can bring true financial disaster.
Most of the time, weddings go pretty smoothly, but when something unexpected does go wrong, it can be frightening how quickly the costs can add up. This is where wedding insurance can help you. Though you might not want to think about it, disasters can happen anywhere, anytime, including your wedding day. But what is wedding insurance and how does it work?
- Wedding insurance policies can cost any-where between $90 and $600 depending on the amount of coverage you want and the projected wedding budget.
- The typical time frame that you should purchase wedding insurance is from two years up until 14 days before the wedding date.
Wedding insurance helps protect you from the unforeseen circumstances that could threaten your wedding and reimburse you for monies lost. For example, what if your reception space goes out of business the month before the wedding or a specially designed bridal gown gets damaged or lost in the airport or a DJ or caterer doesn’t show up? These are all financial losses that could be covered by wedding insurance.
WHAT CAN BE COVERED?
- Weather conditions that prevent the bride or groom, key members of the wedding party and/or a majority of guests from attending the wedding.
- If vendors such as your minister or caterer do not show up, the cancellation or post-ponement of the wedding due to vendor mistakes can be covered under insurance policies.
- Rescheduling if the bride, groom or key members essential to the wedding get sick, injured or hospitalized.
- Rescheduling or postponement would be covered due to any military called to duty. This policy would also cover any last minute company moves where relocation to another city is mandatory and without notice.
- If the photographer cancels or doesn’t show up or if their film is defective, the negatives are damaged, stolen or lost, insurance could provide money to cover the cost of another photographer or even a restaging of the wedding including the new flowers and another cake.
- All non-monetary gifts that may be stolen or damaged.
- Wedding rings can also be covered and replaced or repaired if lost or stolen.
- There is also coverage that pays to repair or replace the bridal gown or other special attire if it is stolen, damaged or lost. This also includes financial failure of the bridal store.
- Alcohol liability insurance covers the bride, groom and immediate family from alcohol related accidents, property damage or bodily injury due to an inebriated guest. This type of insurance is now required by many venues. Not all carriers have this policy, so make sure to shop around.
When it comes to honeymoons, check before purchasing travel insurance. Your credit card company or homeowner’s insurance may cover you if your luggage is stolen or your trip is delayed or cancelled. If not, you can buy separate trip-only insurance but some agencies do include travel insurance for your honeymoon.
Before you buy wedding insurance, check to see which of your vendors have their own insurance and what it covers to avoid paying for overlapping coverage. Talk to your vendors to find out what they cover and what you should look into with your insurance agent.
Every insurance policy and every wedding scenario is different. Be sure to sit down and discuss all the details with your insurance agent and tailor a policy that fits your needs. Ask questions and shop around to get the best deals.