Should You Say Yes to Wedding Insurance?
You've planned the perfect wedding and 4 months before the big day, your caterer goes out of business and you're left scrambling to find a replacement, on top of all of your other insurmountable wedding stress and expenses. What should you do? The answer may be simpler than you think...invest in wedding insurance!
While this situation is not the norm, it does happen, along with a lots of other unforeseen circumstances that you most likely can't control (i.e. the weather). This is why you should consider making the investment in wedding insurance. Just like with all of the other facets of your life that you have insurance for (car insurance, medical insurance, life insurance), your wedding is just as an important to protect, given the large investment you are making and you should protect it for those just in case moments.
What Is Wedding Insurance?
Basically, wedding insurance protects a couple's investment from circumstances beyond their control, and reimburses expenses incurred. For example, what if your hair and makeup artist doesn't show up and you have to book another one the morning of the wedding -- for three times the price? Or what if the groom's custom-made tuxedo is lost in airport baggage, and he has to buy a new one the day before the wedding? What if your reception space goes out of business a month before the wedding, and you lose your deposit and have to book another space? These are the types of big-day financial losses that wedding insurance can help to protect.
We had an incident years ago where the photographer that the couple had hired was due to fly in the morning of the wedding, as she had worked a wedding the night before. Due to weather (the one thing that cannot be controlled), she was unable to fly out to be able to cover all of the pre-wedding festivities (getting ready, first look and the ceremony). At the last minute, we had to hire another photographer to step in until the original photographer could make it. Since the client had elected to purchase Wedding Insurance due to weather, they were able to put in a claim for the additional costs they incurred for the new photographer and the insurance company covered the majority of the expense.
Even in our uncertain economy, wedding price tags are escalating with the average cost of a wedding exceeding $25,000. With such a high price tag, the wedding insurance business has been rising recently, to protect couples from unexpected disruptions and it does happen.
What Does it Cost?
In all reality, wedding insurance could be the least expensive item on your to-do list. The price is dependent on the amount of coverage you want, usually based on your overall spending budget, but can range from $150-$1000. And the sooner you purchase it, the better. If you are wanting protection against a hurricane or other major weather threat, most insurance companies will require to have purchased the policy well in advance (at least 30-60 days).
What Does Wedding Insurance Cover?
Problems with the site, weather, vendors, key people, sickness, or injury are the top concerns come wedding day. There is usually a specified maximum amount, which can be claimed under each section, and a deductible also applies. Be sure to find out the details of your insurance plan.
Couples can take out supplemental policies to defend against damages incurred by other wedding-related items such as photography, videography, and gifts, Additionally, there are general and personal liability coverage plans can include alcohol related incidents, although some companies have additional alcohol-related incident coverage, as well as medical coverage and honeymoon coverage.
Things to Consider
Every insurance policy and every wedding scenario is different. Be sure to talk to your insurance agent -- and have him or her explain the nuts and bolts to you. You want to make sure you understand every detail of your policy.
Below are a few online resources to check out. Most of the companies below allow you to go online and receive/request a quote.
We hope this gives you a little more insight on wedding insurance and why you should consider purchasing it for your big day. Remember, it's always better to be covered than to be standing out in the rain (literally) wondering what if.