While it’s important to focus on the positive aspects of wedding planning, it’s equally important to “hope for the best and plan for the worst.” Wedding insurance is the ultimate way to cover all of your bases. Like any insurance coverage, you purchase it with the hope and understanding that it will likely go unused; but knowing that it is there can provide tremendous peace of mind.
You may have questions about cost and coverage, or even what and when to insure throughout the process. Below are details to consider when it comes time to purchase your wedding insurance.
Wedding Insurance: Covering the Unexpected Catastrophes
By purchasing this type of insurance policy, you can be reimbursed for wedding day disasters that are beyond your control, including those that cause you to cancel or postpone your wedding. In addition, you can be protected against vendors that do not show up, damage to wedding attire, and many other situations including:
– Wedding dress damage or loss
– Lost deposits for vendors and venues
– Lost or damaged rings
– Event cancellation due to severe weather, transportation issues, or natural disaster
– Ruined wedding photographs
– Call to duty in the U.S. Armed Forces
– Sudden severe illness
– Additional unexpected expenses
The Purchasing Power of Wedding Insurance
Any resident of the U.S. who is eighteen years or older can purchase wedding insurance for their wedding day and the surrounding festivities. Parents or other family members that have made a large financial contribution to the wedding can also be added to the plan.
A wedding is often a large financial investment and many couples on a tight budget may be out of luck if a vendor does not show up or some other incident occurs. Most, if not all, of your vendors should have insurance, so be sure to review their plans to see what they do and do not cover before making a decision. Do not be afraid to ask the insurance agent questions about anything you do not understand and make sure to read all the clauses and exceptions to avoid surprises should the worst occur.
Uncovering Wedding Insurance
If you‘ve considered the pros and cons of purchasing wedding insurance and have decided that it is an option you’d like to invest in, you should start doing your research as soon as possible. Many large insurance companies offer this type of coverage, along with typical car and home insurance, and may be able to start a policy for you at a low cost if you are an established customer.
There are also smaller agencies that focus solely on wedding insurance. Review their information, any literature available, and talk to friends and family who may have previously used this type of insurance. Once you have decided on a provider, start the paperwork as soon as possible.
Calculating Wedding Insurance into Your Budget
There are many different options and costs for wedding insurance, depending on the provider you choose and how much protection you want. One company, for instance, may provide a $35,000 policy for a cost of $300, while adding an additional million-dollar liability clause would tack on an extra $150. Shop around to see where you can get the most bang for your buck.
You will need to consider your event specifically and choose the right amount of coverage based on how much you have spent, vendor contract stipulations, etc. If you have a large budget, wedding insurance may be a small drop in the bucket that could save you a lot of money down the line.
No matter your personality–whether you like to plan every last detail or you are someone who likes to fly by the seat of their pants–it’s wise to take a few minutes to at least consider the positives and negatives of purchasing wedding insurance. Just like everything else you have chosen for this day, do what feels right for you and your fiancé and take the challenges on with a positive and open mind.
Lisa is a special needs teacher and a hugger. She always makes time for everyone and lightens up everybody’s lives with her presence. When she is not chasing her students around the yard, she finds time to write about what she truly loves, and you guessed it, its people and relationships.