Wedding Insurance 101
Published: February 2, 2012
With couples and their families spending more and more to create a once in a lifetime experience, a new kind of product is becoming more popular - wedding insurance. Insuring all the money being invested, it is starting to make more and more sense. Here's what you need to know and how you can protect your wedding day dreams.
What is wedding insurance? Similar to any other insurance product (home, car, life), wedding or special event insurance covers the monies being invested into your wedding. Acting as a safety net, families are able to recoup a set amount of losses (based on the policy) in the event their wedding day does not go as planned (or has to be postponed). Obviously every policy is different, allowing couples to create a policy best fitting their needs and investment.
Why do I need it? With the average wedding costing more than $20,000, this expense is often one the average family can't afford to forfeit. After all, you wouldn't buy a car for half that without insurance. Wedding have a high level of risk when you consider being faced with no-show vendors, horrendous weather or alcohol-related mishaps. Bet this much money on one day and sometimes Mother Nature wins. For most brides and grooms wedding day is without any major hiccups but for those that are not so lucky, wedding insurance can a lifesaver.
Where can I get it and how much will it cost? Here's the good news... wedding insurance is easily obtain from most regular insurance agents as an addition to your homeowners or life insurance policies. Cost is relative low (usually costing a few hundred dollars for an average wedding) and will depend on your exact policy. There are online companies that specialize in this specific type of insurance but you are likely to receive more personal service from your insurance agent so I recommend starting there first.
Are you considering wedding insurance or have any advice to share with brides-to-be? Leave a comment below!
Images courtesy of Getty Images.
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