Your wedding is one of the most important days of your life. And like most couples, you probably have spent a lot of time and money to make this day perfect. But, what if something unexpected happens on this big day like a horrendous rain storm or your photographer cancels at the last minute? This is exactly when wedding insurance can be a life saver, both financially emotionally.
1. What is wedding insurance?
Wedding insurance pays for any personal damage, stolen times and loss of use. There can even be extra coverage for wedding dress damage, if either the bachelor or groom has a change of heart and many more specific circumstances. Some wedding insurance plans will pay for an entire new wedding if the event has to be cancelled or postponed.
2. How wedding insurance works
Wedding insurance is similar to most insurance policies but you only have to pay the premium one time.
There are two different types of coverage:
Liability Coverage: Liability coverage insurance protects you from any incident that might occur at the wedding ceremony.
Cancellation Insurance: Cancellation insurance protects you if some natural disaster were to occur or someone gets ill.
3. When You Need Wedding Insurance
Here’s a practical example of how wedding insurance works and when you need it.
If your videographer doesn’t show up and you have to find another vendor the week before, the price could be at least twice the amount. Or maybe your gifts are stolen or someone slips and falls at the wedding. These are times when wedding insurance can save you thousands of dollars.
4. The cost of wedding insurance
The cost of wedding insurance depends on the type of coverage you purchase. Most policies start at $100 and can go up to as much as $600 or more depending if you add some optional riders to your policy.
Some venues will actually require you to purchase wedding insurance so it’s important to find out if it’s a requirement. Some hotels will actually have special deals for you when booking the event.
5. Look at your vendor contracts
Before you buy a policy, look at your specific vendor contracts to see what’s covered. Some vendors have their one liability insurance so you could already be covered and would then only consider cancellation coverage.
Consider your budget and if you think the extra cost of wedding insurance is worth it to you in the event that something happens.
Final Thoughts
Wedding insurance is one of those things where you might not need it, but if something disastrous or unforeseen were to occur, you are very happy that you had purchased it.
If wedding insurance is of interest to you, make sure to get a few quotes from different companies to see which company feels right and gives you the best deal. This guide on the best wedding insurance can help you get started to find the right company for you.
Your wedding day is a very important day and hopefully everything will be as magical as you have envisioned. And it would be nice to know that even though it was the perfect day, you had that assurance that if something were to occur, you have a policy to help you cover the costs.
Article written by ConsumersAdvocate.org