GardenSMART :: What If? The Five Reasons Why You Need Wedding Insurance
What If? The Five Reasons Why You Need Wedding Insurance
By Lea Crane
Are you, or is someone you know, getting married? First off: congratulations! If you’ve started the wedding planning process, the fun can turn to stress pretty quickly, due to the amount of money you will have to pay for the perfect big day. Today’s average wedding costs approximately $28,000, and can go much higher depending on taste, budget, and location. Did you know that wedding insurance is available to protect that significant investment? With premiums starting at $160 and no deductible, the peace of mind you can gain by purchasing a policy might be worth it.
Wedding insurance offers customers financial protection when certain unfortunate, unforeseen events occur. Depending on the policy, wedding insurance can cover items such as lost deposits, unavoidable cancellation due to weather or military deployment, lost or damaged photographs, host liability and more. It can help cover costs should something unexpected happen like a bankrupt banquet hall, torn wedding dress or a no-show vendor. The plan can reimburse you if an important item related to your wedding (for example, your ring) is lost or damaged before you get married. The plan can also reimburse you in case you lose your deposit if a vendor (for example, your florist) goes out of business before your wedding.
According to Travelers wedding insurance claims from 2010 through 2015, the costliest and most common causes of claims typically include problems with the vendors that are contracted to provide a service at the wedding. But claims can also relate to severe weather, military deployment, sudden illness or injury, and property damage.
Here are the top “what ifs” that can make you think twice about not buying wedding insurance:
What if your photographer goes out of business?
Whether your event is one year away or one week away, vendor failure can happen to any couple. For example, let’s say you discover the photographer you’ve booked has gone bankrupt and out of business—leaving you with a lost deposit and no photographer. Wedding insurance can provide coverage for certain cases where your wedding vendors leave you empty handed and for instances of failure to perform the contracted service, all of which could happen even before your big day.
What if a hurricane closes your wedding venue?
Winter blizzards, tropical storms, hurricanes, and tornados can wreak havoc on the best wedding plans. These storms can cause more damage to a wedding than just structural damage to a building—it would be almost impossible to plan a wedding around one of these catastrophic weather situations. Wedding insurance can provide reimbursement for the non-refundable contracted expenses if you have to postpone or cancel your wedding due to extreme weather conditions.
What if you or your partner were deployed?
Serving and protecting your country may mean having to cancel or postpone your wedding. Wedding insurance can provide coverage in the event of an unexpected call to duty or if your approved leave were to be later revoked. Either situation could cause the event to be held sooner or later than originally anticipated, or in some cases, completely cancelled – which could cause lost funds to the engaged couples and their immediate family.
What if someone gets really sick?
A sudden illness or injury can throw wedding festivities into disarray. If the couple or an immediate family member were to fall ill, that could mean a postponement. Wedding insurance could provide reimbursement for any non-refunded expenses and contracts, ensuring that you spend your big day surrounded by the people you love the most.
What if someone wrecks your party?
Recently, some wedding and event venues have been holding customers responsible for damage caused by guests during weddings and receptions. Venues may even require wedding couples to carry property damage coverage, so that there is additional coverage for the repair and replacement cost to venue and rented property. For example, if one of your wedding guests accidently knocks over an expensive centerpiece at the event, the rental company might hold you responsible for the accidental damage. Wedding insurance can provide property damage coverage as an optional endorsement to the standard policy package.
Above are just some of the top causes of claims. There are so many other things could happen during the planning phase of your wedding or even on your wedding day.
Travelers Wedding Protector Plan can help couples guard against financial losses caused by issues with the wedding and/or reception. Wedding insurance coverage also applies to the rehearsal dinner and now, Travelers is extending wedding insurance coverage to include the next-day brunch, when applicable (not available in all states). The Wedding Protector Plan can be purchased from an independent insurance agent or online. Every wedding insurance policy is different, so make sure to discuss your event details with an insurance agent to make sure the coverage is right for you.
By Joan Casanova, Bonnie Plants,
Photographs courtesy of Bonnie Plants
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