Over the past several decades, weddings and wedding planning has become a multi-million dollar industry. With the cost of an “average” wedding nationwide hovering somewhere around $25,000, it is important for couples making such a significant financial investment to be aware of how they can protect themselves from losing money and having to shell out additional fees.
Fortunately, wedding insurance can set brides’ and grooms’ minds at ease when it comes to their financial security. Since weddings are typically planned months or years in advance, insurance companies offer these policies in order to provide marrying couples with as much protection from unforeseen events. Such events include illness or military deployment, or uncontrollable disasters such as a hurricane destroying a reception venue that may require postponement of a weddings.
Couples who pay for wedding insurance can avoid having to cough up the extra cash to have their wedding dates changed. This includes notifying guests and making the necessary arrangements with vendors. So, if you are investing a considerable amount of money on the details of your event, then you should certainly consider purchasing a wedding insurance policy. But, how do you get wedding insurance?
Fortunately, signing up for a wedding insurance policy is relatively easy, especially if you and your future spouse are already living together. Many cohabiting couples will already have a renters’ or homeowners’ insurance policy in place. Depending on your insurance carrier, you may be able to purchase a wedding insurance rider through the same policy per the Huffington Post. Alternatively, some carriers will simply offer extension policies that cover the cost of certain items. These extension policies are a good idea for couples who may want to ensure particularly costly aspects of their big days. For instance, insurees may want to insure the venue, the photographs or the gifts, but may not want to pay for coverage on other items such as attire.
If you and your partner do not have an existing homeowners’ or renters’ insurance plan, you can also go through numerous insurance carriers who sell policies custom-tailored to weddings. A simple Google search will promptly produce an infinite number of carriers from which to choose. Couples should, however, shop around before settling on a carrier.
Be sure that you know and understand the full terms of each policy. For example, what is covered, what the deductibles are and how much you’ll have to pay before you sign on the dotted line. WedSafe suggests getting all fees in writing prior to accepting a policy. Also, couples should keep in mind that most wedding insurance policies will provide a set limit on what can be claimed (either up to a certain dollar amount total or on various aspects of the wedding like flowers).
In addition, before you purchase an insurance policy from an outside carrier, be sure that you first speak with your vendors to see what kind of coverage they have. Many vendors, like reception venues, may already be covered for certain costs. Needless to say, you want to be sure that your coverage doesn’t overlap with your vendors’ policies so that you are not paying extra for no reason.
Talk of insurance policies can seem quite daunting to many couples. However, actually securing coverage is relatively easy as long as you do your research and make informed choices. While couples who do choose to get their weddings insured and may pay extra fees, the peace of mind knowing that they will not have to pay for unforeseen events is well worth the price.