If you’re engaged, you are probably still taking into consideration the question you were asked or that you posed: are you going to marry me? But probably the question you need to really be asking yourselves is: Do we require wedding insurance?
Sure, there are lots of questions to ask if you’re planning a wedding, like what color the tablecloths should always be and whether you should hire a DJ or a band. But someplace in there, every wedding couple should ask themselves the marriage insurance question. The solution is pretty simple: in case you are eloping or holding a low-key affair, as a general rule, you do not need wedding insurance. Having said that, if you’re throwing a gala for the ages, this indicates prudent to purchase some. Wedding insurance typically runs from about $125 to $400, with regards to the number of coverage you want, in accordance with Loretta Worters, vice president associated with the Insurance Information Institute.
Angela Thompson, writer of “Unveiled: Secrets regarding the Wedding Industry” and a sociology professor at Texas Christian University, puts it that way: “You wouldn’t spend $30,000 on a vehicle and not insure it. Why would you spend $30,000 on a wedding and not buy wedding insurance?”
Top 3 Reasons to get Wedding Insurance
To guard your investment. You’re working hard for the money, your parents work tirelessly with regards to their money. Protect those hard earned dollars!
For peace of mind. Give yourself some extra zen by detatching those pesky “what if?” drama scenarios from your wedding planning.
As it’s affordable. Into the grand scheme of your wedding budget, insurance is a small percentage regarding the total.
On average, wedding insurance coverages will cost you significantly less than your three-tiered cake, but could save you tens and thousands of dollars if our mother earth, sudden illness, damaged property, no-show vendors or drunk cousin Steve decide to screw up your special day.
Plus, WedSafe makes protecting your wedding investment affordable, easy AND fast. Their premiums start at as little as $75.
Peace of mind on your big day? Priceless.Wedding insurance provides valuable protection from these events, because so many weddings are costly affairs. Nearly 5 million Americans are expected to enter wedlock this present year, based on the Association of Bridal Consultants. The wedding industry is a $72 billion per year industry. Based on Bride’s Magazine, the typical wedding cost $19,000 in 2000. A recently available Association of Bridal Consultants study indicated that the standard wedding includes four bridesmaids, four ushers, 125 to 150 guests, some kind of food and music, and costs between $14,000 and $20,000. Wedding budgets over $100,000 are not unusual.
Wedding insurance originated in England into the late 1980s and spread to the united states of america when you look at the early 1990s.
Rain, some say, could be all the best on your own wedding day. But blizzards, sudden injury, or illness, can ruin the happy day. Even if you never be able to prevent the unexpected, you’re able to protect a portion of the investment by planning ahead.
If you’re thinking about buying wedding insurance—also called other dressing up event insurance—you should know that it has two parts. Cancellation or postponement coverage is the one. If extreme weather forces cancellation, for instance, this coverage will reimburse you for deposits if not the entire cost of a site or rental of a venue. In addition it might help pay for the expense incurred to reschedule the celebration. One other part—liability coverage—indemnifies you if someone is injured through the wedding, or if there clearly was property damage. You can purchase either form of wedding insurance plan, or both types.
Whether your claim of extreme weather is likely to be honored is just a little less clear. If the wedding is canceled as a result of weather which has been deemed a situation of emergency, the insurance will typically be honored, based on Ed Charlebois, vice president of personal insurance at Travelers Insurance in Hartford, Conn.
But if it really is canceled due to a serious storm that is localized instead of statewide, the insurance company will have to come to a decision. “Our view is determined partly by whether or not it was a predicament that the consumer had control of,” says Charlebois.
That is the argument most insurers put forth, and it sounds reasonable. Exactly what is covered and what exactly is not?
What Wedding Insurance Will Not Cover
Even if you choose the most comprehensive policy available, you’ll not get coverage for many events.
Wedding insurance won’t pay to reschedule your wedding due to a rainy day. It only covers severe or catastrophic weather events such as for instance floods, earthquakes, tornadoes, hurricanes and ice storms. This is only if you buy the insurance policy far enough ahead of time.
The policy’s special attire coverage will not extend to watches, jewelry, gems or pearls, even when these are generally mounted on clothing. You will have to purchase separate coverage to insure the possible loss in the diamond stud earrings and necklace you are going to wear. Low quality photos are not covered. Only lost or destroyed photos are, so choose your photographer carefully. In the event your video is destroyed, however your wedding photos are fine, the increased loss of your video may not be covered.
Accidental breakage of fragile gifts isn’t covered, so maintain the kids out of the gift table. Most policies do not cover a change of heart. When you or even the groom decide not to get married, any money you’ve already spent on the wedding will soon be lost. Things that have already gone wrong before you purchased the insurance policy are not covered. Insurance is supposed to pay for unexpected losses, not certain losses.
Make sure to read your policy and that means you know exactly what exactly is and isn’t covered. The declarations page will retain the details and coverages specific to your event. The remainder policy should be a boilerplate document describing the insurance policy’s coverage and limitations. It is possible to ask to see a copy for this document before you buy an insurance policy. Some companies even make it available on their websites.
The Cost of Wedding Insurance
When you submit an application for wedding insurance, you’re going to be asked for your state of residence, maximum quantity of guests, event date, and information on the ceremony and reception venues. Coverage and value varies by state because insurance is regulated during the state level. Some policies have a deductible.
You can buy a policy as far ahead of time as 2 yrs and as near towards the wedding date a day. However, this depends upon the insurer. Here is a typical example of policy pricing in New York state for a wedding in the fall of 2012.
Aon’s least expensive WedSafe policy would cost $130 and provides $7,500 in wedding cancellation/postponement coverage with no liability coverage. Adding half a million (the tiniest amount available) in liability coverage drives within the price to $239. The most costly policy, including $2 million in liability coverage, costs roughly $943 and offers $175,000 in cancellation/postponement coverage.
A few of the items included in wedding insurance might already be covered under your renter’s or homeowner’s insurance. Specifically, stolen items and personal liability might be covered, but know that the insurance policy may place limits on coverage for individual things, such as $1,000 for a piece of jewelry. Speak with a representative in what wedding-related items your existing policy covers. If you already have some coverage, you can aquire an inferior wedding policy and prevent paying twice for similar coverage.
The Conclusion
Many things that may make a mistake in your wedding day can be guarded against with wedding insurance. When you are spending tens and thousands of dollars in the event, it may sound right to blow a couple of hundred more to protect yourself. Wedding insurance can not only protect the funds you have already spent, it’s going to make sure that you are able to correct most potential problems.
