Protect Your Big Day with Wedding Insurance

Protect Your Big Day with Wedding Insurance
By Linda Rey

“I do” are the two most important words in the wedding ceremony. They can also answer other marriage questions:

Do you think about getting married? I do.
Do you want to get married? I do.
Do you think insurance can help in the process of getting married? I do.

Let’s go back to basics. I often talk about how insurance is considered leverage. Insurance provides a sum of money, known as the benefit, in exchange for a smaller sum of money, known as the premium. This exchange is arranged to avoid a financial hardship.

Wedding insurance in the United States has existed for only the last several years. I’m not sure who thought to offer the product, but with all the bridal disaster shows I see on TV, it seems like a good idea to me.

While every bride wants her special day to be perfect, everyone has probably been to a wedding where things didn’t go exactly according to plan.

We hope the damage is minimal and can be laughed at while watching the wedding videos later, but the business of insurance is to plan for a potential catastrophe that could cause a postponement, or even a cancellation.

How much did you or would you spend on a wedding? The average wedding in the United States costs about $27,800, according to The Knot. For about $125 to $500, you can protect a $24,000 (or more) investment with a plan similar to travel insurance.

What does wedding insurance typically cover?

Illness or injury: If critical members of the wedding party get sick or injured and cause a postponement of the event, you’ll be covered.
The officiant: If your officiant doesn’t show up or causes another problem, you can be reimbursed.
The vendors: Between the photographer, the florist, the caterer, and whoever else is providing services, there are a lot of moving parts to the big day. If anything happens to one of the vendors and you have to reschedule, you will recover the costs.
The venue: If the venue you choose doesn’t carry insurance, your policy could cover the cost of damages, such as a fire, or the venue going out of business.
Change of heart: Have you seen the movie “Runaway Bride”? I bet all of her fiancés wish they had purchased wedding insurance that protected against “cold feet”/“change of heart.”

Additional provisions available for reimbursement:

Out of business: If the store where you bought your gown or rented your tuxedo goes out of business, you could be reimbursed.
Gifts: This protects your gifts against theft or damage.
Liability: If you’re having your wedding at home or at a venue that doesn’t carry liability insurance for special events such as weddings, you will be protected.
Your honeymoon: This protects you should you need to cancel your trip due to illness, bad weather, or other unfortunate circumstances.
Military service: If the bride or groom is in the military and is called to duty and the ceremony must be postponed, you could be reimbursed.

Find a policy that is right for you. Money can’t fix everything, but it can help in certain cases. Talk to your insurance agent to find out if it’s worth it to you to protect your day with insurance.

Linda Rey is a licensed insurance agent at Rey Insurance with a broad spectrum of expertise in life, accident, health, property and casualty insurance as well as retirement planning and college funding strategies.

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