Thursday, March 27, 2014

Should You Buy Wedding Insurance?

This question is difficult to answer with a simple yes or a no, so consider the following: if your gown salon goes out of business and you lose your deposit, would you be able to afford to purchase another gown? If your photographer doesn’t show up on the wedding day, would you be able to afford to hire one on the spot? In the unlikely event that something catastrophic (hurricane, blizzard, death in the family) happens before your wedding day, would you be able to afford to pay for a wedding all over again?

You should also keep in mind that many wedding vendors are happy to assist you in extraordinary circumstances. When Central Florida was plagued by three hurricanes within a month, all of the vendors we worked with helped couples reschedule their weddings by waiving penalties and carrying over payments. Ask the vendors you interview what they would do if a natural disaster or a death in your immediate family does occur.

What Does Wedding Insurance Cost? Basic policies can be found for as little as $125.00.

What Does Wedding Insurance Cover? Wedding insurance will cover you for many things, including needing to reschedule your wedding due to circumstances beyond your control, businesses that go bankrupt or don’t show up, damage to attire, and loss of gifts. Some will even cover change of heart!

What Doesn’t Wedding Insurance Cover? If it rains, you will not be covered. If there is a hurricane, you might be covered. Your engagement ring and other jewelry will not be covered, but your wedding ring might be. If you or your groom decide not to go through with the wedding, most policies will not cover you.

When Should You Get It? If you decide to get wedding insurance, you should get it as soon as possible. Many policies will allow you to purchase insurance even after you’ve paid deposits and signed contracts, so don’t worry if you’ve already contracted with some of your service providers.

How Much Should You Get? If possible, purchase enough coverage so that if the worst happens, you will be able to reschedule and pay for a new wedding.

Do I Need Liability Insurance? Some wedding venues will require you to carry liability insurance. If you are hosting your wedding at home, you should check with your homeowner’s insurer to see if you should get additional coverage for your wedding.

Where Can You Find Wedding Insurance? Many insurance companies offer wedding insurance, so start with one of your carriers. An online search will also yield you lots of options for you to investigate.

If you think you might want to purchase wedding insurance, make sure to keep all of your contracts and receipts. You will need them if you make a claim.

This is a brief primer as to what wedding insurance covers. It’s really important to shop around for best price, best deductible and best coverage.

 photo 2310695d903cab7ec896e6a8625de6e6_zps62ed74a6.png