Wedding Insurance: Insuring Your Gown, Ring, Venue and More

Are you having wedding day jitters? You know that you are marrying your soul mate; you get along with your future in-laws. You are not nervous about the commitment, but you are still pestered with the "what if" thoughts.

What if my DJ is a no-show? What if a close family member becomes ill and I need to postpone the wedding? What if the photographer is negligent and ruins the photographs? While these circumstances are rare, they do happen and there are companies out there that want to make sure your perfect day is protected no matter what happens.

How Do I Protect Myself?

Did you know there is particular type of insurance coverage available for weddings? It is a special event insurance policy that provides financial protection in case there are unforeseen circumstances that would require a wedding to be postponed or canceled. Depending on the type of policy you purchase, it can also cover damages to wedding attire, jewelry and psychological treatment if a canceled wedding causes emotional stress.

When considering whether to buy this special event policy there are two types of insurance to be aware of: wedding insurance and liability insurance. They each cover different aspects of a wedding celebration.

Wedding Insurance

This coverage is designed to protect you from unpredictable loss. Some examples are:

Weather: covers your expenses if a major weather event will prevent the wedding from happening or prevent the majority of your guests from attending (i.e. tornadoes, winter storms).

Vital People: if an immediate family member falls ill or there is a death in the family, coverage will be provided for the postponement or cancellation of the wedding. Some policies also provide coverage if the officiant fails to show up.

Wedding Attire: replacement coverage will be given if any wedding attire is lost, damaged or stolen.

Liability Insurance

This aspect of the special event coverage pertains to damages or accidents that may occur such as:

-Property damage
-Facility damage
-Alcohol-related accidents
-Injury to guests or staff

When a couple elects to purchase this coverage, they are protecting themselves against financial responsibility due to injury or damages.

How Much Does Coverage Cost?

Coverage for wedding insurance ranges depending on the amount of coverage that you want. The prices range from $185 to $1150.

For a policy that costs $185 you can expect coverage for up to $7,500 if you need to cancel or postpone the wedding. Spend the extra money and for $1,150 you will get coverage up to $175,000. (Source: WEDSAFE).

Liability coverage is $195 and you can receive coverage up to 1,000,000 per person and $250,000 for property damages. (Source: WEDSAFE).

Do I Need This Type of Coverage?

That depends. Paying the extra money for piece of mind is not such a bad idea. If you or your fiancé are in the military this might be a good option if an unexpected deployment should happen. You may also find this coverage attractive if you have a wedding planned during the winter months and you live in a location notorious for winter storms.

Are there cons? If you have already spent your budget, this could be an extra cost that is not necessary because it only covers "what if" situations. However, the costs for these policies are one-time expenses and are minimal considering how much money goes into the actual wedding.

You may also want to check with your vendors and your reception facility to see how well they are covered and how that pertains to your wedding should catastrophe strike. You don't need to overlap coverage.

Personally, I think the sense of protection that these policies provide make this type of insurance worth giving a second thought.

Where Can I Find This Insurance?

If you already have an insurance provider for your home, auto or life policy, check with them first to see if they offer wedding insurance. As an existing customer, you may get a discount on a new policy.

There are companies that strictly deal with wedding and liability insurance. Here are a few companies to look into:

-WEDSAFE (http://www.wedsafe.com/)
-Bridal Association of America (http://bridalassociationofamerica.com/WeddingInsurance/)
-Zain Jeewanjee Insurance Agency (http://www.onedayevent.com/)

Final Thought

When you are deciding on whether or not to purchase a wedding insurance policy remember to read the policy details carefully. Make sure what you are buying could really help you in case of an emergency.

Also remember, wedding insurance does not cover a change of heart.

Sources:

www.wedsafe.com

www.theknot.com