Week Seven: Should You Buy Wedding Insurance?

September 5, 2015 by Just Marry!

Whether or not to buy wedding insurance can be a difficult question to answer. If nothing goes wrong, you might think you’ve wasted your money on insurance. If something goes wrong, though, having wedding insurance might be the smartest investment you’ve ever made.

Ask yourself what you’ll do if your wedding gown salon suddenly goes out of business and you lose your deposit, for example. Will you be able to afford to purchase another gown? If your videographer doesn’t show up on the big day, will you be able to afford to hire another one right on the spot? And in the unlikely event that a natural disaster or death in the family happens before your wedding day, will you be able to afford to pay for a wedding all over again?

It’s good to note that many wedding vendors are happy to assist couples under extraordinary circumstances. When the Icelandic volcano erupted in 2010 and halted all airfare from Europe, all of the vendors we worked with helped couples reschedule their weddings by waiving penalties and carrying over payments to their new wedding date. Ask the vendors you interview what they would do if a natural disaster or a death in your immediate family does occur.

Here are some other FAQ about wedding insurance:

What does it cost? Basic policies start around $95.00.

What does it cover? Wedding insurance will cover many things, including rescheduling your wedding due to unforeseen circumstances, businesses going bankrupt or vendors failing to show up, damage to wedding attire, and loss of gifts. Some will even cover change of heart, though that’s rare.

What doesn’t it cover? It doesn’t cover basic inclement weather (such as rain or snow). If there’s severe weather, such as a hurricane, you might be covered. Your engagement ring and other jewelry won’t be covered, but your wedding ring might be. Read the fine print of the policy you’re considering to know for certain.

When should I get it? If you decide to get wedding insurance, do so 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 I purchase? In the best case, purchase enough coverage so that if the worst happens, you can reschedule and pay for a new wedding.

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

If you purchase wedding insurance, keep all of your contracts and receipts in case you make a claim. Also, shop around for the best price, best deductible, and best coverage for you. You want to take as much stress out of your wedding day as possible, so this might help you accomplish that!

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