By: Lindsay Lee
Currently, the average wedding costs over $27,000. With that much money on the line, wedding insurance may be a modern necessity. What would you do if your venue suddenly went bankrupt and closed? What happens if the weather doesn't cooperate? What about if your dress is damaged? For many couples, these disasters have become a reality. Follow along to see why you should consider wedding insurance.
What is Wedding Insurance?
Like most insurance plans, wedding insurance has a variety of options. The essential idea is that you pay to protect yourself against any unforeseen circumstances, such as weather, vendor issues, injuries or health issues. Common plans include a cancellation or postponement policy for complete changes to your wedding date, if necessary.
You can find coverage for nearly every aspect of your special day, including gifts, photography, attire and lost deposits. In addition, most companies offer additional liability insurance in cases of property damage or bodily harm. This can be especially helpful if you are providing an open bar during your reception! With wedding insurance, most plans can cover your wedding rehearsal, ceremony and reception so that you're fully protected.
Note that some things are not covered, such as cold feet or change of heart. Each plan has certain stipulations, which you should review before purchasing. Always compare the plans with your wedding planner, venues and vendors to ensure that you have the right protection.
What is the Cost Benefit?
Typical wedding insurance policies start at $95 for basic coverage and can go up depending on the coverage needed. This is a one-time fee and usually has a deductible, although you can find policies without one. The majority of weddings can be covered for less than $300. Considering the average cost of the wedding, coverage is less than five percent of the total budget. Because it can cover nearly every possible disaster or scenario, it could be a smart purchase to put you at ease.
To see if wedding insurance is right for your budget, make a comparison chart. How much would insurance take from the budget? What percentage is the deductible? If you decide against it, how much money will you lose? Providing solid numbers and options can help you with your final decision.
Do I Really Need It?
The ultimate decision will be up to you and your fiancé. However, a few big factors can weigh on your decision. Most importantly, how risky is your wedding? If your wedding is outdoors or during a temperamental weather season, it might be a good idea to get covered. For destination weddings, insurance could prove to be priceless due to language barriers or scams. Do you have any illnesses in your immediate family? If you or your fiancé are in the military, think about last-minute calls to duty. Lastly, how much money are you investing in your big day? If your budget is close to your yearly income, it might be good indicator that you should protect your savings.
The final factor is your emotions, which money can't buy. For the already-stressed bride, insurance can be the key to enjoying your special day. You never know what can happen, and it can be comforting to know that your wedding day will be free of any big surprises.
In the end, wedding insurance is a small price to pay to keep any issues at bay. It makes sense financially and emotionally. The coverage can handle unforeseen issues, including unpredictable events like weather and injuries. For the amount of money that weddings can cost, it is truly a great value to have peace of mind on your wedding day.
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Lindsay Lee is your go-to resource for all things style and shopping. With nearly 10 years experience in retail management, buying, and fashion merchandising, she still has a passion for fashion. After her years covering New York Fashion Week, she decided to bite the bullet and launch her own jewelry line. You can find her very own curated collection at Frivolity.