Most couples are not interested in wedding insurance because they are not planning on canceling their weddings, rather it is because they are worried about losing their jobs or other financial hardships.Wedding insurance typically covers deposits if the event has to be canceled due to illness, weather, military action, a vendor not showing up or other uncontrollable occurrences. It typically DOES NOT cover you if you are unable to pay for services because of job loss or if you get cold feet.If you decide to purchase wedding insurance, make sure to read the policy very carefully. You must make sure to understand what you are purchasing before paying for it.
How Much Does Wedding Insurance Cost?
A basic insurance policy that covers loss of photos, videos, attire, presents, rings, and deposits usually costs anywhere between $155 and $550, depending on the amount of coverage you want. General liability insurance, which covers up to $1,000,000 for accidents, costs around $185.
Do You Really Need Wedding Insurance?
Before you buy wedding insurance, check with your each of your vendors to see how well they're covered - your reception site or your caterer may already have their own insurance, so you wouldn't want to pay for overlapping coverage out of your own pocket. Ask your vendors for a copy of their policy, and then figure out where you aren't fully covered.
When Should You Get Wedding Insurance?
The sooner the better. Let's say you put a deposit on your wedding reception hall 12 months prior to your wedding date and then it burns to the ground a few weeks before the big day. With wedding insurance, you'll be sure to get your deposit back. But note: most insurance companies have limitations on how far in advance you can purchase insurance.
What Does Wedding Insurance Cover?
Problems with the site, weather, vendors, key people, sickness, or injury are the top concerns come wedding day. There is usually a specified maximum amount, which can be claimed under each section, and a deductible also applies. Be sure to find out the details of your insurance plan.
Things to Consider
Every insurance policy and every wedding scenario is different. Be sure to talk to your insurance agent - and have him or her explain the nuts and bolts to you. You want to make sure you and your sweetie understand every detail of your policy.
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