Wedding insurance covers most everything couples need for their big day from photography to clothing to cakes. According to Travelers Wedding Insurance, the most frequent wedding insurance claims are for attire (15%); weather (15%), venue/vendor problems (62%), and other (8%). Why should you consider purchasing wedding insurance?
“Wedding venues and vendors aren’t exempt from the challenges we’re facing in the economy today and we have seen a higher amount of claims coming from venues and vendors that are going out of business. At Travelers,” states Chantal Cyr, vice president for Travelers Wedding Insurance, “we recommend couples purchase wedding insurance when they start to put deposits down on their wedding event.”
The company covers any number of situations such as when photographer takes a down payment and never shows up at the wedding. “Or,” adds Cyr, “perhaps they show up, take the pictures, and the pictures are not delivered, or they are delivered and they’re damaged. We also cover situations where wedding planners take a deposit and leave town or go out of business. Also,” she notes, “the big thing no one can plan for is catastrophic weather. If there’s flooding, or a hurricane at your wedding venue, the policy provides coverage for that. Another thing we can cover is the cancellation of a wedding due to military leave, the untimely death of a family member, or even travel delays family members may encounter going to the wedding.” Cyr also says, when choosing a wedding venue, couples should ask whether or not that venue has liability coverage, in case someone is hurt or something goes horribly wrong at the wedding. “The couple should ask about that when they put the deposit down,” reiterates Cyr.
“In our program, we require a minimum of a 14-day purchase of the insurance policy, so the sooner they ask the question of the venue, the better off they’ll be in terms of obtaining coverage. The policy also provides coverage for wedding attire issues—whether the dress comes torn, or the bridal shop goes out of business. We provide a refund for the dress or pay the claim so [the bride] can go out and buy a new dress. A lot of these incidents occur with little or no notice. What wedding insurance does,” states Cyr, “is it protects the budget for the wedding; so the couple gets reimbursed for any money spent.” Cyr also suggests couples check with the Better Business Bureau about any venue or vendor they’re considering hiring. Also, ask for personal references, and ask each vendor/venue how long they’ve been in business.
What does wedding insurance cost? “It varies by value of the wedding,” notes Cyr, “but couples can get a policy for as little as $160 with no deductible. There are a lot of moving parts to a wedding and this is just a very smart consumer purchase. Consumers need to ask themselves, ‘Is there another $20,000 item they own (car, home, etc.) that they don’t have insurance for?’ because the average cost of a wedding these days is $20,000. A wedding is a large investment,” reiterates Cyr. “If they go to our website—wwww.protectmywedding.com—couples can take a quiz that will help them determine the right amount of coverage they need, plus, they can purchase it online. It’s a very easy process. Obviously,” concludes Cyr, “you can’t plan for a disaster with your wedding, but you can provide yourself with a safety net.”
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