Is Wedding Insurance Right For You?
With the current economic downturn, companies are suffering right now and the wedding industry is no exception to this crisis. If you've read the news recently, you may have heard of horror stories such as wedding dress boutiques and catering halls closing their doors leaving brides without the most important things for their wedding day. Now, more than ever you should consider purchasing wedding insurance for your wedding.
Previously, wedding insurance protected you in case of emergencies such as bad weather, sickness, accidents, postponement or cancellation of the wedding. It also covered you in some instances of liability from alcohol related accidents, property damage or bodily injury at your wedding. While wedding insurance still covers you for these items some insurance contracts will cover you in case one of your vendors goes out of business right before your wedding. So make sure to read your contract thoroughly before signing on the dotted line.
While you may think nothing will happen - in these days, you can't always be 100% sure. The truth is if the boutique you purchased your gown from goes out of business, they do not have to refund your deposit - neither does your catering hall or any other of your vendors - and you will have little recourse. You'll be left scrambling right before your wedding to find new vendors that can assist you quickly. You may even have to shell out more money for expedited services too.
If you put the deposits on your credit card, your credit card may be able to help you get back some of your money. If you charged these items months (or even over a year ago!) you may not have a chance to file a charge back for the lost services. But even if you do, if the vendor doesn't have funds in their merchant account, it is slim that the credit card company will be able to recoup your funds as well.
What Does Wedding Insurance Cover?
- All of the above examples plus
- Costs incurred or lost because of sickness or an accident to the essential members of the wedding.
- The deposits lost because of postponement/cancellation relating to military deployment or job relocation
- Weather conditions that prevent the wedding from happening as planned (ex- wild fires, hurricanes, ice storms), and needing to reschedule
- Liability coverage covers any bodily injuries that occur during the event (Especially important if you are hosting a backyard wedding)
- Liability coverage also covers any damage to the venue or property during the event
What Does Wedding Insurance NOT Cover?
- Cancellations based on cold feet (you decide not to marry)
- Cancelling due to pre-existing conditions (things you knew before you purchased the insurance)
How Much Does Wedding Insurance Cost?
To protect yourself from all of these possible incidents and to give you peace of mind, consider purchasing wedding insurance. Basic wedding insurance costs about $200 dollars but guarantee you'll recover a deposit if a vendor goes under. However, plans vary and can run from under $100 to $500 - it will depend on the plan you select among other factors (such as state, season, location and number of guests)
Items for your wedding such as your wedding favors, wedding accessories and even your party gifts from Little Things Favors are paid for and shipped almost immediately to you (with the exception of personalized items which take a few days to print). You won't have to worry about these wedding items - but wedding insurance can cover all the other expenses and services (such as your reception hall, DJ, photographer) that you paid for in advance and have not yet received.
© Originally written in 2009 and updated 9/15/2015, Erica Tevis, Little Things Favors
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