Most couples planning for one of the most exciting days of their life are doing so with a detailed budget of the wedding insurance cost to make sure it is an event they can afford. However, over half for all couples end up spending more than they originally planned. Knowing all the expenses that go into making a spectacular wedding day, many brides and grooms have moments of worry that something unexpected will change their plans and require an expensive fix. Thankfully, wedding insurance can protect the investment couples make on the first day of their marriage.
Wedding insurance cost can be tailored to fit in any couples budget while still covering the things they are concerned about. Wedding insurance can cover cancellations due to severe weather, sudden illness, cold feet, and even the potential of being called to duty. In addition, it will help protect the amount of money you have invested in the loss of photos, videos, your wedding dress and rings, as well as deposits given to vendors. You can even purchase a policy to cover the rehearsal dinner.
It is important to note that wedding insurance will not cover every circumstance. If you need to cancel your outdoor wedding because of heavy rains, you may be out of luck. However, if this weather causes flooding, then your investment is protected under catastrophic coverage. Make sure you read the fine print with your insurance agent to make sure that you understand the details of your policy.
The costs for wedding insurance are quite minimal compared to the average cost for a wedding today. The average wedding in 2016 costs about $30,000. If you plan to host the wedding in Manhattan, your costs may be over $70,000. And that doesn’t even include the honeymoon. That’s more than many cars available on the market, and you certainly would not drive without insurance. Buying an insurance policy to cover such an event is a minimal expense to ensure your big day will be worry free.
Usually, a policy ranges from $155 to $550, depending upon what you want protected. If you were to purchase general liability insurance as well, a $1 million policy would cost around $185.
David Wood of the Association of Bridal Consultants states, “”In this volatile economy, wedding insurance is a wise investment and only costs a fraction of the goods and deposits it covers.”
Each insurance company will provide you with options on deductibles, maximum coverage limits, exclusions, and premiums. The most important type of wedding insurance is personal liability. Just like under your homeowners insurance, you do not want to be financially responsible for the medical bills or legal fees if someone were to fall and hurt themselves. If you speak with your venue representative, you will find that many require you to purchase this type of coverage.
Using an insurance quote calculator, it is easy to see how much you can expect to spend, depending upon the coverage you want. Selecting a wedding date a year in advance and a deductible of $25, the following list provides a few examples of the costs versus coverage:
- Liability only (includes host liquor liability) with $1 million coverage and $1,000 in medical payments and property damage deductible: $125.
- Liability, cancellation and loss of deposits (both $5,000 limits): $259.15
- Everything: $296.05
- Liability at $1 million
- Cancellation, loss of deposits, photos and video, rented property (each at $5,000 limits)
- Gifts, jewelry, professional counseling, special attire (each at $1,000 limits)
The most expensive policy available on the market includes $1 million in liability with $1 million in property damage and $175,000 in cancellation coverage. It costs $1,290. Of course, this is an exception to the rule and is generally an unnecessary amount of insurance for the average wedding.
There are a wide variety of options to choose from, and these examples are presented to give you an idea of the range of costs you may expect. Of course, this is only one insurance company’s prices. If you decide to purchase wedding insurance, be sure to do so as soon as you begin making purchases or giving deposits to vendors. You will want to make sure you are protected, should the worst happen. If you forget until the last moment, many insurance companies will allow you to purchase a policy a few days before your event.
Aon vice president Steven Lauro notes, “Some people just don’t realize that they have the option of protecting their wedding, and they don’t realize the risk that they’re running in not protecting it.”
By contacting a local independent insurance agent, betrothed couples can be sure they are getting a wedding insurance policy that fits in their budget and will protect the event they have worked so hard to plan.
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