Wedding Insurance: You Can't Afford to Marry Without It
When you are planning a wedding, everything hinges on the date and location. Unfortunately, there are an endless number of things that can happen just before, or on your wedding day that will throw all your plans off. In many cases, you will not be able to get a refund on deposits, let alone enjoy all of the benefits you would have gotten from various services. Did you know that you can purchase wedding insurance to cover the financial aspects of these problems? While this insurance won't change the actions of others, at least you will have peace of mind knowing that your financial future will not include unforeseen expenditures associated with the wedding.
What the Insurance Covers
Over the years, the cost associated with getting married has gone up steadily. In fact, you may wind up spending more money on your wedding than you would on a new car. As may be expected, if you are on a tight budget, need to change the wedding date, or other problems arise, it can easily cause financial mayhem. On the other hand, when you buy wedding insurance, you will be able to obtain financial compensation in order to manage these issues. Some problems that wedding insurance covers include:
- Change of wedding date due to illness, bad weather, or venue location becoming unavailable. Typically, wedding insurance will cover reimbursement of deposits on all items and services contracted for the occasion. Average reimbursement can easily exceed $20,000.
- Breach of contract by service providers. In many cases, when a service provider can not be at the wedding, they will still keep the deposit. Since you will be hiring five or six specialists, it is best to limit your risk as much as possible. Reimbursement can easily exceed $5,000.
- Issues during the event that disrupt or interfere with the wedding. If a DJ arrives late, or some other problem develops, you may be able to obtain reimbursement for these disturbances.
- Loss of equipment or other items during the wedding. This includes lost film, videos, and equipment brought to the venue by service providers.
- Damages to venue location. If someone spills wine on the carpet, or attendee behavior results in the destruction of property, wedding insurance will cover the damages. Expenses can range anywhere from $5,000 for new carpets to $20,000 for other types of damage. It should be noted that it is impossible to factor these expenses into a wedding budget.
Consider another situation where all of your wedding plans are in place. Even though the wedding itself may go off without any problems, you may find that any number of issues will arise after the wedding. For example, you may receive a bill from the location where you booked the reception. If a guest damaged the carpets, or some other property loss occurred, you will have to reimburse the reception hall owner. When you have wedding insurance, you can simply file a claim and wait for payment.
As weddings become more complicated, many reception halls and wedding specialists will not form a contract with you unless you have wedding insurance. While the vast majority of weddings go off without any problems, it only takes one or two minor issues to result in thousands of dollars worth of bills. Do you want to start your marriage with unexpected debts from your wedding day? If not, you will be well served by buying wedding insurance as soon as you know that you are going to get married.