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Wedding Insurance 101 from The Reis Group

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Wedding Insurance 101

by Allison Teetsel on Sep 28, 2015

You’ve planned your special day, and you hope it will be perfect. Unfortunately, disaster can strike at any time. Wedding insurance can protect you from loss or hardship caused by circumstances outside of your control.

What Is Wedding Insurance?

Wedding insurance is a policy that protects your financial investment from certain circumstances beyond your control. For example, what if your venue goes out of business? Or what if the groom’s tuxedo gets lost in airport baggage, and he has to buy a new one at double the cost? These are the types of big-day financial losses that wedding insurance protects against.

You can also add optional liability coverage to your policy. Wedding liability insurance provides coverage for bodily injury, property damage, and personal injuries to third parties at the location of your event.  General liability insurance covers up to $1,000,000 for accidents.

How Much Does Wedding Insurance Cost?

A basic wedding insurance policy typically costs anywhere between $155 and $550, depending on the amount of coverage that you want.

When Should You Get Wedding Insurance?

Most couples start planning their wedding a year in advance. To protect against unforeseen circumstances, the sooner you purchase wedding insurance, the better. Please note, however, most insurance companies do have limitations on how far in advance you can purchase insurance.

What Is Covered?
Wedding Insurance can protect you in case of site damage or closure, severe weather conditions, vendor no-show, sickness or injury, and more.

Some of the things wedding Insurance can cover include:

  • Cancellation/Postponement: Can provide coverage for certain deposits listed in the policy in the event of a necessary cancellation or postponement of the wedding. For example, if the venue suddenly goes out of business and is inaccessible, or sudden illness prevents the honorees, parents, grandparents or children of honorees from attending, or an honoree is unexpectedly called to duty, this coverage can reimburse you for the deposits lost.
  • Lost deposits: This can provide coverage if a vendor goes out of business, declares bankruptcy before your event, or fails to show up.
  • Additional expense: This can cover certain unexpected expenses required to prevent cancellation or postponement of your event. For example, if your limo company cancels and you can find a replacement, additional expense coverage can help you reimburse some of the difference in cost.
  • Event photographs & video: In the case that your photos are lost or damaged, this coverage can reimburse you for the cos of reconvening your wedding part to take new photos or video.
  • Event gifts: If your gifts are somehow damaged during the event, this coverage can reimburse you for repair or replacement cost.
  • Special attire: Can provide coverage if the honoree’s event attire is lost or damaged.
  • Special jewelry: Can provide coverage for loss or damage to jewelry purchased or rented specifically for personal decoration of honorees within a specific timeframe prior to the event.

To learn more about how wedding insurance can protect you and your big day, contact The Reis Group.

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