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Is wedding insurance worth it?

By newadmin / Published on Sunday, 11 Feb 2018 18:29 PM / No Comments / 9 views


With so much effort, planning and expectation, weddings don’t always come off as perfectly as imagined.

Wilted flowers, dropped cakes and missing DJs are just some of the headaches brides and grooms may have to deal with. Wedding insurance is one way to protect yourself and your wedding dollars.

“Anyone who is spending a significant amount of money on their wedding should insure their event,” said Sperry Mylott, spokesman for the Travelers Companies.

“It’s not just the wedding ceremony you’re insuring.

Wedding insurance covers the complete celebration — the rehearsal dinner, reception and even the next-day brunch (in most states).”

The Wedding Report estimates that the average cost of a wedding is approximately $26,000, but the price tag can be much higher in certain areas.

“In the New York City area, for example, where it can cost more than $70,000 to get married, who would make that large of an investment without insuring it?” Mylott asked.

Vendor problems top the list of wedding-related insurance claims, according to the Travelers Companies, which marked its 10th anniversary of offering wedding insurance by highlighting a decade’s worth of wedding costs and claims trends.

Is wedding insurance worth it?

One-third of vendor issues involved venues that closed unexpectedly or couldn’t accommodate the wedding as promised. Twenty percent of all vendor-related claims were caused by photographers failing to deliver agreed-upon photos, videos or other services. Weather issues accounted for just 9 percent of claims on average over the past decade, but in 2012 it made up 20 percent of all wedding insurance claims.

How it works

Couples can add liability coverage to their core coverage plan, which many venues require in case someone at the wedding is injured or causes damage to property of others.

Wedding insurance can be purchased up to two years before your wedding, and as late as 24 hours before your wedding in most states, but it’s best not to wait — many insurers require a policy purchase 14 days prior to the wedding to cover weather-related events, Mylott said.

How much it costs

For such a big event, plans can be as affordable as $160, Mylott said.

Be sure to check if your policy carries a deductible (Travelers’ doesn’t).

“For couples who are planning a wedding, we recommend researching vendors thoroughly before placing deposits. Check with the Better Business Bureau for reviews. And ask for references,” Mylott said.

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