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Say "I Do" To Wedding Insurance
Jeff Haden, BlackBird Images, Harrisonburg, VA
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No matter how well you plan your wedding, things can go wrong -
sometimes very wrong. Circumstances outside your control can disrupt or
even postpone your special day: You or your fianc�e could become ill,
extreme weather could damage your facilities, or you may lose a deposit
made to a vendor who goes out of business. Think of it this way: In
2007 the average wedding costs a little over $25,000 - wouldn't you
insure any other asset worth that much?
If you are planning an expensive or elaborate event, it makes
sense to insure your wedding. Ask your insurance agent what policies
are available -- some insurers offer wedding insurance in a Special
Events policy. Or you can check out insurers that specialize in wedding
insurance.
The premiums are relatively cheap when you compare them to the
money you'll spend on the wedding. For example, WedSafe
(www.wedsafe.com) currently charges about $200 for a policy that will
pay up to $7,500 should your wedding be cancelled or postponed for
"covered" reasons. For $35,000 in coverage, the cost is about $400.
By the way - in case you're curious, it costs about $1,000 to cover a $150,000 bash.
What's Covered?
The heart of most wedding insurance policies is the cancellation and
postponement coverage,  which is the reimbursement you'll receive for
all deposits and charges you've paid to your wedding vendors - assuming
the insurer approves the reason for cancellation or postponement. The
last phrase in that sentence is key: Just like any other form of
insurance, take the time to understand exactly what will and will not
be covered. Review the policy in detail to avoid surprises.
Here's a breakdown of the important features of wedding insurance policies:
Weather: If you're planning an outdoor wedding and it drizzles
or is overcast, no matter how disappointed you are, try to smile and
enjoy the day. But if extreme weather makes it impossible for anyone in
your wedding party or the majority of your guests to attend, then your
policy may cover you if you need to cancel or postpone. Keep in mind
"extreme" means snowstorms, hurricanes, earthquakes, or other major
events that close down airports, highways, etc. If extreme weather
damages your wedding site - like if a hurricane flattens the reception
hall - then your policy will cover the costs of rearranging your
wedding plans.
A family or wedding-party member's injury or illness: If someone
in the wedding party or your immediate family (parents, grandparents,
siblings, or children) is injured or too ill to attend, your policy
will pay the costs of postponing or canceling the event. But read this
portion of your coverage carefully. Generally speaking, an illness or
injury caused by a preexisting condition that occurred within the past
12 months will void this coverage.
A vendor goes out of business: If you're stood up by a wedding
vendor you've hired, your policy will kick in. Note that a DJ not
showing up isn't grounds for cancellation or postponement, though -
typically your policy will simply pay you a set sum for the DJ's
absence.
Rehearsal dinners, engagement parties, bachelor, and bachelorette parties: Policies typically don't cover any of the ancillary wedding festivities.
Runaway brides or grooms: Um, no. If the bride or groom decides
to walk out before walking down the aisle, the insurance policy won't
cover any of the deposits and costs you've already incurred.
Liability
It
makes sense to be insured in case someone is injured at your wedding.
(For large and elaborate celebrations, the venue you rent for the
wedding and reception will often require that you have liability
insurance before reaching a deal with you.)
Some venues will offer to arrange liability insurance for you
(typically at a markup for their trouble), or you can check out the
liability coverage offered through your wedding insurance policy.
Generally speaking, for about $200 you can get the coverage you need.
RingsA
wedding insurance policy often provides coverage if rings are lost or
stolen during the period the policy is in force. You can typically
purchase a wedding policy from two years to two weeks before the event;
your coverage ceases after the event. Even if the policy will reimburse
you for the cost of the ring - but keep in mind the coverage is tied to
your level of cancellation/postponement coverage - you ring should be
insured after the wedding, too.
The most cost-effective approach is to insure the ring through
a rider to your existing homeowner's or renter's insurance policy.
Don't assume that your policy's existing jewelry coverage is good
enough: Typically it only covers theft. By adding coverage through a
rider, you will be covered for all risks. If you lose the ring or it's
lost in a fire, flood, or other disaster, your policy will kick in. You
may even be covered if the stone falls out of your setting and is lost.
The average annual cost for adding a jewelry rider to your
policy to cover a $10,000 ring is typically under $200. Make sure you
have the insurance in place the day you walk out of the store.
 The Bottom LineSeek
expert advice and shop around before you make a decision about wedding
insurance. It may not be a tough decision, though; wedding insurance is
relatively inexpensive, and like most other forms of insurance, even if
you purchase a policy you hopefully won't need it. Hope for the best,
plan for the worst - with a solid wedding insurance policy, either way
you're covered.
Jeff Haden, BlackBird Images, Harrisonburg, VA
www.blackbirdimages.com
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