Should You Insure Your Wedding?

Things can go disastrously wrong at the worst possible times. For example, your wedding dress might become ripped or the venue you've reserved for the reception may suddenly be off limits. Whether the problems are avoidable or not, they can quickly transform the most important day of your life into a veritable nightmare. If you fear unforeseen circumstances and want to protect yourself financially, a wedding insurance policy might be the solution.

In this article, we'll explain the basics behind such policies and describe a few scenarios in which they're handy. We'll also take a look at how much it costs to insure your ceremony and reception.

How The Coverage Works

A wedding insurance policy fills the financial gaps in the event that an unexpected problem occurs that can potentially derail your big day. For example, imagine that the groom is traveling from out of state and has packed his rented tuxedo in his luggage. If the airline loses his luggage, he may be forced to purchase a new tuxedo (last minute rentals are often difficult to find). In this case, the contract would reimburse the cost of the tuxedo and help the couple avoid postponing the ceremony.

Insuring Against The Unpredictable

There are countless situations that can suddenly threaten your big day and they're often unpredictable. For example, imagine that you reserved the site for your reception several months in advance. However, three weeks before your wedding, the venue goes bankrupt and closes down. Not only will your deposit be forfeit, but you'll need to pay for a new venue - with only three weeks to spare, that can be expensive. A wedding insurance contract can compensate you for the additional cost.

Or, consider the expense of having to postpone your ceremony (for example, if you're injured on the ski slopes). The deposits for the flowers, catering, music, limo, and photography may normally not be refundable. An insurance policy can cover the gap.

The Cost Of Enjoying Peace Of Mind

Like most types of insurance policies, the cost of insuring your big day can vary based upon the items you'd like to cover. Most basic plans will include coverage for the rings, photography, videography, gifts, and the dress and tuxedo. Expect to pay approximately $200 for $1,000,000 in coverage.

You can also supplement the policy to cover such items as venue cancellations, sickness, and even your honeymoon. The price of the policy will obviously rise with the additional coverage.

Is The Investment Worthwhile?

Wedding insurance can make the difference between enjoying a worry-free event or risking postponement. But, that doesn't mean the coverage is necessary. A lot of vendors will already be covered for various unforeseen circumstances; an insurance policy may duplicate that coverage, unnecessarily adding to your expense. Talk to each of your vendors, including the manager at the reception hall. Ask them for details about their existing coverage. If there are any glaring gaps, explore whether an additional policy is appropriate for you and your sweetheart.

This article is provided by DanforthDiamond.com a leading authority on wedding rings, engagement rings and fine jewelry. Danforth Diamond provides wisdom and advice to help you choose the right ring at the right price. Visit DanforthDiamond.com or call 877.404.RING