Is Wedding Insurance Worth It?
On October 14th, Jane is planning to marry the love of her life. Nothing could get her down- except the unseasonal ice storm that will strike central Iowa that morning, leaving roads impassable and leaving Jane and her fiancé with a very large bill for a wedding that never happened.
Sure, it seems unlikely that you will face Jane’s scenario, but what about these?
- The wedding dress or tuxedo is damaged or lost
- A DJ fails to show up or a vendor goes out of business.
- Severe weather forces you to postpone your wedding.
- A photographer’s memory card fails, ruining your photos.
- The groom gets food poisoning at the rehearsal dinner.
- The bride or groom is called up to active duty.
- A bridesmaid forgets to set her emergency break and the car rolls into a lake… along with all the wedding gifts.
A lot can go wrong, but the impact of all these situations can be softened with the right type of insurance. The proper policy can cover the costs of new rings, protect you from the liabilities of alcohol-related injuries, or even reimburse the deposits made on a destination wedding gone wrong. If you’re feeling extra cautious, you can even add on to the venue’s insurance.
Considering the average wedding now costs $31,000, it seems like a no-brainer to ensure your investment in your special day. According to theknot.com, a basic insurance policy that covers the loss of photos, videos, attire, presents, rings and deposits usually costs between $155 and $550, depending on the coverage. General liability insurance that covers up to $1,000,000 for accidents usually costs around $185.
Another thing to consider, however, is that your vendors may already be insured. Check with the venues and vendors and ask for a copy of their insurance policies so you can fill in the blanks. It’s also important to consider timing. Some insurance companies have limitations on how far in advance you can purchase coverage for your big day.
Before you run out and purchase a policy, be sure to talk with one of our experienced insurance agents to be sure you’re getting the most logical coverage. Your fiancé may have been an obvious choice, but the right insurance requires an expert!
LSB Insurance, a Lincoln Savings Bank company. Not FDIC insured, no bank guarantee, may lose value, not a deposit, not insured by any Federal Government Agency.