Welcome to the second half of our WedSafe series, starring Steve Lauro! Wedding insurance has become an important part of the wedding planning process and education is the first step in understanding how wedding insurance can be valuable to you. In the last post, Steve gave us an introduction and outlined the basics of wedding insurance. Today, Steve shares more details regarding the different policies that are available to couples and how insurance has changed over the recent years. Read below for some great insight into wedding insurance and visit WedSafe on my Kate Parker Wedding.
photograph by: justin & mary photography
Why do couples need insurance on their wedding?
Weddings represent one of the largest financial (and emotional) investments any of us make in a single day of our lives. Protecting that investment with wedding insurance can help alleviate emotional burdens by providing some “peace of mind” and help reimburse covered financial losses associated with the wedding. Wedding insurance can reimburse covered claims from an unanticipated glass of red wine ruining a wedding dress to unforeseen events that force the cancellation of the entire wedding.
Has wedding insurance changed over the past two years? How?
With the economy struggling over the past two years, the percentage of vendors going out of business has grown. Wedding Cancellation Insurance can help protect against not only the financial impact of unforeseen cancellation/postponement, but also against vendors who do not fulfill their obligations. We have seen numerous issues with all types of wedding vendors who have accepted deposits or full payment, but have not performed. Wedding Cancellation insurance can offer reimbursement for these types of losses.
photograph by: eve photography
Do wedding insurance policies (price, what they cover) vary between companies? How?
All types of insurance vary not only from company to company, but from state to state. Insurance in the USA is governed by each state’s own Department of Insurance. Find a reputable company who specializes in the type of coverage you are looking for, for example a business dedicated specifically to wedding insurance, and inquire about what products and benefits are right for you.
Are more companies providing the insurance now than before? How many?
Specialized programs such as wedding insurance often see firms who offer this come and go. When researching, look for wedding insurance providers who have been in business, have an established presence and provide the product you need at reasonable rates.
photograph by: ned jackson photography
Are more people purchasing wedding insurance? Why do you think that is?
Clearly the trend to insure weddings and events is growing as consumers become more educated about how they can protect themselves from financial loss. While reports indicate that the average cost of weddings has dropped over the past year, it is still among the most significant investment any us make into one day of our lives. Wedding insurance offers a way to protect that large investment.
Is there anything wedding insurance doesn’t cover that people often don’t realize?
As with any insurance policy, there are exclusions and limitations to the coverage. Actually, consumers should realize that these limitations are what allow an insurance company to price the protection at affordable rates. Since there are so many variables, it is always best to speak directly to a company that specializes in wedding insurance and obtain information based on your specific situation to determine how appropriate the coverage is for you.
A big thanks to Steve Lauro for his valuable insight!
New England, Florida, and Baltimore wedding insurance company, WedSafe is a member of my Kate Parker Wedding your online wedding resource guidegeared towards directing couples to quality vendors based on their price range and state.
