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DEVELAN, CA Wedding Insurance, Insuring a Wedding, Protecting a Wedding Investment

DEVELAN, CA Wedding Guide


Wedding Insurance
Insurance Brokers; Insurance-Homeowners

No one wants to think it could happen to them, but there are unforeseen events that could shatter the dreams of your wedding day.  When events that are out of your control cause you to cancel or postpone the wedding day, wedding insurance can protect your investments.  With the average cost of a wedding being just under $30,000, it makes sense safeguarding your investment and providing yourself with peace of mind.

Throughout the wedding planning process, you will be required to provide deposits to secure vendors and secure locations. Vendors require the majority of the cost to be paid prior to the wedding date, with the final installment due after the service has been fulfilled. With an average of two-thirds of all cost being paid out prior to the wedding, it is wise to seek protection for your investment. Review the information found in this section to learn more about wedding insurance and discover if it is right for you.



How Does It Work?

Wedding insurance protects your financial investments from any situation that is out of your control.  What is included in the policy is up to you. As each wedding is different, each insurance policy is customized.  Work with the insurance company to make sure every element of the wedding is covered, or just specific items you care the most about.  Below are some of the situations that could be covered:

-Weather related incidents – hurricanes, tornados, floods that prohibit access to a venue.  This will not include a heavy thunderstorm.

-Illness or injury to a vital member of the wedding party – someone is in a car accident or suffers a heart attack, etc.  Most policies however will not cover an existing medical problem.

-No shows – could include clergy, officiants or vendors.

-Reception or ceremony - location shuts down or there is damage to the site that prohibits the wedding from taking place.

-If the bride or groom iscalled into active military duty.

-Wedding attire—the airline loses the bridal gown or the tuxedo shop suffers flood damage, and the clothing will need to be replaced.

-Liability – protection from lawsuits if someone gets injured or hurt at the ceremony or reception

-Photography Errors – if your photographer gets sick, doesn’t show or the pictures become damaged, insurance will cover loses and even pay for the re-creation and re-shooting of the event.

-Damaged or stolen gifts.

-Honeymoon insurance – protects you again from any items being lost or stolen or unforeseen events cause you to cancel or postpone.

-Wedding Rings – in case they are stolen from the best man’s car or lost by the ring bearer.

Payment of the policy covers compensation for any cancellation fees, lost deposits, replacement of items or the cost to repurchase any items or services.  The level of coverage purchased will determine how much is covered.

Before you begin the research, check with vendors to verify if they are insured for liability or damage coverage.  Ask for a copy of their policy and read it carefully.  It may provide adequate coverage, making your policy a double payment for the same coverage. Or they may be able to add you to their policy for a short amount of time to cover the event.  Keep in mind their existing policy may be written to only cover them. Make sure you are protected as well.

Also, check your homeowner's or renter’s insurance to see if you are covered for any of the above scenarios.  You may only need to add something to an existing policy in order to be covered.  Conserve the budget by doing homework and see what may already be covered.



What Won't it Cover?

As the policy generally covers only events outside of your control, most policies may not cover the following:

-Change of heart:  If the bride or groom calls off the wedding, the policy will not cover any lost cost.

-Jewelry:  Any jewelry outside of the wedding ring is typically not covered.  This may include pearl necklaces, watches or any custom beadwork on attire using precious gems.

-Engagement ring:  It will cover the wedding rings themselves but probably not the engagement ring.  Make sure you have separate coverage for that.

-Pre-existing conditions:  If a parent is already at risk for a heart attack or suffers from a prior medical condition, cancellation or postponement resulting from this will not be covered.



What Does It Cost?

In relation to the overall amount of the wedding, wedding insurance is relatively reasonable.  Depending on the amount of coverage desired, the policy can range anywhere from $100-$1,000.  Based on the peace of mind it can bring, this may be well worth it.

Look back at the budget worksheet and add up the amount of budget allocated to the reception location, caterer, wedding dress, flowers and photographer. Chances are those totals already represent several thousand dollars. For only a few hundred dollars, you could protect that investment should something go wrong or if the vendor does not fulfill their agreement.

In addition to protecting your financial investment, consider adding liability coverage. This will provide protection should a guest become injured or something is damaged. For a small additional amount, you can be covered for up to $1 million dollars. If you are contemplating wedding insurance, make sure you are covered for liability as well.



Where Can You Get It?
Insurance Brokers; Insurance-Homeowners

There are a number of online companies offering wedding insurance, as well as traditional insurance companies.  It is a relatively new concept for the wedding industry, as the costs of weddings have significantly increased.  Check with your existing homeowner's or renter’s insurance company first, or place a call an insurance vendor for assistance.

Many companies provide estimate calculators on their websites. This includes online insurance companies as well as traditional insurance companies. The calculators allow you to enter the amount you are planning to spend on the wedding, and in return it provides a cost and the amount of coverage it provides. Compare a few vendors to determine the best coverage at the best price. Narrow the options to two or three companies and call an agent. Be sure to include your current insurance company as they could provide multiple policy discounts. Treat wedding insurance like any other vendor investigation to determine the best value for you. The peace of mind and protection it provides will be well worth it.

 
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