It's no surprise that weddings can be very expensive. Yet few people consider purchasing wedding insurance. According to The Wedding Report, the average price for a wedding in 2016 was $26,720. You wouldn't think of spending $26,720 on a vehicle without buying insurance for it, but people regularly spend that and more on a wedding and worry about all the things that could go wrong.
You may have heard that dozens of Alfred Angelo Bridal stores closed with little or no warning, after the company filed for Chapter 7 bankruptcy. Many brides and bridesmaids are struggling to track down the dresses they've paid for or wondering if they'll ever get their money back. Those that purchased wedding insurance will be able to replace their dresses. Others won't be so lucky.
Wedding insurance typically covers:
- Cancellation or postponement
- Additional expenses
- Event photographs/video
- Event gifts
- Special attire
- Special jewelry
- Lost deposits
- Liability insurance (optional)
If you are planning a wedding, for $200 - $500 you could have the peace of mind that comes with knowing you're covered if you must postpone your wedding, your wedding gifts are stolen, or your dress becomes hostage to a bankruptcy.