CWPR Fall 2016

78 / 132

H O M E S , M O R T G A G E S , F I N A N C I A L P L A N N I N G & I N S U R A N C E
C H I C A G O W E D D I N G & P A R T Y R E S O U R C E
76
Protecting the Wedding
Wedding insurance ensures your investment in the event is safe
if the special day happens to go awry
By Ben Larrison, CTW Features
No matter how many hours you spend plotting, planning
and rehearsing your wedding, there still are some things
that are out of your control.
ENTER WEDDING
INSURANCE.
Now, obviously, this isn’t the
most glamorous wedding
topic — no one likes to think
something could go wrong on
his or her big day. But wedding
insurance can ultimately
mean the difference between a
smooth, stress-free time and a
big, chaotic mess.
When you think abut a
wedding being a real financial
and emotional investment, it
gives couples peace of mind
that
if something goes wrong, the
insurance company is there
to make things easier—at least
financially.
The concept behind wedding
insurance is simple enough: You
will likely spend more money
on your wedding day than on
any other day of your life, and
with so many moving parts,
there’s a reasonable enough
chance that something could go
wrong, so why not take out an
insurance policy to protect the investment in the day?
There are two basic types of wedding insurance: liability
coverage and event-cancelation coverage.
Liability coverage often is a requirement of certain venues
— particularly non-traditional venues — and protects the
holder and venue against lawsuits related to the wedding
day. Event cancelation coverage, meanwhile, tends to
cover everything else, from a weather- or illness-forced
postponement to deposit reimbursements should a venue or
vendor go out of business, even the cost of re-shooting your
wedding photos in the event of a photographer mishap.
It can’t stop the tornado from coming, it can’t stop the
snowstorm or the hurricane, but it can help in the one way,
and that is the financial loss. And really, that’s the purpose
of all insurance.
The premium for event coverage is typically based upon the
overall cost of your wedding, generally in the $200 to $300
range for an average wedding. Check with your insurance
provider as to the specifics of what your plan will and will
not cover.
It’s relatively inexpensive, and the wedding and wedding
planning can be stressful enough. Wedding insurance can
just provide a little bit of peace of mind, so one less thing
to stress out about.
The trend of purchasing wedding insurance has taken
hold in recent years. The primary purchasers of wedding
insurance tend to be the parents of the bride and groom,
who are often helping pay for the wedding and a bit more
risk averse.
Of course change of heart, as they say, is not covered by
wedding insurance programs. But the things that are
outside of your control are covered.
© CTW Features