Difficulty: Moderately Easy
Things You’ll Need:
- Insurance agent who specializes in weddings
- List of vendors and deposits
- Estimate of value for covered items like gifts, wedding attire and jewelry
Step1
Decide when to purchase wedding insurance. Cancellation insurance will cover not only the event itself but the entire planning stage. Insurance should be purchased as soon as the first checks are written to vendors or for any wedding items because from this point forward the bride and groom are financially liable. Coverage ceases at the end of the event.
Step2
Choose your level of event coverage in a cancellation policy. This policy will cover losses incurred if the wedding is canceled due to unpredictable events like weather, wedding party members who cannot attend due to illness or injury, the failure of an officiant to appear and sudden military leave for the bride or groom.
Step3
Choose your level of item coverage in a cancellation policy. This policy will cover the costs to restore or replace items that suffer loss or damage. Items traditionally covered include wedding attire, gifts, jewelry and deposits to vendors who go out of business or go bankrupt.
Step4
Choose your level of coverage in a liability policy. This policy protects bride and groom from financial liability for damage and injuries that occur at the wedding. Liability coverage is often required by event locations. The policy can cover damage caused to the event location and property by vendors and/or guests. It will also cover bodily injury to anyone present, for example if a guest on the dance floor misses a step and breaks her leg. Perhaps most importantly, liability insurance protects the couple from responsibility for alcohol-related accidents, such an intoxicated guest who crashes on the drive home.
Step5
Plan to insure the rings after the wedding. The most important feature of the wedding that will endure after the guests have gone home and the couple returns from the honeymoon is the rings. Wedding insurance will not cover them when the event is over, so consider adding a jewelry rider to your home owner's or renter's policy. This will cover not only lost or stolen rings but also damaged rings and missing stones.
Step6
Consider insuring honeymoon losses in the event of a wedding cancellation. Some policies will pay a dividend for loss of any non-refundable deposits toward the honeymoon.
Step7
Use a trusted wedding insurance agent. Seek recommendations from friends or family members who purchased wedding insurance or ask a trusted financial adviser for a reference.
