If the big day is a disaster
May 26, 2007
The day before his wedding, our mother fell down a flight of stairs and punctured a lung, broke four ribs and her wrist, which required surgery. With her willpower, Mom, although not quite herself, made it to the ceremony and even the reception.
In hindsight, B.J. said he would have taken out a wedding insurance policy to cover the costs he would have incurred had he postponed the wedding, especially after learning that he could buy a policy for as little as $160.
Wedding insurance has been offered in the United States since the early 1990s, but few couples had heard of it. The average cost of a U.S. wedding has reached nearly $28,000, according to a survey by Conde Nast Bridal Group, which publishes Brides, Modern Bride and Elegant Bride magazines.
Couples interested in insuring a wedding should be aware of the differences in price and coverage. If you don't think you'll need the "professional counseling" coverage that's automatically included with WedSafe's policy, perhaps the Fireman's Fund policy, which can be customized to your needs, is the better option.
"Wedding insurance isn't going to solve the problem when your mom tumbles down the stairs, but it gives you peace of mind that the huge financial commitment doesn't have to be made again," said Alan Tuvin, vice president of product management for the Travelers Companies, which started selling wedding policies in February. The cheapest of the policies, at $160, gives you $7,500 of postponement coverage.
Andrea Eaton, a financial planner with Cornerstone Wealth Advisors in Edina, got married a year ago, but didn't think twice about buying wedding insurance, because of the slight chance of the policy kicking in, she said. "Everyone is trying to get their finger in this wedding market. Insurance is just another way of businesses making money off weddings," Eaton said.
Policies have a one-time premium from $160 to $1,225, depending on the extent of coverage.
I'll be having a modest wedding at my parent's home, and aside from a few rentals, there will be few vendors. My biggest concern is rain, which a wedding policy won't cover, unless it's severe enough that half of our guests can't attend. If one of the hanging lanterns catches fire and burns down the house, the extra coverage that my parents' umbrella policy provides should take care of the damages. And after eight years together, I'm confident that the "change of heart" policy isn't for us. Note to my fiance: If you think otherwise, please tell me now, sweetheart.
Aimee Blanchette • 612-673-1712 • email@example.com