Happy Day-After-Valentine’s Day!
Did your loved one get you anything shiny and much too expensive? Did someone bend the knee? Is an in-law demanding a concerning amount of fireworks after your vows?
There’s insurance for that.
Insurance Policies to Consider While Wedding Planning
Perhaps the biggest jewelry purchases a couple will ever make, engagement and wedding rings require protection—after all, accidents happen. (Remember when a certain celeb heiress chucked her $2 million diamond into an ice bucket while partying in Miami?)
Rings are considered personal property and are generally protected by your renters’ or homeowner’s policy. However, most home and renters’ policies will only cover $500 to $2,000 per bauble— paid only after the deductible is met.
When it comes to bigger rings, look for a separate insurance policy that only covers the jewelry.
You can go with a specialized policy or get a rider through your primary homeowner’s or renter’s insurance.
How does insuring jewelry work?
You can get your jewelry insured in one of two ways: through your property insurance or through a specialized jewelry insurer. If you go through your home, condo, or renters insurance, you should “schedule” your jewelry (also known as adding a rider to your policy) to make sure the piece is covered for its appraised value. If you’re on the fence about adding a rider to your property policy or getting separate jewelry insurance, consider quoting both options and comparing the coverages and rates you’re offered.
Wedding Liability Insurance
Liability protects you if something goes wrong at the event.
For example, if a guest damages the venue, a waiter trips and falls, or the potato salad gives everyone food poisoning. While these less-than-optimal circumstances aren’t exactly on your wedding day schedule (as planners can attest, things go wrong all the time), imbibing guests do require extra protection.
Wedding Cancellation Insurance
The other type of wedding insurance is related to canceled or postponed events. Cancellation protects you if something prevents things from going the way you planned.
For example, the venue closes and you have to reschedule or relocate, a hurricane prevents guests from attending or the mother of the bride gets food poisoning (hopefully not from the potato salad). The cancellation policy would help pay for nonrefundable deposits and ideally help you reschedule the event.
Certain policies will also cover the cost of a vendor who’s MIA or doesn’t uphold their end of the contract. In a few instances there are even “change of heart” clauses that protect innocent parties if someone calls off the wedding.
Directly correlated to the wedding boom is the sudden surge in honeymoons. But what happens in the event of last-minute airline cancellations or if a natural disaster upends plans?
Honeymoon insurance is a specific kind of travel insurance that protects you if your trip is canceled or interrupted by something outside your control.
Most of this text and information comes from The Knot | Check out our sister site, InsureYourWedding.com