Protect your wedding investment

Protect your wedding investment

The average cost of a wedding in the United States is approximately $26,500 – and that’s just an average! Most people don’t think about event insurance, even though the cost of mitigating the financial costs of all the things that can go wrong is minimal. Typical wedding budgets include the following items:

• Venue, catering and rentals. This usually eats up the biggest chunk of the budget. Given that venues are usually booked a year in advance and usually require a substantial deposit to hold a date; few think about the “lost deposit” that can happen if, for example, the bride or groom or their closest relatives fall ill unexpectedly on the big day.

• The venue will also require a “certificate of insurance.” Your homeowners policy will no longer do this for you! Make sure your event coverage can issue you with this, including your ‘liquor liability’. This covers your liability for guests who may become intoxicated at your reception and then try to drive home. Some rules also include a rehearsal dinner.

• Wedding wear. Dresses can take many months to arrive. After paying a substantial deposit to have that $3,000 dress made, you could suffer a monetary loss if the wedding dress shop suddenly goes out of business while you wait for it to be made or altered.

• Photos and video. Documenting the events of the day is important for many years to come. What happens if the photographer or videographer loses your “file” or their equipment breaks so they can’t deliver those memories? Make sure your event insurance covers the gathering of the wedding party to retake photos if necessary – even if the best man lives on the opposite coast.

• Destination Wedding. Maybe you’ve always envisioned getting married on a beach in the Caribbean. You’ve been planning for months and a hurricane decides to devastate the weekend you planned to get married there. Postponement or cancellation of the event may result in forfeiture of deposits for transport, venue, catering and accommodation.

Here are some additional tips to consider when planning your big day:

• Be sure to sign contracts with providers who will perform services for you and keep a copy.

• Get ‘Event Insurance’ early in the process as some covers have ‘waiting periods’. You can purchase coverage sometimes up to two years before the event.

• Keep receipts for your expenses related to the event.

• Enlist the services of a wedding planner if you are planning a large event. They can be most helpful in the planning process and in making sure the day runs as smoothly as possible.

Unfortunately, in the real world “stuff” happens. It might be worth spending a few hundred dollars to get some “peace of mind” for your main event. Congratulations!!

#Protect #wedding #investment

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