The last thing you want to think about as you’re planning your wedding is all of the things that could potentially go wrong, but the truth is that your wedding is just as much of a financial investment as it is an important milestone in your life. So while it may not be the most romantic part of planning your wedding, securing insurance for different aspects of your wedding will give you peace of mind just in case something happens to go awry. Unsure of what needs to be insured and how to get the needed insurance? Here’s our simple guide on three things you need to get insured before your wedding.
Your Engagement Ring
You’re only human, so even as much as you adore your engagement ring (and by your Instagram we can tell that it’s a lot), there’s always a slight chance of it getting lost in the garbage disposal, left behind at a hotel, or even stolen. Losing your engagement ring will be devastating no matter how and what the circumstances are, but ring insurance will soften the financial blow just slightly.
No matter how much you paid for your ring, it has sentimental value and is worth insuring just in case the worst case scenario happens. Depending on how your policy works, if you lose, damage, or get your ring stolen, then you will either be able to replace the ring or secure a portion of the appraised value for it. It’s important to read the fine print of your policy so that you can be 100 percent certain you understand what your policy covers and how the ring will be replaced. Will they, for example, be mailing you a check for the appraised value of the ring, or will you have to purchase a similar ring at a specific jewelry store?
You can secure engagement ring insurance either through your homeowner’s or renter’s insurance policy (which is called a rider) or you can purchase a separate ring insurance plan. Ask your jeweler if they work with any insurance companies who specifically sell separate policies for engagement rings.
It may not be relaxing to think about your honeymoon plans being foiled, but inclement weather, accidents, and family emergencies can derail a honeymoon—which can mean that you’re also out of a hefty chunk of change. To insure your honeymoon, you’ll need to purchase trip insurance in order to receive any kind of deposits or money for tickets back.
There are several types of trip insurance, but here are the ones you’ll most commonly see:
- Trip Cancellation: This is the most comprehensive (and the most expensive) type of trip insurance. Whether there was a death in the family, an unexpected illness, a hurricane, or political uprising in the country that you’re traveling to, this kind of insurance will allow you to cancel a trip without losing everything you spent on it. Depending on the policy, this could either get you all of your money back or a large portion of it.
- Lost luggage: You took your chances on checking a bag, and it completely backfired. If you had any valuables in your checked luggage that are now lost, a lost luggage trip insurance can cover the cost of replacing the items.
- Flight: Whether your airline cancels your flight or the pilots go on strike, this type of trip insurance will cover any extra expenses you incur while trying to arrive at your final destination.
- Medical: The last thing you want to think about is getting sick or injured on your honeymoon, but it can happen when you least expect it. Medical trip insurance can cover your costs of hospital stays, medication, and anything else you might need while you’re way out of network.
The Wedding Itself
Did you know that you could actually get your entire wedding insured? We all know that weddings can cost a pretty penny, so it makes sense to insure an event that is going to set you back thousands of your hard-earned dollars. No couple wants to think about the possibility of their wedding getting postponed due to inclement weather, a family emergency, or an accident, but wedding insurance can give you that sense of peace as you write all those checks out to the venue and the vendors.
Wedding insurance can cost anywhere between $150 to $600, depending on what level of coverage you need. Wedding insurance can get you your deposits back on your venue in case of fire, a damaged wedding dress, a vendor no-show, sickness, an accident with one of the couple or with a couple’s family member, and inclement weather. Check out the policy in its entirety to see what exactly it covers so that you can be sure you’re making the right decision. One thing it doesn’t cover? Cold feet—so be sure that you really want to get married before you put down those deposits!