In the second year of the recession, more weddings are being protected by insurance, according to several insurers, and there are twice as many wedding insurance claims as 2 years ago.
The Wedding Report, a market research company, estimates that 11 percent of the 2.1 million weddings in the United States last year were insured. Policies sell for as little as $95, depending on the cost of the wedding. An agent for Fireman’s Fund Insurance Co. said $250 would buy good coverage for a $30,000 wedding; about $2,400 for a $250,000 event.
A wedding policy reimburses if the big day is canceled because a storm shuts down airports or a burst pipe floods a hotel kitchen. There’s coverage for lost or stolen wedding jewelry, and damaged or missing gowns. If the photographer doesn’t show up or the pictures are damaged, policies may pay to reassemble the wedding party and restage the ceremony so new photos can be taken. There’s also coverage for military deployment and liability, which some venues require in case someone gets hurt.
Source: Associated Press