Wedding Insurance: Not Just for Runaway Brides
What's the cost?
Prices will vary based on your budget, but if for example, you set a date for April 1, 2010 and chose to insure your $15,000 wedding for $500,000 through an insurer such as Hatboro, Pa.-based, Wedsafe, you would pay a one-time fee of $175.
Wedding Insurance: A Checklist
If you’re interested in signing up for wedding insurance, here are a few considerations to keep in mind:
1. Read the fine print. Be clear on what’s covered and what isn’t. No two insurers are alike. For example, R.V. Nuccio & Associates covers cold feet (Change of Heart Coverage) but Travelers’ Wedding Protector Plan does not. Read though the sample policies to find out if there are any limits on the claims or any deductables.
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2. Do not double up. Paying twice for the same thing is a sure way to lose money. Before you buy wedding insurance, check with your wedding and reception venues to find out if they already have insurance, and if so, what they cover.
3. First comes love, then comes insurance. According to Robert Nuccio, president of R.V. Nuccio & Associates, the best time to buy insurance is when you start to spend money that you can’t afford to lose. (That means before you put the down payment on the reception hall or chose the dress.)
4. Shop around. Wedding insurance is a niche product, and there are relatively few providers including:
- RV Nuccio & Associates, Inc.
- Sinclair Insurance Company, Ltd.
- Travelers Wedding Protector Plan
- Wedsafe
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