UPDATE: Wedding insurance doesn't cover a runaway bride -- but here's why you might want it
By Alessandra Malito, MarketWatch
A lot could go wrong on a couple's big day
As if brides and grooms aren't nervous enough for their big day, they also have to worry about the venue closing down before they walk down the aisle, the weather stranding guests or the dress getting ruined in transit.
Some insurance companies, such as Travelers Insurance (TRV) and WedSafe, offer wedding insurance policies for such disasters. With weddings so expensive -- people who use wedding sites spend an average of $35,000, although it's likely less for millions of working Americans (http://www.marketwatch.com/story/what-the-average-american-wedding-looks-like----and-costs-2017-02-10) -- there's a lot of money at stake. Wedding insurance also covers accident coverage and military deployment.
"It's a significant investment and there are a number of circumstances that can impact that very special day," said Todd Shasha, managing director of personal insurance product management at Travelers. Travelers offers wedding insurance policies starting at a one-time premium of $160, with no deductible, though it can become more expensive when adding other cost liabilities and liquor. The $160 covers issues such as a cancellation up to $7,500, photography and videography up to $1,500 and event gifts up to $1,000. Liability coverage is an additional $165, and covers $1 million per occurrence (https://secure.protectmywedding.com/pls/wpp/app_wpp.wpp.Go).
Also see:19 ways to save on wedding costs (http://www.marketwatch.com/story/19-ways-to-save-on-wedding-costs-2017-02-28)
The top cause for claims last year (http://www.marketwatch.com/story/how-to-insure-against-wedding-disasters-2017-05-09) was vendor issues, one-third of which involved the venue. Another 20% of these issues were related to photographers who didn't deliver services as promised.
Extreme weather -- which concerns nearly every bride and groom especially in winter -- made up 9% of claims on average over the past decade, according to Travelers. In the 10 years that Travelers has been tracking wedding insurance claims, vendor issues were only kicked out of the top spot once -- last year, when the most common problem was missing or damaged property, such as guests writing on a tablecloth or in one instance, a rare totem pole damaged during a wedding, according to Travelers.