With the recent state of the economy, it seems that more and more people are concerned about their wedding vendors going of business before their wedding day comes. I have had a few people share their concern with me, along with their consideration of wedding insurance, so I thought I would share the details.

What is wedding insurance?

As with any type of insurance, wedding insurance will not save you from a wedding day disaster. It simply provides financial comfort in times of such “crisis.” When something goes wrong, like a vendor going of business, or your DJ not showing up, you may be entitled to monetary benefits. There are limitations of course, such as getting cold feet, so be sure to check your policy.

Is it right for me?

I really believe the decision to take out wedding insurance is a personal one. Some people take comfort in knowing that a small investment of a few hundred dollars will provide payouts in the event of certain unexpected occurrences that may impact their wedding. Others might think that if planned carefully, they will be able to limit the probability of such mishaps. In either case, it is a highly personal decision, and it is best left to the couple to decide if having wedding insurance would help to ease their worries.

Is it expensive?

In many cases, you can take out a policy for a few hundred dollars (depending on how much you want to insure). You may also be able to insure only certain aspects of your wedding in order to keep the premium down.  

Open Communication 

Another plan of action is to simply ask your vendors “how are you doing in today’s economy?” If you are concerned, just tell them. Ask them what would happen if they went out of business, or better yet, do they have a plan of action to combat the down economy. Are they suffering at the moment? Keep in mind, right now is not wedding season so they are likely to be slow, so seek out a response that addresses an entire year’s timeframe. They are likely to have bookings in place for spring and summer, during their busy season, so they should have an idea of what their coming year will bring, and whether it is higher or lower than usual. This kind of open communication can be very helpful, and in my experience, being honest with vendors usually encourages them to be honest with you.

For more details, TheKnot has posted a more detailed article on wedding insurance.