The largest chunk of wedding budgets usually goes toward the venue and rentals. On average, couples spend around 27% of their funds on the location and any event rentals that aren’t included with the venue. Around 24% of the average budget is spent on catering, including the wedding cake and drinks, with another 10% going toward photography and videography.
With so much at stake financially, newlyweds should consider including wedding insurance in their budget to ensure the investment they have made in their big day is protected. The average cost for wedding liability coverage is around $150, according to The Zebra. Cancellation and postponement coverage prices vary from $75 to $550.
In addition to standard coverages, engaged couples should speak with their insurance agent about ways to customize their policy. This could include adding things like dress and tuxedo coverage, rings and gifts coverage, honeymoon coverage and photography coverage.
When helping insureds put together their wedding policy, it is imperative that agents also inform them of elements that are commonly excluded from coverage. This includes things like a pre-existing weather condition (known hurricanes, etc.), jewelry that is not associated with the ceremony, intentional damage or reckless behavior, or the couple having a good-old-fashioned change of heart.
In the slideshow above, we’ll look at the most common wedding insurance claims last year, according to data from Travelers.
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