Money Talks, So Should You

Insurance might be a great wedding gift you give yourself

Brian O'Connell
by Brian O'Connell, MainStreet contributor

NEW YORK (MainStreet) — It’s spring, and as the old saying goes, a man’s (and woman’s) thoughts turn to romance.

Your wedding plans could already be in full swing for a spring wedding. But be careful. Despite the romantic overtones, lots can go wrong with your nuptials.

Travelers Insurance says the No. 1 complaint from couples on their wedding day are problems with the photographer, and 58 percent of couples even say problems with the photographer or videographer resulted in insurance claims.

READ: What should I know about my fiance's finances?

That’s just one reason couples are taking steps to literally insure their wedding day against potential mishaps.

“Photos are one way that brides and grooms hope to preserve the precious memories of their wedding day, and couples should have the right protection in mind to insure against potential loss or damage for something so valuable,” says Chantal Cyr, vice president of Travelers Personal Insurance. “As the cost of weddings continues to increase, engaged couples need to know that they have options for protecting their investment.

A wedding is about being able to celebrate your special day, not a time to be worried about mishaps, weather or cancellations.”

Most couples find that problems on their big day stem from vendor problems, Travelers says.

SLIDESHOW: Five easy ways to cut wedding costs

As well as the photographer, that could mean the caterer, tuxedo rental shop or limousine service. Overall, 24 percent of couples filed claims against wedding day vendors, according to the Hartford, Conn.-based insurance company.

Mother Nature is another leading cause of insurance claims.

Travelers says 14 percent of couples file claims against bad weather that ruined their big day; 21 percent of couples filed claims against caterers last year (mostly against firms that went out of business but kept the upfront check); 11 percent of couples filed claims against disc jockeys for not showing up; and 5 percent filed claims against wedding planners.

The amount of money involved makes wedding insurance a viable, if not necessary option. According to The Wedding Report , the average wedding tab was $25,656 last year. Couples spent $4,178 on photographers and videographers alone, the website reports.

INFOGRAPHIC: The cost of being in a wedding party

Buying wedding insurance isn’t expensive -- Travelers says you can get a good policy for $160. That covers such issues as lost deposits, vendor cancellations, damaged or missing photos or videos and damage to gifts the couple gets.

Any bride or groom wants their wedding day to be perfect, although they rarely are. To protect your investment in the big day, wedding insurance actually makes a lot of sense.


Brian O’Connell has 15 years of experience covering business news and trends, particularly in the financial, health care and career management sectors. He has written 14 books and appeared on CNN, Fox News, CNBC, C-Span, Bloomberg, CBS Radio and other media outlets and in such publications as The Wall Street Journal and The He is a former Wall Street bond trader.