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A little insurance goes a long way

Wedding insurance is exactly what it sounds like - an insurance policy that covers your wedding and financially protects you against misfortune and mishap. Wedding policies are relatively inexpensive; a basic policy costs between $125 and $500. And though wedding policies are not as common as car or house insurance, the practice is slowly and steadily gaining a foothold among prudent brides- and grooms-to-be.

Most wedding insurance plans currently available offer cover against accidents to the bride, bridegroom and their blood relatives, burglary of wedding finery and valuables which include clothes and jewelry, cancellation of the wedding due to legitimate reasons, damage caused to the venue by natural calamities, criminals or if the venue is the target of a terrorist attack and food poisoning.

What these policies do not cover are cancellation of the wedding due to criminal offenses committed by either the bride or groom, insolvency of the policy holder, feuds between the two families - or good old-fashioned cold feet.

Travelers Insurance offers a new product called The Wedding Protector Plan that insures against a host of potential calamities, including damage to a bridal gown or tuxedo, lost deposits if a vendor goes out of business or simply fails to appear, lost or damaged wedding bands, weather events that require a postponement, ruined photos, a call to military duty by the bride or groom, sudden illness, additional liability coverage in the event a guest is injured or causes property damage, or other unforeseen expenses.

Obviously couples have been getting married for thousands of years without benefit of specialized insurance coverage. But while preparing for a wedding, most couples make non-refundable deposits and sign contracts for services like the reception hall, flowers, catering, etc. These contracts protect the vendors, so it is important for consumers to protect themselves.

Given the stakes, wedding insurance at least deserves serious consideration.