MADISON (WKOW)-- Weddings are often considered to be the most important day of a person's life. Experts say the average celebration is now costing couples $25,000-$30,000. The one day event is more expensive than most consumer cars, but very few couples would consider buying insurance for this major investment.
"It makes sense. Every girl dreams about her wedding, her perfect day. I can see how they'd want to make sure it was nothing less than that," Vera's Bridal Assistant Manager Tory Lee says.
Lee and her co-workers see bridal parties almost daily during wedding dresses and tuxedo fittings. They occasionally hear brides talking about insurance, but had to admit, that they didn't know much about it.
"It's amazing the amount of money that goes into it," Lee says. "You overhear people talking about it every once in a while, but not a lot of people know a lot about it."
Martha Lester Mittenzwei is one of the few experts on wedding insurance. She teaches risk management and insurance classes at Madison College, and says most insurance policies cost between $150 and $500. A few insurance companies in Madison carry the service, but most say they only sell a handful of policies each year.
"There are additional endorsements people can buy to put on there. They cover if something goes wrong with the pictures and the entire wedding has to be re-staged to take the pictures over again. You can buy an endorsement for that," Lester-Mittenzwei says.
Some of the insurance policies even go as far as to cover weddings that are canceled because either the bride or the groom gets cold feet and doesn't want to go through with it anymore. Those policies are quite rare and have strict regulations. Most policies only cover emergency situations that are completely out of your control.
One of the biggest wedding insurance providers, Travelers Insurance, compiles data from their customer's claims.
-36% of claims came from problems with vendors
-23% were caused by the weather
-19% were damage claims.
-16% were caused by an illness or an injury
-6% of claims came from other sources.
"It's one of those things that you've got to weigh the risks and the cost of the insurance and determine if it's right for you," Lester-Mittenzwei says.
It's an option that can soothe even the most stressed out bride. Insuring the only hitch in her wedding is the one being made with her husband.
"I could definitely see it being something that brides would be interested in," Lee says. "It would give them some peace of mind."
Experts say wedding insurance is becoming popular with military families, because some policies protect against surprise deployments overseas. Experts suggest reading your policy carefully before putting any money down.
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