Having an insurance to cover your home or car is a no-brainer and in almost all States mandatory.
Specialty insurance is a growing segment of the insurance market, says Jeanne Salvatore, spokeswoman for the Insurance Information Institute, a New York-based industry group.
“There are only so many cars and homes out there to insure,” Salvatore says. And insurance products have to keep up with a changing world. For example:
How about insurance to cover your costs if your wedding gets canceled?
So what happens if you spend a boatload of money on your big day and you have to postpone because of something like a flood or a hurricane or because the bride or groom or one of their parents is hospitalized?
Maybe you lose your deposits. Maybe you have to reschedule at great expense. Not to worry: Wedding insurance can help.
Such policies will cover expenses if you have to reschedule your wedding for a “covered reason,” such as Mother Nature, illness or military deployment.
If the bride or groom simply gets cold feet, though, forget it.
The policies cover expenses like forfeited deposits and travel expenses. If a rowdy dancer or drunken guest runs into your gift table at the reception and causes it to collapse and break some of your gifts, the damage is covered. If your wedding photos don’t turn out, the insurance will pay to reconvene your wedding party to take replacement photos. If the best man loses the wedding rings, it’s covered. And if a wedding postponement or cancellation causes the bride or groom to need professional counseling, the insurance will pay for the sessions.
Mother-In-Law clause is NOT included in the Policy.
One policy, WedSafe insurance through Robertson Taylor Insurance Brokers Ltd. of London, costs $185 for about $15,000 coverage, and $405 for about $75,000 coverage.