Got Cold Feet? There’s a Policy for That!
Cold Feet or Change of Heart policies are specific policies that cover the financier of the wedding (but not the bride and/or groom).
Weddings are expensive! According to the Wedding Report, the projected average cost for weddings in 2022 and 2023 ranges from $24,300 to $24,900, up from $22,500 in 2021. The uncertainty of Covid restrictions continues to put couples and loved ones helping to finance their weddings on edge.
Trouble in the Wedding Industry
Like all industries, the wedding industry has been crippled by supply chain issues and labor shortages. This has driven prices up, availability down, and caused some couples-to-be to bribe venues. Many stylists and bakeries are taking on twice as much work as they have in the past. Many wonder how long this can go on before things fall apart.
What goes into Planning—and Paying for a Wedding?
- Location- Hometown weddings average $27,000 while destination weddings average $32,000.
- Venue- The average couple spends $10,500 on renting a venue.
- Food- Catering costs an average of $70 per person. So, with 100 guests, you are looking at a $7,000 bill!
- Photography, Videography, Open Bar, etc.- 80% of couples make a budget for their wedding, but over half of them increase their funding. So, consider that you might need to spend more than you initially planned on spending.
Any number of things can cause a wedding to be canceled. Right now, Covid 19 restrictions could be among them. Others are a sudden death in the family, a local disaster such as an earthquake, immediate withdrawal of military leave, job loss, or venue bankruptcy.
If any of these issues are the reason your wedding is postponed or canceled, you could qualify for a claim if you have purchased cancellation/postponement insurance.
What about Cold Feet?
Cold Feet or Change of Heart policies are specific policies that cover the financier of the wedding (but not the bride and/or groom). These policies usually cost about 1-1.5% of the cost of the event. One big stipulation is that the claim must be made 365 days before the wedding date. So, you would have to realize well in advance that this isn’t the soul mate for you.
What if Someone Drinks Too Much and Damages the Venue?
For this reason, many venues require wedding event liability insurance with a host liquor liability provision that extends coverage for alcohol-related incidents. The wedding ceremony, reception, and rehearsal dinner can often be included in the same policy.
How do I get Wedding Insurance?
Our independent insurance agents don’t sell wedding insurance because of its specialized nature, but we can point you in the direction of a reputable company that can. So for your home, auto, health, and life insurance needs, contact us today!