My hometown paper, the Chicago Tribune, ran an interesting story this morning about the growing popularity of wedding insurance. And why not? This insurance protects couples if one of their vendors, say a florist or caterer, goes out of business before the wedding. And the policies aren’t too expensive, usually costing just a couple hundred dollars for most policies.
The insurance won’t protect brides and grooms from each other, but you can’t have anything.
The Tribune story quotes Alan Tuvin, vice president of product management for Travelers Cos., who says that wedding insurance, though it has long been popular in the United Kingdom, is just now catching on in the United States.
The Tribune story quotes Alan Tuvin, vice president of product management for Travelers Cos., who says that wedding insurance, though it has long been popular in the United Kingdom, is just now catching on in the United States.
Tuvin says that the reason is simple: Weddings cost a lot, with the average cost of one in the United States at about $27,000. (Amazing, isn’t it, what people will spend for one day? Nothing like starting your married life together in deep debt!) Tuvin says that people buy insurance for anything that costs more than $20,000. That should include weddings, he said.
According to Tuvin, 75 percent of the policies are bought by the bride or the bride’s parents, 20 percent by the groom or his family and 5 percent as gifts.
As with most insurance, you just hope you don’t have to use it.
As with most insurance, you just hope you don’t have to use it.
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