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Financial Consultant addresses wedding insurance concerns

Good Morning CT at Nine

(WTNH)– Couples often rely wedding insurance to help them cover the cost of having to postpone or even cancel their wedding. 

But as many are finding out having to postpone or cancel because of the coronavirus is not necessarily covered under these insurance policies.

Financial Consultant John Caserta explains what you need to know about liability and cancellation/postponement insurance in the video above.

  • Liability Insurance – offers protection in the event of injuries and property damage and can be purchased up to the actual day of the wedding.
  • Cancellation/Postponement Insurance – typically provides protection against losing non-refundable deposits and expenses if you have to cancel or postpone the wedding. It can typically be purchased from two years to 15 days prior to the wedding.

Caserta has these tips for those who have to postpone their wedding:

  • Don’t panic!
  • Contact your vendors starting with the venue – Typically the venue is the largest cost so you’ll want to reach out to them first to see if the date can be rescheduled and whether or not there will be any fees.
  • Re-evaluate the budget – It might be a good opportunity to scale back, especially if one or both of you have been furloughed, laid-off, or have had your income decrease.
  • If you have insurance, still file a claim – All policies and situations are different. File a claim and work with your insurance carrier to see if you do have any coverage that can help recover expenses.

If you are planning on buying wedding insurance remember to read the fine print, work with an agent that knows your limits, and shop around to compare the coverage.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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