With the increasing cost of getting married and everything that it entails, more couples are purchasing coverage.
The average cost for Americans to get married is now approximately $26,000 and, to an increasing degree, couples are purchasing wedding insurance to help to cover themselves against the sizeable financial losses that could occur as a result of illness, extreme weather, or even a sudden change of heart.
The coverage isn’t offered by a large number of insurers in the U.S. but the number may soon grow.
At the moment, wedding insurance is sold by only a small number of American insurers. However, as the number of customers who are purchasing this coverage continues to grow, it is likely that insurers will start to find these products more appealing. This recent news shows that there may soon be a bit of a shift coming in the area of this coverage.
Wedding insurance provides couples with a range of different types of protection.
For example, a policy could cover the losses that would result from bankrupt wedding halls to last minute cancellations that occur as a result of an unanticipated military deployment. According to Travelers, one of the insurers that does sell the coverage, problems with vendors make up approximately 25 percent of the claims that are made. The most common are those relating to videographers and photographers.
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Though Travelers would be the first to admit that this coverage is not a huge contributor to their bottom line, since it started to sell these products in 2007, it has seen a steady increase in the number of couples who are seeking to make a purchase. Furthermore, this specific coverage may not make or break the company, but it is a great way to start building a relationship with a couple who may soon want to purchase other forms of coverage, such as homeowners insurance, auto policies, and protection for other milestones along the way.
Since wedding insurance is coverage for one of the first steps that a couple takes together, this also represents the beginning of a relationship that could blossom over the years.