Urges Expansion into the Wedding Insurance Market

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In light of a June 3rd Insurance Journal Article entitled ‘Saying ‘I Do’ to Wedding Insurance’ Belman Insurance Advisor supports a concerted movement into the wedding insurance arena and offers reasons.

After the article ‘Saying ‘I Do’ to Wedding Insurance’ was released in the Insurance Journal on June 3rd, recommends to people in the insurance industry to hop on the wedding insurance bandwagon and start offering this type of insurance. In 2012, the average cost of a wedding was $25,000. In 1993, the average cost of a wedding was $16,000. Given those numbers, wedding costs will, on average, increase about $1,000/per year. It’s a costly investment for bride, groom, and families involved. For approximately the last 10 years, a few insurance companies have been covering those investments by offering wedding insurance.

Generally speaking, wedding insurance covers a short duration of time and covers most wedding disasters other than a “change of heart.” Although that too might be covered IF the change happens within a prescribed amount of time and IF the bride and groom are not the ones paying for the wedding and IF a long list of other conditions are met. Wedding insurance is like cheap life insurance in the fact that wedding insurance is a one time (hopefully!) use insurance.

Many venues are requiring wedding insurance and many wedding consultants are now recommending it to their clients. Mark Kingsdorf, Master Bridal Consultant in Philadelphia, PA, strongly recommends to his clients that they obtain either liability insurance or wedding insurance and collects insurance certificates from all of the various vendors that will be onsite for the big day. Chantal Cyr, Vice President of Personal Insurance for Travelers states, “(weddings are) the average cost of a new car, and you’d never buy a new car and not insure it.”

Wedding insurance appears to be a growth industry. Each year, the wedding industry generates billions of dollars in revenue and insurance industry professionals should make sure they are part of that revenue. advises more insurance industry professionals to offer wedding insurance policies as a way to increase revenue and brand awareness.    

Belman Insurance Advisors reviews all facets of the insurance industry and offers sound fiscal advice to those professionals.

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Belman Insurance Advisor
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