‘Change of Heart’ Insurance a New Way to Protect Yourself from a Runaway Bride/Groom admin Tuesday, January 21, 2014 The Receipt, Your Money and You Photo Credit: www.smartrelationshipsadvice.com We never knew this existed until now. Apparently, some insurance companies offer policies which can protect you from any unwarranted wedding blues. With wedding costs ranging from a few thousands up to $50,000 (or more), several companies are now selling insurance policies to cover any losses. Whether you opted to have a destination wedding in Anguilla and an unfortunate rain storm ruined your big day, for instance, the couple’s policy will pay for several losses. These types of policies offer coverage of bad weather, sickness, poorly done photography and videography, and other necessities. Cheryl Winter spent $500 for Hartford-based Travelers Cos. Inc. to cover her daughter’s $50,000 destination wedding last October in New Orleans, where her biggest concern was a potential hurricane. The weather cooperated, but the limousine never showed up. Her daughter took a taxi cab to the church, and they used the insurance policy to claim the deposit money they couldn’t get back from the limo driver. “No one wants to be walking in the French Quarter in a long gown and high heels,” said Winter, who lives in the Houston area. (AP) In addition to that, a few companies offer coverage if one of the parties decide to ditch the wedding all together. This policy is called “Change of Heart” insurance. Fireman’s Fund Insurance Co., for example, has sold this type of policy since 2007. But because of several fraud cases where couples purchased policies because of fighting (close to their scheduled wedding date), FFIC added a clause that states that the policy can only be claimed if the couple calls off their wedding nine (9) months before the wedding. So, if you and your fiance is on shaky terms now and the wedding isn’t until 2015, you may want to go get you a policy. Please know that most companies do not offer wedding-related coverage. Therefore, it is best to contact your insurance company and confirm first before shopping around to see who does offer it.
