Insurance safety net for honeymooners

These days, it seems as if people are insuring everything they own. Many companies now offer insurance for just about anything, including the family pet.

As insurance-happy as some people are, many more fail to realize the value of insurance, particularly when traveling. Newlyweds, for instance, after several hectic months planning a wedding, might forget to get travel insurance for their honeymoon, an oversight that could end up costing them thousands of dollars. For those about to hit the honeymoon trail, many insurance options are available.

•Trip cancellation insurance. A honeymoon, like a wedding, is often booked well in advance. Trip cancellation insurance covers potential honeymooners in the event they’ve chosen a cruise, or other tour, that goes out of business before the scheduled departure date. In addition, this insurance can cover travelers in the case of a death in the family that might lead to a trip being cancelled. Also, trip cancellation might cover the unfortunate instance where a wedding is called off.

Travelers should beware that trip cancellation insurance is not the same thing as a cancellation waiver, a common offer from cruise and tour operators that comes at a fraction of the cost of actual insurance. Often, cancellation waivers only cover travelers who cancel their trip well in advance. In addition, cancellation waivers often don’t cover a cancellation during the trip, when some people might need to cancel due to illness.

•Emergency medical insurance. Many healthcare plans don’t cover policy holders when traveling, leaving them open to all sorts of negative repercussions should they fall ill or injure themselves while on a trip. If you’re overseas and become ill requiring a hospital stay, your healthcare plan likely won’t cover that stay, which could leave you with a bill costing thousands of dollars.

Before signing on for this insurance, however, consult your current healthcare provider and see just what is covered and what isn’t. In particular, if you’ll be honeymooning in a less industrialized country, ask if your plan would cover a flight to a country with better medical care.

•Baggage insurance. Every traveler fears losing their luggage. Honeymooners, in particular, don’t want their special trip ruined by airlines that lose their luggage. Some homeowners or renters insurance policies actually cover off-premises theft of your belongings, so this insurance might not even be necessary.

However, it could be a good idea to add coverage anyway, particularly if you’ll be packing along expensive equipment (i.e., a nice camera to capture the trip). Airlines, as well, often offer additional insurance coverage, but read the fine print first to assure you’re getting a worthwhile deal.