For What It's Worth: Event Insurance

WSVN -- Pat Molinari: "This is a duck fajita."

The food, the flowers.

Pat Molinari: "You can have chocolate cake, you can have cheesecake, you can have whatever you want."

And yes, the cake. Planning a wedding down to the very last detail is what most brides-to-be do, but some things you have no control over.

For the last year Melissa Diaz has been planning a backyard wedding at her parents house, and she's hoping for a sunny day.

Melissa Diaz: "The weather totally, the weather. To have a backup plan if it rains or, you know, make sure everything is covered. The food and we have a tiki hut, so, hopefully, the people won't get wet."

Seven's Financial Expert Allie Jablon says, if you are planning a special event, you may want to consider investing in event insurance.

Allie Jablon, Seven's Financial Expert: "Today, the average cost of a wedding is a whopping $27,000."

Event insurance usually costs about one percent of the total price-tag of the event.

Allie Jablon: "Two hundred and seventy dollars is a small price to pay for security."

Most policies cover weather, as long as the policy was purchased in advance, special attire, for example if the wedding gown or tuxedo is lost or damaged, and loss of deposits, if one of the vendors goes bankrupt or out of business. But Allie says make sure you know what's in your policy.

Allie Jablon: "Find out what is truly covered and what isn't by the policy that you are taking out."

One key thing to check: how much you will be reimbursed for a canceled or postponed event.

Allie Jablon: "Make sure you check with your home or auto insurance policy or even your credit cards to make sure that you're not already covered for this event, through those other sources."

Pat Molinari, who has been a party planner for 30 years, says she's happy to provide event insurance but says couples should always have a back-up plan.

Pat Molinari: "They're almost better off paying to have a tent on hold for them for a day like that. To recreate a wedding day is very hard."

Craig Stevens: "Melissa, like all brides, is just keeping her fingers crossed that her wedding day goes off without a hitch."