Wedding insurance is a trendy thing today. And it can be really useful for some couples because mishaps may occur with anybody and this is simply a too important day to rely on luck. We see that on hundreds of postponed and canceled weddings around the world because of the coronavirus pandemic. But do you, in particular, need wedding insurance and what kind of insurance would be the best for your needs? Before buying special event insurance, read this article – it will answer a lot of questions and offer some much-needed info about the wedding insurance.
Wedding insurance can protect you from losses caused by unpredictable mishaps, like health problems, unfavorable weather conditions, problems with wedding venue, vendors, photographer, loss of your engagement ring or wedding photos, and so many more factors. It won’t save you time or nerves in case something happens, but it can save you money.
There are two types of wedding insurance:
- event cancellation coverage (helps you get back some costs in case of postponing or canceling the wedding);
- event liability coverage (will be useful if someone’s injured or there is damage to the venue at your marriage celebration – tipsy guests often brake something, drunken brawls can happen, etc).
You can purchase one of them or both. The grander and more expensive your future wedding is, the more reason you have to buy special event insurance. During big events with numerous people involved, accidents and unforeseen mishaps often occur. And the money you’ve paid for the insurance is able to save you much larger costs.
Who doesn’t need wedding insurance? That’s one very popular question. If your future wedding is small and comparatively cheap (for instance, less than $10,000 – a reasonable sum of money for a budget wedding), there may not be a reason to buy the special event insurance.
Also, if you’re not sure about your decision and there’s a chance that any of you may change your mind, don’t buy the insurance – it doesn’t cover cold feet. In case the bride or the groom decides to break the engagement, you won’t get any money back.
Some weddings have a budget in $100,000 or $150,000 and more, so such large and costly events should be protected by wedding insurance of some kind. The expenses definitely are worth the protection.
If you’re a person with bad luck and bad things happen to you on a daily basis, special event insurance is definitely for you. Because it can cover such unexpected mishaps as the loss of the engagement ring, damaged wedding dress or tux, bankruptcy of the wedding venue or vendor, or myriads of other things that might happen.
How much does wedding insurance cost? It depends on a lot of things, including your country, insurance cases, time of purchase (meaning that last-minute purchase is more expensive), and so on, but, usually, the cost is about $150-500.
When is the best time to purchase wedding insurance? Definitely don’t wait till the last moment. Every insurance company offers its own terms and conditions but, often, there are some time restrictions.
Event cancellation coverage
This insurance covers such mishaps as bad weather conditions (but you should understand that we’re not talking about rain or a little snow, we’re talking about hurricanes, tornado, serious storms and snowstorms, etc), problems with a wedding venue and personnel (photographer, vendors, etc), general issues (electricity problems that force you to postpone the event and such).
Of course, every insurance contract includes certain points and you need to think really sharply as to what points you’d like to include. For example, if your country or state is known for seasonal tornado or earthquakes, there is a big chance that these cataclysms can ruin your marriage ceremony, so make sure your insurance covers such situations. And vice versa – you don’t want to pay extra for accidents that just aren’t common for your location.
Another situation that is actually common and needs to be included in the wedding insurance is the no-show of your vendor, photographer, priest, or any other specialist involved in your wedding prep. If they don’t show up and you’re forced to make costly last-minute arrangements with another person or company, the insurance will cover your extra costs. Also, in this case, it will cover your previous deposit if you lose it.
Event liability coverage
This insurance is short-termed – it covers only the 24-48-hour period during the wedding. It works only for the rehearsal, wedding ceremony, and wedding reception. If something bad happens during these most important hours of your big day, you can get the insurance money to cover the costs. For example, someone among the guests or one of the couple gets ankle sprain or broken bone, the insurance pays his medical bills. Or if during the wedding party, chairs or walls of the venue are damaged, it’s also covered by the insurance. And other such things. Though, you have to read the document thoroughly before signing it to know for sure which cases are included.
Wedding insurance and coronavirus
More and more couples these days are forced to postpone or cancel their wedding because of the coronavirus and those who have special event insurance are trying to get at least some money back. But there is no clear and unambiguous answer as to whether they’ll be able to get the insurance payment. Every case is unique, every contract is unique. And one more factor is that too many couples apply to their insurance company and the company physically can’t manage all of the payments.
So most probably, only a few people will get the payments. And these will be those couples who have the most detailed and close to the real situation contract with the insurance company. Like, if your insurance says that it covers the postponement because of the illness and some of your closest family members (God forbid) get a coronavirus, you might be able to get the insurance payment.
Anyway, such problems as pandemic are rare but there are so many mishaps that occur much more often and can be a real threat to your wedding, so the wedding insurance is actually useful. And the price is usually pretty reasonable, so at least think about protecting your future wedding, weigh all the pros and cons, and decide whether your couple needs the insurance.