UPDATED: Mar 19, 2020
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Plans for a wedding day start long before the proposal. Little girls play house and dream about every detail of their wedding dress. By the same token, young boys prepare for matrimony by learning the responsibilities to become a husband. With all this priming, it’s no wonder that couples expect their wedding days to be the perfect representation of love! Unfortunately, very rarely do these days go off without a hitch. Unforeseen occurrences are right around the corner! Whether you’ve been in the wedding party for someone else’s special day or have watched it play out on TV, there are always things that go wrong which have the potential to ruin the occasion. From an unplanned tropical storm blowing away tents, wedding insurance can help safeguard the ceremony, and can also give you the bliss and ease that you deserve. Here’s a complete guide to wedding insurance!
Wedding Insurance Is There For You
You may be wondering, what exactly is wedding insurance? Think of it as your matrimonial savior! Wedding insurance is a policy that is created to protect couple’s investments from unanticipated situations. Wedding policies work the same as any other insurance, as they also will reimburse you for expenses occurred during loss, damage, or theft. For example, you may have to reschedule your wedding day due to a family emergency. If venues and caterers are already booked, then this may cause vendors to cancel or to charge you an extra fee for changing the dates. This adds up to more money lost. Above all, wedding insurance is there for you!
Wedding Scenarios That Can Reap Havoc On Your Special Day
Having wedding insurance may seem like an unnecessary expense, but there are scenarios that will cause you to change your perspective. Here are a few disastrous examples.
- For the past several months, you’ve planned the perfect beach wedding down to perfect. Why? Being on the beach has great memories as this is where you and your spouse first met! Unfortunately, the weather forecast didn’t predict rain. Right after you walk down the aisle, a thunderstorm comes and floods everything! Not only did your wedding get ruined, but you now have to book another venue. With wedding insurance, you can recoup any deposits paid and also any water damages done to tents and chairs.
- Memories are the driving force for a great wedding! Couples and their families want something wonderful to look back on. Therefore, most will hire a photographer to capture their day. Photographers normally do two shoots: one before the wedding and another the day of the wedding. What if the well recommended photographer does a horrible job on the shoot before the wedding? At this point, you will be left to find someone else! That’s where wedding insurance come in to do its job! Wedding insurance covers situations like bad photography experiences.
- Weddings are about more than just the couple. Families play a great part as well! Mothers, fathers, beloved grandparents, and children all execute a role in the wedding role. The ceremony can quickly lose sentimental effects, when important family members are unable to attend. As stated previously, sometimes family emergencies come up. When this happens, couples may postpone their day. Having insurance over their wedding, can allow couples to get compensation for invites, cakes, and entertainment.
The Cost of Wedding Insurance Is Inexpensive
If you’re in progress of planning a wedding, then you may already see how expensive prices are and how quickly plans can go over budget. Presently, on average couples spend anywhere from $10,000 to $26,720 on their weddings. The last thing needed is an additional expensive. You may ask, “How much does wedding insurance cost?” Well, don’t worry because wedding insurance will be the least of your costs! Wedding insurance policies costs between $150-$550, depending on the coverage limit you desire. What does this price get couples? It allows couples to have a coverage limit to up to a million dollars. Yes, you read correctly! This means the thousands of dollars you are spending on your special day can be covered for only a few hundred! Not a bad deal, considering the above scenarios that could go wrong!
Analyze To See If Wedding Insurance is Something You Need
Insurance to cover your wedding may not be something that all couples need. Determining whether wedding insurance works for you is based on a few factors.
- Location of the Ceremony – Destination weddings or ceremonies that are held in venues should definitely be considered for insurance. However, some couples prefer committing their love in the privacy of their homes. Therefore, backyard weddings are becoming more popular in efforts to save money. In this instance, wedding insurance may not be a huge necessity. It’s all about location!
- Overall Wedding Costs – In the previous section, it was explained that the cost of most weddings to start at around $10,000. This alone could be a great reason to obtain wedding insurance! In any case, even ceremonies that cost less than this amount may or may not need to be insured. Compare the price of the insurance policy vs. the cost of the wedding to determine if wedding insurance is right for you!
- Vendors – Dealing with professional vendors, carries a greater advantage as they probably already have insurance set in place in case of an incident. Moreover, they may add the insurance fee into the price of the reception site, cake, or musicians. What if you decide to do business locally with a smaller company who doesn’t offer any insurance? Figuring out which vendors offer insurance, can help know if purchasing your own wedding insurance is worth it. In addition, the cost to buy one single policy may be cheaper than having a separate policy over each item.
The Appropriate Time to Get Wedding Insurance
As with other forms of insurance, it is best to buy a policy when you have plans locked in. For couples, this when you have selected all of your vendors and put down deposits. Wedding insurance providers require for policyholders to at least have secured the deposit for the venue, before seeking coverage. After this point, you can access the correct type/limit of insurance that you will need. Strangely enough, there are people who call to get insurance during or after the disaster has occurred. Remember, that wedding insurance (just like with auto, life, and home insurance) does not cover pre-existing conditions.
Coverages and Rates That Every Policy Buyer Should Consider
In the beginning of the guide, you learned about the cost of wedding insurance policies. The rate of your policy will always be based on the desired coverage limit and type. In order to get an accurate price on wedding policies contact the insurance provider. There are three two types of policies available for purchase.
Wedding/Special Events Liability Insurance
This policy provides security for wedding couples who are found liable for damage to the facility caused by the guest or vendor, bodily injury to guests and alcohol related accidents. Coverage limits range anywhere from $500,000 to $5,000,000. The deductibles for this type of policy range from $500-$3,000,000 and is required to be paid for each occurrence. However, alcohol related accidents are covered with a fixed $1000 deductible for property damage under a clause called Host Liquor Liability Coverage. This alcohol coverage is also listed under Wedding/Special Events Liability Insurance.
Simply put cancellation coverage applies when the insurer or the contracted servicer cancels the wedding or a promised service. Cancellation policies usually have three coverage limits ranging from $25,000- $50,000. The scenarios covered and exclusions will be discussed in the next section for further understanding.
Everything That Wedding Insurance Covers
What does wedding insurance cover? It provider protection for problems with vendors or hired professional staff, venues, illness, or injury concerning the wedding day. Deposits forfeited or charges paid will be covered for the list of items/situations.
- Non-Appearance of Contracted Service Provider – Anything can happen on wedding day! Sometimes caters, photographers, and musicians get stuck in traffic, have a serious medical illness, or simply don’t show. In either case, wedding insurance policies make it a point to give couples their money back!
- Photography/Video Damage – Wedding insurance will cover any lost or damages occurred by the photographer. In this instance, your insurance provider will pay to have the value of the items or to pay to have them re-shot.
- Event Gift – Insurance will pay the full cost to repair or replace the gift for any direct loss or physical damage. In addition, wedding insurance will cover event gifts at the venue, in transit to your residence, and in your home. It’s good to know that events are covered under the insurance policy! Be sure to read the insurance provider’s declaration page for a list of excluded gift scenarios.
- Special Attire – Designing wedding dresses and tuxedos is considered one of the most beloved activities by couples. Truthfully, everyone wants to look their best on their wedding day. However, in your treasured garment gets damaged, catches on fire, or stolen, then insurance policies are there to help!
- Special Jewelry – Lost your one of your diamond encrusted earrings? Did someone break into your car and steal your wedding ring right before the ceremony? No worries! Don’t let this string of bad luck ruin your day. Wedding insurance is designed to cover physical damage or loss of special jewelry within their company guidelines.
Keep in mind that insurance providers love paper trails! Loss and damaged items (gifts, jewelry, attire, and deposits) need to be reported to the policy so that it can be formally listed. Nothing will be covered, unless there are documents to show proof.
Everything That Wedding Insurance Does Not Cover
If case you’re thinking that you can just cancel the wedding and still get reimbursed for it, then you’re in for a shock. These insurance policies are in place, in case of an unforeseen emergency change of plans, theft, or some form of loss. As a result, wedding insurance is not to be used at your own discretion for changing emotions about the ceremony. Here is a list of items not covered:
- Cold Feet – Making an agreement to spend the rest of your life with someone is a scary thing to process! It is understandable that the bride or groom may have cold feet, ultimately deciding not to go through with the wedding. However, wedding insurance will not cover you if choose not to show at the last minute. This is called a voluntary non-appearance.
- Lack of Funds – Weddings are expensive! Sometimes couples have a change of heart after booking staff, transportation, and venues for their wedding. Thinking it would be better to just cancel the whole event and just elope. While this idea makes sense financially, it is best to cancel the wedding before you realize arrangements are solidified. Wedding policies understand that sometimes life events happen and financial situations change. Accordingly, in the event of unemployment (this must happen after purchase of the policy) couples will be given their money back.
- Less than Moderate Weather – This clause may catch a few potential policy buyers by surprise! Weather is the main thing that can disrupt wedding plans. It is true that wedding insurance will cover you if the next hurricane decided to unexpectedly happen the day of your wedding. The policy won’t cover light rain, dark clouds, or light wind. If the weather isn’t severe enough to prevent the wedding party from attending or to ensure that damage of property will occur, then it will not be covered.
- Self-Inflicted Injuries – Self-inflicted injuries may sound like a silly thing to put in a declaration page of a policy. Consequently, weddings can go from a formal ceremony to a full-blown informal party in less than an hour. Too many times to count, attendants (including the couple) do crazy tricks that can end up in a hospital visit. Wedding policies are not responsible for this if it happens!
- Cancellation of Services Without Proper Notice – This clause is pretty self-explanatory, as the result is the same in any event. It is unfair for people to hire a contracted provider for service, only to cancel on a short notice. In order to recoup any payments made, couples must cancel services within the allotted time frame set by the contracted provider.
Items such as rings and clothing, may or may not be covered under wedding policies. These things usually carry their own insurance. Check beforehand to verify, before purchasing insurance.
Weddings are the expression and the commitment of love between two soulmates! It is the special day that you’ve dreamed about since childhood. It’s the event all friends want to be a part of and all parents wish to see! Consider everything that can go wrong and prepare yourself for such unwanted surprises. All weddings are unique and deserve to have the proper insurance coverage!