Wedding Insurance-What does it cover?
Fall is approaching and so is the fall “wedding season.” You put so much time and energy into planning your perfect event, but are you doing anything to protect the event? Did you know that you have options for wedding insurance? These policies can protect you, should an unforeseen event cause things to NOT go as planned on your big day.
Generally speaking, wedding insurance is an insurance policy that protects you from losses resulting from unforeseen events that cause damage or injury at a wedding, as well as events beyond your control that may prevent your wedding from happening as planned (ie: extreme weather, problems with the venue or a vendor).
What is included in these policies?
Cancellation or Postponement - policy may cover reimbursement for lost deposits and/or non-refundable payments if the event is postponed or canceled due to circumstance out of your control. For example, injury or illness to a family member, military deployment, extreme weather or vendor bankruptcy. You may be able to include the rehearsal dinner and other wedding related events as well.
Wedding Liability Insurance - protects you if someone is injured at your wedding or causes damage to the venue. With this policy you can often add a Liquor Liability policy that will protect you against liquor related incidents.
Protection from Lost Deposits - if a vendor goes bankrupt/out of business, or your florist or photographer fails to show up, this coverage can reimburse you for the deposits you paid for these services. It is also helpful to have written contracts with all vendors involved.
Additional Expense Coverage – assists with additional expenses due to unexpected last-minute changes you might incur in an effort to NOT cancel or postpone the wedding. What if the bakery goes out of business just days before your wedding? You would need to quickly find someone to make that wedding cake and it may cost more due to the short notice. This policy can reimburse you for the difference in cost, up to a certain amount.
Gift Coverage - will pay for gifts lost, stolen, or damaged.
Jewelry Coverage - like gift coverage, this will pay to repair or replace wedding jewelry that is lost, damaged or stolen.
Special Attire Coverage-You spent how long searching for the perfect dress? Now imagine your dress is damaged or lost by the airline when flying to the wedding destination. This coverage will pay to repair or replace your dress. This coverage can include any clothing and accessories purchased or rented and to be worn by the bride, groom, mother of the bride and other members of the bridal party.
Additional coverage options may be available. Ask your Advisor what options you have. As with all insurance policies, you will need to choose limits and deductibles to determine policy cost, what events/items it will cover, and how much you will pay out of pocket should you file a claim. Cost is typically minimal compared to the actual wedding cost and what is at risk.
When planning your Big Day you must make many hard decisions. Whether or not to get wedding insurance shouldn’t be one of the hard ones. Wedding insurance can provide peace of mind knowing that you are protecting yourself, your spouse and your family from significant potential loss.
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