A wedding is one of the most memorable events that can happen in our lifetime. It is that one memorable day in our life that we will never forget for generations to come. More importantly, a wedding marks the start of one’s happily ever after. Behind any fairytale wedding day is a lot of preparation. Also, expenses are too much to make this special day perfect. So, Why Do You Need Wedding Insurance?
Weddings are Expensive
According to a survey in 2019, the average wedding cost in the United States is a whopping $33,900. This amount includes the expenses for the wedding ceremony, reception, and the wedding ring. With so much money at stake, a wedding can be the same as an investment. Unfortunately, natural disasters and accidents may strike at any time. These unfortunate incidents may result in last-minute cancellation or postponement of the wedding resulting in significant financial costs. Moreover, liabilities can also happen due to injuries among guests during the wedding reception.
This is why many people are turning to wedding insurance to protect themselves from risks due to unexpected events. So when anything goes wrong, you can have the assurance that wedding insurance is there to cover your financial liabilities during the wedding.
If you are planning a wedding right now, here is some vital information that you should know about wedding insurance.
What is Wedding Insurance?
Wedding insurance is special event insurance that aims to protect the couple from financial losses in case of mishaps, accidents, natural disasters, cancellations, postponements, and other unexpected issues that may occur before or during the wedding.
Two types of wedding insurance are available on the market: cancellation or postponement insurance and liability insurance.
- Cancellation or Postponement Insurance
From the name itself, cancellation or postponement insurance protects you from financial trouble if your wedding is canceled due to unexpected events such as sudden illness, severe weather, unexpected military deployment, and other unforeseen incidents.
A cancellation or Postponement insurance policy guarantees that the insurance company will reimburse you for the non-refundable deposits you paid for the wedding as long as the risks are part of the insurance policy.
In addition to this, this insurance policy also covers the following:
- Damage to wedding attire, such as your bridal gown
- Damage to jewelry, especially your wedding rings
- Lost or stolen wedding gifts which include cash and gift cards
- Wedding video and photographs, if your photographer or videographer failed to attend the wedding
- Or, if the photographer did not deliver the wedding photos and/or videos
- Lost deposits from vendors who did not show up
- Other wedding expenses.
With this, you do not have to worry and stress out about the worst scenarios that could happen during your wedding since you will have the assurance that everything is part of the coverage. As a result, you can focus your whole attention on your big day and live in the moment, knowing that everything is in the hands of the insurance company if something goes wrong.
How Wedding Insurance Can Come In Handy:
To illustrate the importance of a postponement or cancellation of wedding insurance, here is a short scenario:
Robert and Mia are high school sweethearts. After graduating, they decided to have an intimate beachside wedding with their friends and family. The couple paid in advance the deposit for their wedding planner, catering, venue, florists, photographers, and so much more. Sadly, Robert, who previously decided to enlist in the military, was suddenly called for an immediate deployment overseas ahead of the wedding. Due to this unexpected deployment, the couple had to postpone the wedding. Since the couple availed of a postponement insurance policy, they can be reimbursed for the wedding expenses they had previously paid. Their insurance policy will cover the lost deposits and non-refundable expenses concerning their postponed wedding.
Another scenario that can happen is postponement or cancellation due to poor weather conditions.
Travis and May decided to marry each other after years of being together. They decided to have a wedding during the winter season to commemorate the day they first met each other. The couple listed the help of a wedding planner to ensure the smooth preparation for their big day. They also paid the non-refundable deposits for the catering services, floral arrangements, wedding cake, and other expenses related to their wedding. However, a severe snowstorm struck their wedding venue on the day of the wedding. Due to the damage to the wedding venue due to the snowstorm, they were forced to postpone the event to another date.
Sadly, Travis and May forgot to purchase a wedding postponement insurance policy. As a result, they cannot be reimbursed for the non-refundable deposit they previously paid concerning their wedding.
Let’s be honest — things can get slightly crazy and messy during your wedding day. With so many people present in one place, plus the free-flowing alcohol during the wedding reception, it is not surprising that accidents may happen one way or another.
Consequently, liability insurance protects you from financial losses if accidents, bodily injuries, or property damage happens during your wedding ceremony and reception. This insurance policy will shoulder the bill for the medical expenses and the repair costs if ever any of your guests or vendors accidentally sustain an injury during the wedding or cause damage to the wedding venue.
To illustrate the usefulness of liability insurance, here is a short scenario that usually happens at a wedding reception:
Josh and Olivia invited many of their friends and family to their wedding. After the ceremony, they all went to the wedding reception, with free-flowing alcohol served to all the guests. One of the guests, John, had so much to drink that he accidentally tripped and fell on the dance floor. Due to his bad fall, he sustained some injuries and had to be rushed to the hospital for treatment. Since Josh and Olivia availed themselves of liability insurance, they do not have to worry about John’s medical expenses. With their insurance policy, they can file a claim and request reimbursement from their insurance provider.
What is not covered by wedding insurance?
While a wedding insurance policy can protect you from many unexpected events, some risks are not part of the coverage. Take note of the following exemptions:
- Wedding cancellation by the bride or groom due to cold feet or change of heart
- Loss or theft of the engagement ring and other precious items, such as jewelry and watches
- Other risks as may be stated in the insurance policy
Cost of Wedding Insurance
The costs of a wedding insurance policy can differ depending on factors such as the: extent of the insurance coverage, risks covered, the number of guests, and the wedding venue.
The primary wedding insurance policies typically range from $155 to $550. This price can climb up to $2,000 if you choose comprehensive wedding insurance coverage. In selecting the best wedding insurance policy, you must weigh your budget and the risks you want to protect yourself from.
A helpful tip in choosing a wedding insurance policy is to consider the estimated costs of your wedding and the possible risks that are likely to happen — by knowing this information, you can select the perfect wedding insurance policy for you within your specific budget.
When Should I Buy Wedding Insurance?
The perfect time to buy wedding insurance is anytime before making a payment or deposit concerning your wedding. By doing so, you can ensure that your wedding expenses will be part of the insurance policy in case something goes wrong.
But wedding insurance can also be purchased 24 hours before your wedding day!
So it is never too late to avail of a wedding insurance policy.
Filing a Wedding Insurance Claim
When a cancellation, accident, or any incident covered by your specific wedding insurance happens — it is best to file an insurance claim as early as possible to be compensated for any loss.
Insurance companies have different procedures for filing an insurance claim.
Here are helpful tips that you might need in filing a wedding insurance claim:
Know the risks covered by your insurance policy
Read your insurance policy and take note of the risks covered by it. If anything goes wrong, you do not have to stress and panic about the possible expenses if the specific incident is part of your insurance.
Keep all the records.
Safely keep all the essential documents related to your insurance policy and wedding expenses. These documents include all the receipts and invoices from your payments and deposits connected to your big day. Even the receipt of your wedding ring should also be kept! Your receipts can serve as evidence when you want to file an insurance claim in the future.
Contact your insurance provider as soon as possible.
If any unexpected event happens that results in the postponement, cancellation of your wedding day, or any liability in relation to your wedding, you must immediately contact your insurance provider to know if such an unfortunate event or accident is part of your insurance policy. This way, your insurance provider can promptly assist you in making a proper insurance claim. Ensure you adequately explain your circumstances in detail to your insurance provider so they can guide you in filing your insurance claim.
File a claim
The process of filing an insurance claim may differ depending on the specific insurance company involved. Check your insurance provider’s website or contact them to inquire about their insurance claim process. One thing you should know about filing an insurance claim is that you should do it as soon as possible. In this way, they can be promptly notified about your claim and resolve it as soon as possible.
Back your claim with evidence
Once your insurance provider receives your claim, they will investigate to verify the authenticity of your claim and determine the proper amount of financial compensation they can give you. As such, you must provide evidence to bolster your insurance claim. Receipts, invoices, and other proof of payment you kept about your wedding expenses must be presented alongside your insurance claim. Other relevant evidence, like pictures and videos of the incident, can also help prove your insurance claim.
A wedding is a once-in-a-lifetime event for a lot of people. Things can quickly get stressful for the bride and groom and their family. Sadly, even with a lot of preparation, sometimes unexpected and unfortunate events can still happen. These can derail the wedding and result in financial losses.
Many couples are considering cancellation, postponement, and liability insurance policies to protect themselves against risks. With these policies, you can enjoy your big day peacefully and truly live in the moment without worries.
In getting a wedding insurance policy, consider your budget and the risks you want to protect yourself. Each policy differs depending on the insurance provider involved. Make sure that you read and understand all the details.
We are here to help!
Getting a wedding insurance policy does not have to be so stressful. Our team of insurance professionals here at Advantage Insurance Solutions in Denver, CO, can guide you in selecting the best policy perfect for your needs and budget. Start your wedding preparations right by giving us a call today!