Houses, cars, lives, cell phones, even pets… you name it, we insure it. Even Heidi Klum’s legs are insured for a whopping $2.2 million. With everything we protect with policies, it would seem natural to insure the most important day of your life, especially with all the mishaps that could spring up. As with most things in life, the choice depends on the situation, and we’ll explore various aspects of considering wedding insurance (which is also known as wedding event insurance) to protect your big day.
What Policies Cost:
Basic research suggest that a number of policies can be obtained from anywhere from around $125-$500, with variations depending on how much coverage you need. When you consider that the cost of many weddings these days can reach into the tens of thousands, it could be money well spent, provided you have room in your budget and you choose an insurer wisely. Also, take time to research how much the deductibles are; if they are too high and/or numerous, you may end up paying more than is worth the potential risk.
What Types of Wedding Insurance Are There?
It appears there are two basic categories for wedding insurance: Liability/Property Damage and Cancellation/Postponement. Liability insurance is more appropriate for concerns with damages to property or bodily injuries. One valuable aspect of a good wedding liability policy is “Host Liquor Liability” protection; policies from a company like WedSafe can include such protection which defends the insured host should a guest be in an alcohol-related accident on the way home from the event. Certainly not pleasant to think about, but occasionally the worst does happen.
Cancellation/Postponement insurance relates to costs and issues involved when the event must be canceled or postponed for certain reasons, such as a natural disaster or illness of an essential member of the wedding. They can also cover related expenses if a particular vendor is a no-show, etc. Most policies cover any type of expenses, including deposits you have already made, provided you have receipts and did not know of any impending situations at the time of policy purchase. One situation that policies do NOT cover, however, is if either the bride or groom simply get the dreaded “cold feet” and choose not to go forward with the wedding.
Caveat Emptor (“Let The Buyer Beware”)
All of the benefits of wedding insurance notwithstanding, there are a few cautions to keep in mind when deciding whether to purchase a policy or not. First and foremost, evaluate whether you really need a policy or not. If you’re having a relatively inexpensive event in an established indoor venue at a time of the year when weather is typically mild, insurance may not be necessary. Also, as with any purchase, take your time to research your company thoroughly before signing on the dotted line. Make sure that the company is established, open and informative, and gives you a clear outline of exactly what is and isn’t covered up front. If you do opt for a policy, make sure you keep clear and complete records of all expenses and receipts; when it comes time to make claims, often he who has the most official documentation, wins.