The answer is yes, and the diamond is shining on your finger. Once you decide on a date, consider event insurance for your big wedding day before sending out your Save the Dates.
Wedding Insurance? What Is It?
Wedding insurance is a specific type of event insurance to protect you from financial losses associated with your wedding day. In broad terms, it covers the cancellation of your wedding and also liability claims should anything unforeseen happen on your special day.
What Does the Wedding Insurance Cover?
Always check the fine print. Here’s what you can expect to be covered by most policies:
The Venue
Anything that causes the cancellation of your big day at your chosen venue will be covered. Venue failure includes the flooded or burned down buildings, as well as bankruptcy.
Suppliers
This type of insurance will cover problems with your pre-booked suppliers. Flowers, the cake, the photographer, transport, and music are covered for cancellations and damage. Make sure you keep your records of contracts and deposits paid. Not all policies cover the same items, so be sure to check you get a policy that suits your needs.
Illness, Accidents, or Death
If the bride, the groom, or anyone from the party (bridesmaid, best man, and close family) has a sudden illness, accident, or death, the cancellation or rearrangement will be covered. As with all insurance policies, read the terms and conditions. Pre-existing diseases won’t be covered and be sure who qualifies as close family members.
Extreme Weather
The sudden onset of extreme weather conditions that prevent the majority of your guests from reaching your wedding will be covered. When planning an outside wedding, you’ll need to discuss the terms with your insurer, and you will probably pay a higher premium than a basic policy.
Personal and Public Liability
Accidents happen, even at the best-planned weddings. If the bride or groom suffers an injury, they will be covered for claims from a third party by personal liability. If a guest has an accident and gets injured, public liability protection will cover any claims.
Stolen and Damaged Wedding Items
A lot can go wrong, and your insurance will be there to help you when it does. Lost wedding bands, a damaged cake, flowers missing, damaged wedding attire, and stolen wedding gifts are just some of the problems that are covered. The insurance policies are particular of the time up to when these items will be covered, so be sure to check the terms and conditions.
Photos and Videos
Professional photographers can also have bad days. If your photographer doesn’t show up or experience technical difficulties with the development of your photographs, the insurance will cover a reshoot for the wedding party.
Cold Feet
You won’t be covered if the bride or groom decides not to go ahead with the wedding.
The Best Time to Buy Wedding Insurance
As soon as you start planning your wedding, it’s best to start comparing insurers and policies. Depending on the insurer, you can purchase your insurance two years in advance and up to 24 hours before the wedding.
The advantage of taking out insurance well ahead of your set date is to limit problems that may arise from pre-existing knowledge or problems. Insurance cover will include deposits paid before you take out wedding insurance, but not for any claims that happened prior to buying the policy.
Upgrade
It’s challenging to know the exact details of what your wedding will cost and what you’re planning in the early stages. You can always take a basic policy and discuss an upgrade of your policy with your insurer. These companies know that each wedding is unique, and they can offer more coverage as your wedding plans take shape.
Protecting Your Investment
The average cost of a wedding is around $33,900, while the average wedding insurance costs around $275. A wedding is a significant financial investment for any couple. Investing a few extra dollars will give you the peace of mind that you’re covered for any mishaps on your big day.
