Vowlá Guide: Wedding Insurance 101
It’s something you may not want to think about, but in light of the recent global health pandemic, covering all bases when it comes to your big day is proving to be essential. Wedding insurance can help protect against the unforeseen and provide some peace of mind. But what exactly is wedding insurance - and why is it something all couples should consider?
WEDDING INSURANCE 101
Our textbook definition for wedding insurance is what protects a couple's investment from circumstances beyond their control, and reimburses expenses incurred. For example, what if your limo driver cancels the night before and you have to book another one the morning of — for double the price? Or what if the bride’s wedding dress is lost in airport baggage, and she has to find a new one the day before the wedding? What if your reception venue must close to prevent the spread of a sudden global pandemic, and your deposit is nonrefundable? These are the types of wedding day financial losses that wedding insurance can help to protect.
WHY GET WEDDING INSURANCE?
Consider these scenarios:
Kyla and Michael spend months planning their summer wedding in Wine Country. But on the wedding day, their reception site is made inaccessible by a wildfire. With the right wedding insurance policy, the couple can postpone their wedding and receive every penny they lost (less the deductible)—including money for the invites, cake, catering, attire and nonrefundable deposits for ceremony musicians, a floral designer and other vendors.
The groom’s mother is injured in a car accident just before the wedding and cannot travel. If the couple has to postpone their wedding, wedding insurance would allow them to get money back and enable them to have the wedding when the mother recovers.
Minutes before the ceremony begins, Sabrina's gown catches a gust of wind. Unfortunately, the tulle drifts over to the end of Uncle Timothy's cigar and the dress instantly goes up in flames. Fortunately, the right insurance policy covers the replacement of the veil and gown.
HOW MUCH IS THE INVESTMENT?
A basic insurance policy that covers loss of photos, videos, attire, presents, rings and deposits usually costs anywhere between $155 and $550. This number is dependent on the amount of coverage you want. General liability insurance, which covers up to $1,000,000 for accidents, will cost you around $185.
WHAT IS COVERED BY WEDDING INSURANCE?
To put it plainly, problems with the site, weather, vendors, key people, sickness or injury can be covered by wedding insurance. There's usually a specified maximum amount, which can be claimed under each section, and a deductible also applies. Be sure to find out the specific details of your insurance plan.
Site: It’s important to inquire if your ceremony and reception site are already insured. If the venue spaces are not, wedding insurance can cover the cost arising out of unavoidable cancellation such as damage or inaccessibility to the ceremony site. These unforeseen circumstances may include your reception hall being unable to honor your reservation because it has burned in a fire, experienced an electrical outage or just plain closed down. Sometimes this policy covers the rehearsal dinner site too.
Weather: Any weather conditions which prevent the bride, groom, any relative whose presence at the wedding is essential or the majority of the guests from reaching the premises where the wedding is to take place can be included too. Insurance covers rescheduling the wedding and all the details involved, including ceremony flowers, tent rental and reception food.
Vendor no-show: What if essential wedding people—the caterer or the officiant, for example—fail to show up? A wedding insurance policy usually covers cancellation or postponement of the wedding for these reasons.
Sickness or injury: Wedding insurance may also include sickness or injury to the bride, groom or anyone essential to the wedding.
Military or job: It's true, military personnel may be shipped out at a moment's notice. Wedding insurance can cover postponement of the wedding due to the bride or groom suddenly getting called to military duty. This can also apply to a last-minute corporate move, like the bride's company suddenly relocating her to another city.
Being insured offers a couple the flexibility sometimes needed at a moment’s notice. Sometimes things happen beyond our control and having this level of protection is important when planning your big day. Wedding insurance helps keep your momentous occasion as planned.