Wedding Planning: Insurance
"Common sense is the knack of seeing things as they are, and doing things as they ought to be done." ~ Josh Billings
Did you know that there was such as thing as "Wedding Insurance"? If you have never heard of it before, you are most likely asking yourself what exactly is "Wedding Insurance"? A wedding insurance policy essentially protects you against the unpredictable misfortunes that could occur during the wedding planning process, i.e. serious injury, illness, death, stolen gifts, damaged wedding gown, a vendor bailing on you etc.
There are many costs associated with planning a wedding. The average cost of a wedding today is approximately $28,000 and up. There are often several purchases that are made during the planning period and many deposits that are paid towards venues, vendors and so on. Having insurance protects a bride's and groom's investment(s) from situations that are beyond their control, by allowing them to recuperate lost deposits or any extra expenses incurred.
Wedding Insurance policies are not very expensive in most cases. Depending on which country you live in, the average, basic policy will run anywhere between $125 to $500. General liability insurance, will cost a little more, between $175 to $190 which covers up to $1,000,000 for accidents.
Before you decide on purchasing wedding insurance, find out from each prospective vendor i.e. Photographer, Videographer, Cake Designer, Florist and so on, if they carry adequate insurance coverage. Your venue and caterer most likely already carry their own insurance so you shouldn't spend money on extra coverage you don't need. Once you figure out what type of coverage your vendors and venue have, you can decide on where you could use more coverage and go from there.
If you plan on buying wedding insurance remember that some insurance companies have restrictions as to how early you can purchase a policy. However, it is best to get it as soon as possible to ensure that you get any deposits back.
Wedding Insurance policies generally cover:
1) Injury or Illness-You will be covered if any key individuals get injured or become ill causing postponement of the wedding.
2) Vendors Bailing-You will be covered if any vendor such as your florist, entertainment, caterer etc., backs out or closes their business at the last minute or doesn't show up.
3) A "No Show" Officiant-You will be covered if an Officiant for whatever reason, does not show up.
4) Venues-Most ceremony and reception sites carry insurance, however, if they do not, a policy will cover issues like site damages or a venue closing its' doors amongst other things.
5) Inclement Weather-You will be covered if the event is canceled owing to inclement weather i.e. rain, ice storm etc.
**Remember that policies will vary so it is important to read the policy through to ensure that all of these things are covered.**
Here are some additional coverage options:
1) Attire-You are covered if there is any damage to bridal gown or tuxedo. Also, there's coverage when a retail store goes under.
2) Gifts-You will be covered for any damage or theft of gifts. However, check your own home insurance because you may already be covered.
3) Honeymoon-Unfortunately, a Honeymoon vacation may have to be postponed owing to injury, illness, inclement weather or some other uncontrollable event. Wedding insurance will help to cover any necessary cancellation.
4) Liability Insurance-Once again check with your venue as they most likely have insurance. However, if they do not or you are having an affair such as a backyard wedding, you may want it to protect your guests.
5) Military Service-If you are a member of the military service, you may have to postpone your wedding if you are called to duty. In this case, a wedding insurance policy would be well worth it.
Below are things that may not be covered:
1) Change of Heart-You will not be covered for canceling a wedding because of "cold feet".
2) Pre-Existing Issues-You will not be covered if there are any pre-existing issues.
3) Accessories-Certain accessories such as jewelry, wrist watches, engagement ring etc. may not be insured.
**Look around and do your research because some providers such as "Wedsure" do cover issues not normally covered, (with certain restrictions)."
Purchasing a Wedding Insurance policy may not be for everyone. Some people prefer to take there chances as their parents and grandparents before them did. However, times are different today and planning a wedding is a very costly undertaking. It seems almost logical that you would want every element of your wedding protected. After all, we insure our houses, our cars etc., so when you are spending exorbitant amounts of money in some cases, I think Wedding Insurance might be something you may want to consider.