The topic of this post, Wedding Insurance, is something that all couples getting married should look into. While the article focuses specifically on wedding insurance, I encourage anyone planning ANY event, corporate or social, to look into event insurance.
Smart Start with Susan Southerland:
Should I Buy Wedding Insurance?
Getting engaged is such an exciting time. However, the
exhilaration of saying “I will” can quickly be replaced by the overwhelming
concerns surrounding planning a wedding.
I designed my Smart
Start series to take the worry out of planning your wedding. Smart Start will be delivered to your inbox every week filled with tips on the business and the
art sides of planning a wedding. It will break up your tasks into easy-to-accomplish
segments so you can enjoy the planning process.
If you have questions or ideas, please don’t hesitate to email
me at susan.southerland@pwg.com. You may also find back issues of the Smart
Start series by clicking here.
Should you Buy Wedding Insurance?
This question is
difficult to answer with a simple yes or a no, so consider the following: if
your gown salon goes out of business and you lose your deposit, would you be
able to afford to purchase another gown? If your photographer doesn’t show up
on the wedding day, would you be able to afford to hire one on the spot? In the
unlikely event that something catastrophic (hurricane, blizzard, death in the
family) happens before your wedding day, would you be able to afford to pay for
a wedding all over again?
You should also keep
in mind that many wedding vendors are happy to assist you in extraordinary
circumstances. When Central Florida was plagued by three hurricanes within a
month, all of the vendors we worked with helped couples reschedule their
weddings by waiving penalties and carrying over payments. Ask the vendors you
interview what they would do if a natural disaster or a death in your immediate
family does occur.
What Does Wedding Insurance Cost? Basic policies can be found for as little as
$125.00.
What Does Wedding Insurance Cover? Wedding insurance will cover you for many
things, including needing to reschedule your wedding due to circumstances
beyond your control, businesses that go bankrupt or don’t show up, damage to
attire, and loss of gifts. Some will even cover change of heart!
What Doesn’t Wedding Insurance Cover? If it rains, you will not be covered. If there
is a hurricane, you might be covered. Your engagement ring and other jewelry
will not be covered, but your wedding ring might be. If you or your groom
decide not to go through with the wedding, most policies will not cover you.
When Should You Get It? If you decide to get wedding insurance, you should get it as soon as possible. Many policies will allow you to purchase insurance even after you have paid deposits and signed contracts, so don’t worry if you have already contracted with some of your service providers.
How Much Should You Get? If possible, purchase enough coverage so that if the worst happens, you will be able to reschedule and pay for a new wedding.
When Should You Get It? If you decide to get wedding insurance, you should get it as soon as possible. Many policies will allow you to purchase insurance even after you have paid deposits and signed contracts, so don’t worry if you have already contracted with some of your service providers.
How Much Should You Get? If possible, purchase enough coverage so that if the worst happens, you will be able to reschedule and pay for a new wedding.
Do I Need Liability Insurance? Some wedding venues will require you to carry liability
insurance. If you are hosting your wedding at home, you should check with your
homeowner’s insurer to see if you should get additional coverage for your
wedding.
Where Can You Find Wedding Insurance? Many insurance companies offer wedding
insurance, so start with one of your carriers. An online search will also yield
you lots of options for you to investigate.
If you think you might
want to purchase wedding insurance, make sure to keep all of your contracts and
receipts. You will need them if you make a claim.
This is a brief primer
as to what wedding insurance covers. It’s really important to shop around for
best price, best deductible and best coverage.
So, take some time when forming your budget to look into wedding/event insurance. In this day and age, one never knows what could happen and it's best to have something in place . . . just in case! In the long run, it may be the best decision you make regarding your wedding (except, of course, the decision to marry your soon-to-be spouse!).
Please share your thoughts in the comments below and forward this information to someone you know who may be planning a wedding or event in the near future!
Until next time, have a great day!
Lexi
410-978-2048
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