Let's Talk Wedding Insurance
What is Wedding Insurance and Is It Important?
Car insurance, homeowner’s insurance, and health insurance are all common types of insurance we hear about daily; but have you heard about wedding insurance? We at SSWEbytara are here to help you learn what wedding insurance is and reasons why it is important.
Wedding Insurance 101
A wedding is a great investment for couples and while we do not like to think about wedding day disasters, unfortunately they can happen. Wedding insurance can give you peace of mind knowing that your big day will be protected.
There is one circumstance on everyone’s mind today that has largely affected weddings, Covid-19. This has limited travel, banned large gatherings, and has caused venues to shut down. Whether policies cover the events of Covid-19 is dependent on certain circumstances. But, there are many other circumstances that could also arise that are out of our control; like a severe weather event (hurricane or tornado), a limo driver or party bus who does not show, a lost or damaged suit, or a church falls through the Monday before your wedding (yes, this happened to my best friend). And you are left figuring things out last minute and may end up paying double the original price, which does not help a budget. Luckily, wedding insurance can help protect these types of financial losses. There are two types of wedding insurance, with this being the cancellation insurance. This will reimburse some or all of the deposit money spent on a vendor who does not uphold their contract or in the event your wedding has to be cancelled due to unexpected reasons.
Wedding insurance will also protect you from being liable for situations that may happen at your wedding; for example someone getting injured at your wedding, someone making a poor decision to drive under the influence afterwards, or any possible damage to the venue. This is the second type of wedding insurance, called liability insurance.
Reasons It Is Important
1. Venue: If your ceremony or reception venue does not already insure you when you book a wedding there, then wedding insurance can help cover for events that you have no control over and could make you lose your venue location. For example, damage or inaccessibility to the site like a recent fire or flood.
2. Vendor: It is scary to think about your officiant, photographer, caterer, or flowers not showing up hours before your big day. Or one of them going bankrupt weeks before they are supposed to supply for your day. A majority of wedding insurance claims come from vendors and couples needing coverage.
3. Military/Job: We are so thankful for our military personnel and their loved ones; they live with a risk of getting deployed at a moment’s notice. Or maybe the bride/groom gets a last-minute notice to move for their job. Wedding insurance can cover postponement of the wedding, due to these unforeseen changes.
4. Sickness/Injury: Things can happen that completely turns your world upside down at the blink of an eye, so wedding insurance may include coverage for sickness or injuries that happen to the couple or any other essential person to the wedding.
5. Miscellaneous: Some policies can cover damage or theft to wedding attire, rings, and gifts.
Wedding insurance typically does not cover “cold feet” or if you personally change your mind on a vendor during the planning process. Many venues will require insurance if they do not have their own policy. Make sure to review vendors policies and what was is covered by them directly, then find the wedding insurance right for you. You can look into purchasing wedding insurance at any time, but many say the sooner the better before making big purchases/deposits or bookings.
Wedding insurance, as well as us at SSWEbytara, are both important in helping to give you peace of mind on your big day to know everything is protected and will be managed in a way just right for you.