Wedding prep
What If
Five Reasons Why You Need Wedding Insurance What do a new car and a wedding have in common? They both can cost upwards of $30,000 – and they are both way too expensive not to insure. If you’ve started the wedding planning process, you know that costs can quickly add up. So why would you spend that much money without protecting your investment? While it’s somewhat of an obscure offering, several large insurance carriers offer wedding insurance (also known as special event insurance). With premiums starting at $160 and many policies that have no deductible, the peace of mind you can gain by purchasing a policy might be worth every penny. Wedding insurance offers customers financial protection when certain unfortunate, unforeseen events occur. Policies can offer a variety of coverage to protect contracted financial expenses as well as liability, property damage and host liquor liability. Depending on the policy, wedding insurance can cover items such as lost deposits, unavoidable cancellation due to weather or military leave, lost or damaged photographs, host liability and more. It can help cover costs should something unexpected happen like a bankrupt banquet hall, torn wedding dress or a no-show vendor. Plans can reimburse you if an important item related to your wedding (for example, your ring) is lost or damaged before you get married. The plan can also reimburse you in case you lose your deposit if a vendor (for example, your florist) goes out of business before your wedding. According to Travelers Insurance, which recently analyzed wedding insurance claims from 2010 through 92 GWM / Fall 2016
2015, the costliest and most common causes of wedding claims typically include problems with vendors that are contracted to provide a service at the wedding. But claims can also relate to severe weather that impacts the wedding, military deployment, sudden illness or injury, and property damage. Here are the top “what ifs” that might make you think twice about not buying wedding insurance:
What if your photographer goes out of business? Whether your event is one year away or one week away, vendor failure can happen to any couple. For example, let’s say you discover the photographer you’ve booked has gone bankrupt and out of business—leaving you with a lost deposit and no photographer. Wedding insurance can provide coverage for certain cases where your wedding vendors leave you empty handed and for instances of failure to perform the contracted service, all of which could happen even before your big day.
What if a hurricane closes your wedding venue? Winter blizzards, tropical storms, hurricanes, and tornados can wreak havoc on the best wedding plans. These storms can cause more damage to a wedding than just structural damage to a building—it would be almost impossible to plan a wedding around one of these catastrophic weather situations. Wedding insurance can provide reimbursement for the nonrefundable contracted expenses if you have to postpone or cancel your wedding due to extreme weather conditions.