What exactly is wedding insurance and how does it work? Here’s the inside scoop.
If the COVID-19 pandemic taught us anything, it’s to expect the unexpected. Especially concerning your wedding day. To our 2020 couples, we see you, we feel you. We know it hurt your heart being forced to postpone or even worse – cancel all of your wedding plans. That’s where the idea of wedding insurance comes into play. Rather than scrambling to deal with that unexpected disaster, wedding insurance may just give future couples the peace of mind so many others didn’t have. The key, you need to read the fine print in the age of the coronavirus.
Wedding Insurance 101
According to creditcards.com, there are two types of wedding insurance: cancellation / postponement insurance and liability insurance.
- Liability insurance: Protects you from responsibility from any accidents or injuries during your ceremony or reception.
- Cancelation insurance: Reimburses you for all money spent in the event your wedding has to be called off. There is a very important caveat to this: nearly all policies do not cover a change of heart.
Bottom line, the best time to get wedding insurance is once you have a date and a venue. That allows you to look at possible complications or issues that may arise specific to the time of year you’re getting married and your venue. Every insurance policy and every wedding scenario is different. Have a trusted insurance agent break down the nuts and bolts for you. You want to make sure you understand every detail of your policy.
Wedding Insurance & Coronavirus
If you’re planning on saying ‘I Do’ in the next few months or even next year, COVID-19 will likely still be in the back of your mind. It was a ‘disaster’ that came out of nowhere that brought our lives to a halt.
Wedding insurance policies purchased before the pandemic might have covered the majority of coronavirus-related cancellations or postponements. But this next piece of information is so important for couples planning in 2021 and beyond. According to creditcards.com, It is unlikely that policies purchased now will offer the same protection.
How can that be? Well, now the pandemic is considered a “known event” and a potentially foreseeable calamity. Experts say carriers will likely include written exclusions in any new contracts. In other words, read the fine print and ask questions upfront if any potential insurance policy you’re considering will cover coronavirus related impacts.
Experts also say, it might also be more difficult to find wedding insurance policies even for normal coverage.
“Because the pandemic is ongoing, and there are so many unknowns, many insurers have put a moratorium on writing new policies right now,” says Mark Friedlander, director of corporate communications for the Insurance Information Institute.It’s worth repeating, really get a solid understanding of what’s covered and what’s not. Shop carefully to find the coverage you actually need.
What Does Wedding Insurance Typically Cover?
According to TheKnot.com, problems with the venue, weather, vendors, key people, sickness or injury are the top concerns come wedding day. 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 details of your insurance plan.
- Venue: Check to see if your ceremony and reception site is already insured. If it’s not, wedding insurance can cover the cost arising out of unavoidable cancelation such as damage or inaccessibility to the ceremony site—if your reception hall is 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 couple, 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. 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? What if they go bankrupt or have a permit revoked? A wedding insurance policy usually covers cancelation or postponement of the wedding for these reasons. Some 30% of wedding insurance claims are vendor-related.
- Sickness or injury: Wedding insurance may also include sickness or injury to the couple 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 a 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. Note that military deployment isn’t always covered. Be sure to read the policy thoroughly.
Wedding Insurance Doesn’t Cover…
- A change of heart. In other words, cold feet don’t count.
- Watches, jewelry or semiprecious gemstones or pearls (even if they are attached to clothing) may not be covered.
- While the policy may cover your wedding rings, your engagement ring probably will not fall under the same coverage. You can purchase engagement ring insurance separately, or it may be covered by your existing homeowners or renter’s insurance. Note that these items may be subject to your policy’s deductible.
The key to a stress-free wedding day? Being prepared for the unexpected. At Mike Staff Productions, we believe not only should the couple be prepared for any concerns, but also the vendors. That’s why we have a fail-proof backup plan. Our photographers, videographers, and DJs bring backup equipment on your wedding day, so they can keep working without a hitch. We also have backup photographers, videographers, and DJs on call for every wedding in case of emergencies.