Wedding Insurance – To Buy or Not To Buy…

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What is it?

First of all, there may be some of you out there who didn’t know this existed! I have to admit, that I skimmed over the idea for my own wedding thinking ‘I don’t need that!’. On the surface it seems like such a fantastic idea; to insure your big day so that nothing can go wrong. Or is it such a good idea? I figured I would look into it to see just what exactly it entails.

So what does wedding insurance do? It protects your wedding investment for incidents beyond your control. It reimburses you the expenses incurred while going through the planning process, as well as main elements on the big day.

What types of things does it cover, you ask? Things like your photographer not showing up and you need to book another one on the day of your wedding at a ridiculous rate. Or your wedding dress getting lost in airport baggage claims en route to your destination wedding. It also covers your butt if your reception hall goes out of business a month before your big day and you lose your deposit and also need to deal with the expense of finding a new venue.

These things are all possibilities of things that could go wrong leading up to your wedding and this type of insurance can help protect you and also help get some of your money back.

How do you get it?

It’s as simple as calling up your current insurance provider (home or auto) and asking if they provide wedding insurance.  If you find that your current insurance provider doesn’t have an event/wedding coverage plan, then you can check out these sites to get free online quotes:

Easyinsure.ca

Wedensure.com

Wedsafe.com

Do you really need it?

You know what they say…Anything can happen and disasters strike at any time! Remember that crazy ice storm that we were rocked with in December? I bet there were some folks getting married over that weekend who wished they had purchased wedding insurance! Weather issues are definitely something that is covered in most typical wedding insurance plans.

However, before you take the plunge and purchase wedding insurance, it is important to check with each of your vendors involved with the wedding to see how much coverage they have.  It isn’t helpful to overlap insurance coverage so ask your vendors for a copy of their coverage so you can look it over and see where there are holes that need coverage.

You may also be requested by your venue to obtain this insurance on your own as a mandatory step. Chances are, if it’s an established wedding venue they will already carry their own insurance. However, if you are renting a space that is not primarily used for weddings or parties and plan to bring in your own caterer, alcohol and rental supplies then often times the venue will require you to provide proof of this insurance.

How much is it?

Packages and coverage range from $150-$500 for a basic coverage plan.

I did an online quote using www.easyinsure.ca and based the specifications of the wedding on my personal wedding and was provided a quote of $199.80.  I did another quote with Wedensure.com basing the specs off of the same wedding and for $50,000 coverage, it would cost us $1512. It is definitely best to do your research before taking the plunge!

What are the limitations?

Always be sure to get all the details from your insurance provider so that you know what and how you are covered. The sooner you purchase the insurance in your wedding planning process, the better. However, some insurance companies have limitations on how in advance you can purchase the plan.

There are usually specified maximum amounts for each category that will be paid out, so you may not get the full amount back that you lost, but you will definitely get reimbursed for a portion. It is important to double-check this with the insurance company.

Gifts – while it is nice to think that you have coverage for your gifts in case of a wedding robbery, remember that the coverage is usually for non-monetary gifts only. Any cash you lose in the case of a wedding robbery or other incident will not be reimbursed.

Core coverage and liability insurance are usually listed as two separate amounts. For example, the core coverage will cost $300 and includes cancellation, photographs, gifts, special attire, jewelry and lost deposits. However if you would like to have Liability & Property Damage insurance, which covers personal injury to you and your guests, this may cost approximately $165 more, bringing your total to $465.

What does it cover?

A typical standard wedding insurance package with cover your site, weather issues, vendor no-shows, family sickness or injury and military/job issues.

What does it NOT cover?

Change of heart! So don’t leave your hunny at the alter and expect to get your money back!

It also does not cover most jewelry, watches, pearls and precious gemstones. Engagement rings may not be part of the basic coverage plan but your wedding bands are.

Additional Coverage includes?

If you decide to supe up your wedding insurance package to get some of the finer things covered, these would include photographer/videographer costs, gifts, attire, personal liability, medical coverage (check your monetary limits on these) and honeymoon.

So there you have it! If you’re spending anywhere over $50,000 on your wedding, I definitely think it is worth while to investigate your options with insurance. It’s a big investment to throw a large wedding and it would be horrible for something as silly as a wedding cake no-show, freak snow storm or a bankruptcy to ruin your very special day.

If you have any other questions on this, or would like help doing some additional research, please feel free to reach out.

Thanks for reading!

C.

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