Wedding Insurance is a MUST HAVE!

“It could never happen to me.”  Those are the six words that every person says in their head when contemplating purchasing wedding insurance.

2020 was the year from hell for so many couples that had planned their nuptials and receptions to be the party of the century. When you think about BIG weddings with 150 guests or more, it’s quite an undertaking. The venue is bigger, there’s more food, more decor, and of course, more expenses. Now before you start thinking of just eloping in lieu of having the wedding of your dreams, let’s talk about insurance.  Yes, WEDDING insurance!

What do you currently have insurance on? Your home and auto? Maybe you have renters insurance or even a life insurance plan if you have children. The purpose of insurance is simply, peace of mind that when disaster strikes, you’re covered financially.

Weddings are an investment. Regardless of size, you are still investing in an outcome. Those 6 hours of royal bliss comes at a price and if you’re not getting help from parents or family members, it all falls on you. Unlike years ago, about 87%  of couples are paying for their wedding. They’re also paying off student loans, purchasing homes, and in some cases, starting a family. These are all huge financial responsibilities.

One of the hardest things that couples faced this last year was non-refundable deposits. And why did that happen? Once the pandemic hit, venues and vendors alike lost 90% of their revenue in a matter of weeks forcing many of them to temporarily close or run on fumes. The overhead in running a small business is at least 5X more than what you would incur as a private citizen. Simply put, the money wasn’t there. And so, the events industry banned together to help their couples and clients re-schedule and try to keep their creative teams together so that the client would get what they paid for at a later date. But in some cases, it just wasn’t viable. Much like the vendors losing their shirts, couples were also losing jobs or seeing a reduction in income as well. This is why wedding insurance is so important.

When you look at the legal fees associated with trying to get a refund from a wedding vendor that has closed under financial distress, it would cost more than the $500 wedding insurance policy that would protect you from catastrophic events.

So when should you purchase wedding insurance?
AS SOON AS POSSIBLE. The moment you reserve your date, deposits are required to hold that date for any vendor. Wedding insurance covers things like cancellations due to pandemics, weather, death, and sickness. It does not cover a change of heart or cold feet.

Items such as fine jewelry and gifts may not be covered under wedding insurance but worry not. Check with your home insurance agent and ask if a special rider can be added to your policy to cover these items.

In the event you have to cancel your wedding for circumstances out of your control, wedding insurance can ensure that you would get your deposits back. After this year, we’d recommend that everyone get wedding insurance. The peace of mind is worth it.

Here are a few Wedding & Event Insurance providers for your consideration.

http://www.wedsafe.com

Allstate