If you are planning your special day with your partner, you wouldn’t want anything to ruin it, right? This is why you need a policy to help you cover the cost in case something happens. I am sure that your reception and ceremony are going to be expensive to plan. Since there is a lot of money on the line, you should buy wedding insurance.
What is Wedding Insurance?
Wedding insurance, sometimes called special event insurance, is a type of insurance policy that offers financial protection for policyholders from unexpected events on your special day. There are two types of wedding insurance, namely, wedding liability insurance and wedding cancellation or postponement.
Firstly, it will help you cover property damages or injuries during the event. As for wedding cancellation or postponement, this will reimburse you if your reception or ceremony gets postponed or canceled due to events or reasons beyond your control.
How Does It Work?
Similar to other types of insurance, with a wedding insurance policy, you can choose your deductibles and coverage limits when setting up your quote. These factors will determine how much your policy will cost, how much you will pay if something happens, and what events the policy will cover.
It also covers accidents and injuries that happen during the reception and ceremony. On the other hand, wedding cancellation or postponement insurance will reimburse you for the cost if you postpone or call off your ceremony because of extremely bad weather or problems with the vendor.
What Does Wedding Insurance Cover?
This is one of the factors you need to consider when shopping for wedding insurance. It is important that you analyze and go through the coverage options of any insurer or insurance company to find out if you are getting better coverage.
To repeat, when you purchase a wedding insurance policy for your wedding, it gives you financial stability and covers the cost of accidents and injuries during the event. Whether it is your reception or ceremony, your quote will give you peace of mind.
In addition to this, the wedding cancellation or postponement policy will compensate you for the cost of postponing or calling off your wedding because of an extreme issue, weather, illness, or injury.
What Does It Not Cover?
This is another important question that you need to ask the insurer before getting a policy. However, keep in mind that the coverage and non-coverage options depend on and differ by insurer. Here are some exclusions from this insurance policy:
- Cancellation or postponement due to cost
- Normal bad weather, like rain
- Change of heart
- Breakup
This is why, before you choose a quote, you need to read through the terms and exclusions.
How Much Does Wedding Insurance Cost?
The cost of wedding insurance depends on the lender and other factors surrounding your coverage. On the other hand, the average cost starts at $150, while cancellation coverage starts at $125.
Other elements that determine the price of this insurance policy include:
- The size of the wedding
- Location
- Optional riders
- The insurance company
- Coverage amounts
The overall wedding budget also affects the cost of buying or purchasing any wedding insurance quote.
How to Get Wedding Insurance
This process is very easy, especially if you have the right steps and tips to guide you. Here are the basic steps and things you need to do to find a good insurance policy for your wedding:
- Check the deductibles.
- Go through your existing renters or homeowners insurance policies.
- Find out how much coverage you want.
- Compare insurance companies.
- Read reviews online.
- Select the suitable coverage limits.
- Go through the terms and conditions.
- If it works well for you, continue to apply.
- Submit your application.
Lastly, confirm the refund policy, and you can set your mind at ease and enjoy your special day.
Best Wedding Insurance Companies
Instead of having to go from website to website to select the perfect event insurance company, I have decided to put together a list of the best providers that you can check out.
- Wedsure
- Event Helper
- Travelers
- Markel
- WedSafe
- eWed Insurance
- United States Liability Insurance (USLI)
- Philadelphia Insurance
- USAA
- RVNA
And many more. Before choosing, make sure that you compare their rates and coverage options before moving on to the next step.
Tips for Comparing and Choosing the Best Policy
If you have not purchased a special event insurance policy before and would like to for the first time, do not worry. The first thing that you need to know is to purchase or buy a quote beforehand. Other tips will be shared below:
- Find out about the terms.
- Ensure your vendor is well insured.
- Compare the rates of insurers.
With these tips, you will score the best wedding insurance quote and get the coverage that you properly need.
