The Pros & Cons of wedding Insurance.
Imagine rain pouring down, the bride accidentally tumbling into a pool, the wedding cake toppling over, or losing a deposit because the venue shut down just days before the big event.
What do all these scenarios have in common? They represent potential mishaps at a wedding that can be safeguarded against with wedding insurance.
While some issues are beyond financial resolution, this insurance—often referred to as special event insurance—offers financial security if a wedding must be postponed due to inclement weather, natural calamities, or the illness, injury, or death of key participants.
Additional coverage options, known as riders, can be included to protect against incidents such as a collapsing cake, a guest slipping and getting hurt, or stolen gifts.
Medical coverage can be added to handle medical expenses for anyone injured during the wedding. Additionally, personal liability coverage can be included to address bodily injury or property damage resulting from an accident at the event.
The cost of wedding insurance typically ranges from $125 to $550, depending on the extent of coverage. Policies usually specify maximum limits for each aspect covered, and deductibles are applicable.
For instance, WedSafe provides basic coverage of $7,500, which includes up to $1,000 for photo-related issues and $500 for professional counseling.
However, there are certain exclusions in wedding insurance policies. Engagement rings are generally not covered, although wedding rings might be.
Wedding insurance also doesn’t offer any protection against a change of heart. If the bride or groom decides to back out, the financial implications are unavoidable.
Fortunately, you might not need wedding insurance if you or the venue already have adequate coverage. Many rental halls and venues have their own liability insurance, although they might require couples to have additional insurance.
If the wedding is hosted at your home, your homeowner’s insurance could provide liability coverage, and a rider might extend coverage to losses incurred away from home.
Credit cards used for reception expenses, like catering, might offer reimbursement if services fail to be delivered. Auto insurance should cover vehicle-related incidents on the wedding day, and travel insurance can protect the honeymoon.
I trust you found this information valuable. Feel free to reach out for any real estate inquiries today!
If you have further questions about your particular situation, or need assistance in navigating insurance options, please feel free to ask! customerservice@easternstandardins.com
Disclaimer:
The content in this publication is intended solely for informational and educational purposes and should not be interpreted as financial, investment, or legal advice. Eastern Standard Insurance Consultants, LLC does not guarantee the accuracy, quality, completeness, or timeliness of the information presented. While efforts have been made to ensure accuracy, no assumption should be made that the content is free from errors. Some information may have been provided by third parties and has not been independently verified by Eastern Standard Insurance Consultants, LLC. Neither Eastern Standard Insurance Consultants, LLC nor its affiliates or subsidiaries accept any liability for the information
