WedSafe reached out to us to tell us the top four wedding spoilers for 2017 so we thought we should share. This is not a sponsored post, it's simply useful information about things that can ruin your day.
What is wedding insurance?
Weddings represent one of the largest financial (and emotional) investments any of us make in a single day of our lives. Wedding insurance helps protect that investment and can help alleviate emotional burdens by providing some “peace of mind” knowing that it could reimburse covered financial losses associated with the wedding. Wedding insurance can reimburse covered claims from an unanticipated glass of red wine ruining a wedding dress to unforeseen events that force the cancellation of the entire wedding.
You’ve got every last detail taken care of. But what if something happens that’s out of your control? Like someone gets hurt or your venue suffers damage at the hands of some rowdy guests. Can you be held responsible? Unfortunately, yes you can, as many brides and grooms who’ve been sued by guests, the venue, and even their vendors found out. Wedding insurance is a way to protect yourselves against the liabilities that a large event such as a wedding brings.
Why do couples need wedding insurance?
More than 40 percent of 2017 wedding insurance claims stemmed from the need to cancel or postpone the big day, according to newly released data from Aon Affinity’s WedSafe, which has provided wedding liability and cancellation coverage to hundreds of thousands of couples. The main driver for these cancellations and postponements? 2017’s wild weather, which impacted just about every corner of the United States, setting records and disrupting plans.
“Cancelling or postponing a wedding is absolutely the last thing on your mind when you’re in the planning process, but our numbers show that it’s very much a reality that some couples must face,” said Steve Lauro, vice president, Aon Affinity. “Brides and grooms have to plan for the unexpected to protect their investment.”
“Despite best efforts and intentions, things can go wrong on your wedding day,” Lauro said. “The appropriate wedding insurance can help protect your investment – and, in some cases, truly save the day.”
Rounding out the top four wedding insurance claims of 2017:
Property Damage 21%
Property damage claims included damage to the venue – from broken antique mirrors to gouged marble tables – to damage to guests’ property, which in one case included a tree falling on a car in the venue parking lot.
Slip and Fall Injury 18%
Hip injuries, a broken foot, sprained wrists; the happy couple, wedding party and guests experienced their share of injuries at the venue throughout the year – resulting in trips to the ER and some extensive surgeries.
Vendor Issues 15%
DJs move out of state, florists go bankrupt and videographers don’t always deliver the final product. All of these factors – and more – created wedding vendor issues for couples in 2017.
Finally, it seems everyone loves a wedding – even thieves. Jewelry and cash topped the list of items most often snagged by sticky fingered party-crashers.
How to shop for wedding insurance:
In order to make the most of wedding insurance, a couple should have a good idea of their total wedding budget, approximate number of guests, and their selection of a venue. With these in mind, couples can obtain free, no-obligation quotes online.
Here are some general guidelines to follow:
Investigate each vendor with due diligence
Get everything in writing for all of your vendors.
Read and understand all contracts, cancellation terms, and penalties.
Pay what you can by credit card to take advantage of the Fair Credit Billing Act, which offers consumers some level of protection.
It makes sense that the larger and more lavish the wedding, the more complex and riskier it becomes. However even modest weddings can still be a significant investment, and wedding protection can mitigate some of the financial risks.
Wedding liability coverage can be extended to both the ceremony and reception venue, as well as a rehearsal dinner within 48 hours of your wedding. It may also extend to setup and break down the day before and after your big day.
What are my options?
WedSafe offers couples two insurance options to help protect their special day: wedding liability insurance and wedding postponement/cancellation insurance.
Cancellation and Postponement: protecting your financial investment in the event of the postponement or cancellation of your wedding. If circumstances beyond your control force the cancellation of your wedding, this coverage could reimburse you up to the total cost of your wedding. Reasons could be anything from severe weather to the venue closing to the illness of a person integral to your wedding. Keep in mind, however, that wedding insurance does not typically cover you if you choose to call off the wedding of your own accord.
Liability Insurance protects you against financial liability arising from your wedding, and is required by many venues. This will protect you if a guest is injured, if the venue is damaged, or if there is an alcohol-related incident.
The most cost-effective way to obtain wedding day coverage is to bundle policies and appropriate coverage, such as host-liquor liability option, together to take advantage of available discounts.
How much does wedding insurance cost?
Your wedding may be expensive, but wedding insurance is not! In fact, it costs the fraction of a wedding cake, with policies starting as low as $75 and usually averaging around $200.
There are different levels of coverage for every size budget, starting with premiums slightly over $100. You should choose a coverage level based on your total wedding budget – how much you will spend on your venue, your gown, wedding rings, caterers, flowers, photographers, and all the other deposits and purchases you will make for your wedding. This is the investment you would stand to lose in a worst-case scenario.
Is there anything wedding insurance doesn't cover that people often don't realize?
As with any insurance policy, there are exclusions and limitations to the coverage. These limitations are what allow an insurance company to price the protection at affordable rates for consumers. Since there are so many variables, it is always best to speak directly to a company that specializes in wedding insurance and obtain information based on your specific situation to determine how appropriate the coverage is for you.
Wedding insurance would not typically cover couples if they choose to call off the wedding of their own accord. To learn more about WedSafe coverage or to receive an immediate, no-obligation quote, visit www.wedsafe.com.