Wedding Insurance – Facts you Need to Know

What is Insurance?

Insurance is an arrangement by which a company or a state undertakes to provide a guarantee of compensation for loss, damage, illness, or death in return for payment of a required premium.

Why Wedding Insurance?

Weddings nowadays are a massive investment and by the time you complete your necessary arrangement it will cost you a fortune. Why take a chance with your wedding?

What happens if the people do not deliver as promised? What if your venue burns down the night before your wedding? What if you wake up in the morning feeling too ill to get out of bed? Do you cancel your wedding or spend another fortune on re-booking? That’s the beauty of wedding insurance, to protect your marriage minus an unforeseen calamity. “What is wedding insurance?’ You may ask. You will learn about wedding insurance meaning, the different aspects of wedding insurance and why you need it, in this informative article.

Benefits of Wedding Insurance

It is possible that your wedding venue requires insurance, while others leave it to the couple to decide. So how do you determine if you should get covered for your wedding day and how much does it pay out?

Wedding insurance is growing in popularity worldwide.  This type of policy was first introduced in England in the late 1980s and spreading the world over like wildfire.Why not? It provides you with peace of mind and allows you to enjoy your special day. Some insurance companies won’t let you take out a policy one year before the wedding.However, keep your eyes open, if you would like to take out wedding insurance, as many providers will offer this.

Wedding insurance your first priority when you are planning your wedding. A typical wedding may cost you $19,000 to a whopping $100,000which amounts to significant monies involved. You can get the best wedding insurance by contacting a competent insurance agent.

Criteria for a profitable Insurance Policy

Each policy is unique, and you can choose an insurance provider and level of cover to suit your own needs. Make sure your advisor explains every nut and bolt of your policy to you carefully, so you are aware of exactly what your plan will cover and what it will not.

If possible, you should take out a policy before you spend anything on the wedding, and indeed before you pay any large deposits. Sit down with your partner and work out your wedding budget before you start checking out insurance policies so that you have an idea of the coverage that you require.

What Do Wedding Insurance Plans Cover?

There are three coverage types that couples should consider:

1. Liability:Venues often require this, and cover damage and other unforeseen accidents, such as bodily injury.
2. Cancellation: This will cover the damages and other unforeseen circumstances such as bodily injury.
3. Loss of deposits: This coverage typeprotects you if, say, your driver goes out of business once you’ve already hired him.

What wedding Insurance will not cover

• A change of heart. In other words, cold feet don’t count.
• Watches, jewelry or precious gemstones or pearls may not be covered.
• While the policy may cover your wedding rings, your engagement ring probably will not.

Additional Coverage

• Couples can take out supplemental policies to defend against damages incurred by other wedding-related items such as photography, videography, and gifts.
• Gifts are in the range of coverage if any damage or theft has taken place within a limited period (ranging from one to seven days, depending on the specific policy) before or after the wedding if you want your claim to be accepted.
• Attire is something which can be considered as the most precious for a wedding couple.This includes the clothes purchased or rented for the bride, groom, and attendants at the ceremony. This coverage pays to repair or replace such items.
• Personal liability covers bodily injury or property damage caused by an accident that occurs during the course of the wedding.
• Make sure that you go through every line of the policy documents which will cover your doubts and lead you to make a correct decision on time before it’s too late.

Wedding Insurance Cost

During the process of submission of the wedding insurance, details of guests, venue, date and residency status have to be divulged as the cost varies from place to place as a wedding insurance policy is a regulated product.

The cost of wedding insurance varies from place to place. The higher the coverage limits, the higher the value of your policy.Limits for the cancellation and postponement of cover ranges from $7,500 to a maximum of $175,000. Also, to be noted, additional expenses coverage ranges from $1,500 to $35,000.

You should consider two other factors depending upon the provider you use and the venue where the wedding takes place. Ifyou have purchased adifferent liability cover from the same company, it will protect your guest from getting injured during the marriage, as insurance companies love to provide discounts if you purchase more than one product.

Also, to check out if you are already covered on your homeowner’s insurance, check with your advisor regarding any such options available on your existing plan so that you can avoid paying twice for the same cover.

The latest to be included on this is professional counseling coverage;this component covers the financial cost, emotional stress and postponement of the wedding which provides for one of the policyholders to seek professional counseling for up to 1 year following the date of the event. You can get surprisingly cheap wedding insurance if you shop around a bit.Do ensure to contact a competent insurance agent who will guide you in the procedure.

Your Special Day can be Secure

Wedding insurance is now an integral part of your wedding plans; it helps or rather provides you with a backup if by any chance unforeseen events ruin the crucial day of your life.Sometimes it is always sensible to spend a few dollars extra on things which will help you not to regret later if any untoward incident crops up. Wedding insurance is a cost-effective way to sleep easy.

To sum it up, you never want to sit and think of things that could go wrong on your wedding day.Wedding insurance provides a way in which couples can breathe easier and plan for the big day.