Planning An Elaborate Wedding? Don’t Forget Event Insurance

Planning a huge, elaborate wedding takes time and a lot of money. If you are in the process of planning your upcoming wedding and are worried about all the money you are spending, you may want to talk to an insurance company about purchasing a special event policy. This type of insurance will protect you from so many things, and you can choose a custom policy that protects you against everything you could possibly think of.

What is Special Event Insurance?

Insurance companies sell polices of protection, and you can buy policies to protect almost anything you may have. In exchange for the cost of the policy, the insurance company promises to pay you if you experience any type of loss associated with the coverage.

When it comes to special event insurance, you purchase a policy to protect the money you spend for your big day. Imagine if you spent thousands of dollars to make this a dream wedding, but then something went wrong before or during the event. You could end up losing every dime you spent, and you would have no way of recovering any of it. That is where special event insurance can help.

What does it Cover?

The thing about special event insurance is that you can pick and choose the types of coverage you want. Some of the coverage options include:

  • Liability – if any of your guests cause damage to the property at the ceremony or reception, the insurance will cover the costs of the damage.
  • Vendor – adding vendor coverage will protect you against any vendor that doesn't show up as scheduled. It will also provide you with coverage to obtain the necessary goods the vendor was supposed to provide. Imagine if your photographer damages all the photos taken during your special day. Vendor coverage would offer compensation to you for this.
  • Cancellations – if you, any family members, or any of the bridal party hurts themselves and cannot be at the wedding, the policy will kick in. This coverage also includes cancellations due to family emergencies. If your mom suddenly dies and you must fly to her funeral on your wedding day, you would have to cancel the entire event.
  • Weather – with outdoor weddings, there is always a chance the weather will be bad and will cause problems with the wedding.
  • Clothing and jewelry – you can also get coverage on the items you will be wearing. This covers problems with your wedding dress, shoes, and all the jewelry items you will wear during the event.
  • Deposits – if you have deposits on your DJ, caterer, hall, or anything else and the wedding is cancelled, you will receive these back with insurance coverage.

You can literally get insurance protection on anything related to the event. While the insurance compensation will not replace anything you lose, it will at least cover the costs of your losses, and you may receive extra money for the emotional losses you experienced from this.

What Type of Compensation Does it Offer?

While event insurance cannot make up for problems you experience before, during, or after your event, it does provide monetary compensation for your troubles. When you choose your policy, each item will have a specific amount of coverage. If you have to make a claim on the policy, it will provide you with the monetary coverage for the items that were lost.

The main point of this is to provide some sort of compensation to you for your losses, but there are limitations. Event insurance cannot:

  • Help you recover lost pictures because of the photographer's mistakes
  • Provide you with a new last-minute caterer to provide you with food for your guests
  • Offer a new wedding dress minutes before the event
  • Give you a sunny day in the middle of a storm

The list can go on and on, but you should realize that this monetary compensation will allow you to pay for:

  • A new photographer to provide pictures of you and the wedding party at a later date
  • The most expensive (or only) caterer you can find at the last second
  • Deposits that are needed due to rescheduling your event because of cancellations
  • An entire wedding if the event must be rescheduled

These are the things you may want to consider as you think about purchasing an event insurance policy.

Do you Need it?

While this is not an extremely popular type of insurance, it is something that you should consider if you are worried about the costs of your wedding. You can choose the types of coverage you would like, and you will have to pay the premiums in advance.

If you do decide to get this, make sure you contact an insurance company in advance. Some insurance companies may require a notice of at least two weeks, but others may require a longer amount of time.

This type of policy will cost around $450, but the price varies depending on the type and amount of coverage you need. It also depends on the insurance company you choose.

Protect your money and your future by talking to an insurance agent about special events insurance. This is an important thing to think about, and it could save you thousands of dollars. For additional information, contact Dyke Insurance.