With all of the work that goes into planning a wedding and excitement surrounding the event, it is agonizing to imagine having to cancel. However, sometimes unforeseen circumstances occur, such as the sudden illness of the bride or groom or an unexpected closing of the wedding venue. Wedding cancellation insurance can provide coverage for such unfortunate incidents, and an independent insurance agent can help couples find the right coverage for them.
Wedding cancellation insurance covers a variety of circumstances, including:
- Severe weather (hurricane, tornado, etc.)
- Unexpected illness
- Call to active military duty
- Vendor bankruptcy
Circumstances that are not covered include:
- Change of heart by either the bride or groom
- Any other incidents or decisions that are under the policyholder’s control
- Minor rainstorm or drizzle
The declarations page of the insurance policy will list the incidents that are covered, and the ones that are not. For example, some policies do include a change-of-heart situation, but only if the cancellation is at least nine months before the big day. Sometimes, you can ask to see an example from your independent insurance agent. That way, you know the types of cancellations that are protected before purchasing the policy.
Imagine the following scenario: you and your loved one have been together since college. Now that you have both graduated and secured employment, you’re ready to take your relationship to the next level. You’ve been through a lot together over the last five years, and you are confident that neither of you will get cold feet on the wedding day. However, you really want a fall wedding, but that’s not very conducive to the weather in your home state of Florida. Hurricane season extends from June through November, so your wedding could be at the mercy of unexpected and turbulent weather.
To ensure that your big day will be protected against any severe weather, you purchase wedding cancellation insurance. You meet with an independent insurance agent who discusses the wedding insurance options available to you. Since you are most concerned about the weather, you select a cancellation policy. With the money you two have spent, along with the contributions from your parents, you would hate to see your expenses go to waste. You have insurance on your $10,000 engagement ring, so why not also protect your $25,000 wedding?
Weddings are expensive, costing and average of $31,000 in the US in 2014, and a significant portion of the expenses occurs in advance of the event in the form of deposits to event vendors. In Manhattan, the average wedding is $76,000! That means canceling without wedding cancellation insurance is incredibly costly. Wedding cancellation insurance can help the couple to recuperate some of these costs if they have to cancel their wedding for any of circumstances covered by the policy.
The costs for a wedding cancellation policy are minimal compared your total wedding expenses. For a wedding that costs $25,000, the costs to get a combined cancellation and liability policy is only $320 to $420. That price includes protection for your wedding attire, gifts, and photography.
Your independent insurance agent will ask you a variety of questions to determine the exact cost for your cancellation policy. The questions will include the wedding date, approximate number of guests, details about the wedding and reception venues, and your state of residence. Many insurance companies will allow you to purchase a cancellation policy as late as 24 hours before the wedding. Of course, only incidents that occur after you have coverage will qualify for potential reimbursement.
According to David Wood, president of the Association of Bridal Consultants, “In this volatile economy, wedding insurance is a wise investment and only costs a fraction of the goods and deposits it covers.”
Brides and grooms can get help from an independent insurance agent familiar with the options for wedding cancellation insurance so they can be sure they are getting solid protection for the financial investment they’ve made.
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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.
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