Planning a wedding can bring about a certain amount of stress, despite it being one of the most exciting times of your life, too. There are a lot of components that need to be considered to ensure that the day runs smoothly, and because of this, it is fair to say that a lot can go wrong.
This is where wedding insurance comes into play as a safety net that helps ensure your day is protected, even on a financial level.
But when is the right time to take out wedding insurance? The timing is something to consider, especially if you’re planning a wedding abroad. To make sure you’re fully covered, there are a few small things that you should know.
But first, let’s take a quick overview of wedding insurance.
What Is Wedding Insurance?
Wedding insurance is a type of special event insurance that covers a variety of potential risks that could occur and prevent your day from running smoothly. These risks could take place either before, during or after your wedding day and usually fall into two categories:
- Liability insurance: liability insurance covers the costs associated with accidents, injuries, or property damage that may take place. So, if you have a guest that accidentally injures themself during your wedding, your wedding insurance would cover any injury-related costs.
- Cancellation or postponement insurance: This is the worst-case scenario, but is something that should be planned for. Examples of this include severe weather, sudden illness, or losing the venue.
There may also be an option to include protection for your wedding dress/tuxedo, engagement rings or wedding gifts. Some policies may also cover military service or job relocations that require you to postpone your wedding.
Why Is Wedding Insurance Important?
Here’s why you should consider taking out a wedding insurance policy if you’re about to start planning your big day.
- Venue issues: unfortunately, there are instances where venues become unavailable for various reasons like going out of business, or major damage having taken place that won’t be repaired in time for your wedding. So, not only would you probably lose your deposit, but you would also need to find a new venue quickly, which will no doubt be more expensive.
- Vendor no-shows: there may also be instances where certain vendors need to cancel due to unforeseen circumstances. In this case, you would need to look at hiring new vendors, and on such short notice, you’re likely to pay more than your original price.
- Extreme weather: there’s no way of being able to control the weather for your big day, and in some extreme cases, you may need to postpone or cancel your wedding because of this.
When should you take out Wedding Insurance?
So, you may be wondering when exactly is the best time to take out your wedding policy. The timing of taking out your wedding insurance is important because you want to ensure that you are fully covered. There are a few milestones during the wedding planning process when you could do so, such as:
As soon as you start making non-refundable deposits
When you begin making bigger payments for things that don’t offer you a refund, it’s worth taking out wedding insurance. If, for any reason, anything goes wrong, your insurance will help cover the financial loss.
Before sending out invitations
Once your invitations have been sent out, there’s no going back. You’ve made your commitment to your wedding date and the venue. This means that your financial exposure increases.
At least 6-12 months before the wedding
It’s best to purchase wedding insurance as far in advance as possible. The rule of thumb with this is usually 6-12 months before your wedding is meant to take place. This is especially important if your wedding will take place during peak season or in a location prone to extreme weather.
Before booking travel for destination weddings
If you’re planning on having a destination wedding, it is best to purchase wedding insurance before booking your travel arrangements. Destination weddings come with additional risks like political instability, natural disasters, or travel issues. Ensuring coverage early can protect you against these potential problems.
What does Wedding Insurance typically exclude?
Knowing what isn’t covered with wedding insurance is also good to know so that, in the event of either of the below happening, you’re not left shocked and confused.
- Cold feet: Most policies do not cover cancellations due to a change of heart or cold feet. So, if one partner decides to call off the wedding, it may not be covered with wedding insurance.
- Pre-existing issues with vendors: if one of your vendors is struggling financially before you take out wedding insurance, it is unlikely that you will be covered should they cancel on you.
- Known weather events: your wedding insurance policy may not cover you if you decide to have your wedding in an area that is known for bad weather, for example, having a destination wedding in an area known for hurricanes.
How to choose the right policy
As with most things in life, there are a few things to consider when choosing the right wedding insurance policy.
- Read the fine print: you need to fully understand what is covered in the wedding insurance policy by paying attention to any limits on coverage.
- Compare policies: wedding insurance policies will be different for each provider, so make sure that you do your research and compare different policies to find the one that suits you best.
- Consider your specific risks: your wedding will be unique to you, so make sure that you tailor your wedding insurance policy to your individual needs. So, if you’re having a destination wedding, make sure that your policy covers any travel and accommodation.
- Consult with a broker: if you’re unsure about what coverage you need, consider consulting with an insurance broker who specialises in wedding insurance. They can help you find a policy that provides adequate protection.
So, taking out a wedding insurance policy is essential for any wedding planning. Wedding insurance will give you the financial security needed during this time and will protect you from any unforeseen events that could ruin your wedding day. So, make sure you take out wedding insurance enough time in advance so that you are covered for as much risk as possible.
For the best wedding insurance quotes, contact Protect Your Family today to ensure that you are as prepared as possible for your big day.
