Do you say “Yes” to wedding insurance?
It would be a tragic event when the wedding gown got ripped before the big event. In addition to that, the venue of the big day might burn down or get destroyed, leaving you stranded and confused on what to do. Preparing for a wedding event is costly and as such, you need a wedding insurance to cover this cost. This is because any occurrence of a risk will prove to be costly and sometimes you might not be able to meet the costs.
What is wedding insurance?
This is an insurance policy that covers your financial risk in a case where your wedding day is ruined, postponed or cancelled. In that case there are a number of factors that determine whether you need to take up this type of insurance cover. One of them is the cost with which you incurred in planning and setting up the entire event. If the cost is high, then you certainly need a wedding insurance. Most weddings are costly, hence this type of insurance policy is recommended. There are clear signs that your wedding day might be ruined by something or some other event. Taking up a wedding insurance will give you a piece of mind as you will be covered against any major losses.
What is covered and what is not covered in a wedding insurance?
Coverage of items in this type of insurance is wide. In that case there are some of the items or events that are not covered under this policy. If you suffered a risk due to negligence or a mistake you did, then he insurance company will not compensate for such. They lay out strict measures on negligence in the part of the insured. On the other hand you cannot be covered against an item that you do not have. In that case, you should be keen on indicating what you are taking up a cover against. Honeymoons among the newly weds is not part of the wedding insurance policy. However some of the insurers can include it at an extra charge towards the insured.
How much should I insure my wedding for?
You need to first breakdown the cost that you will incur for the entire wedding. Start from the venue to the wedding gown, travelling and every other item that you will require to make the wedding a success. From there you need to make a spreadsheet of all the items and calculate the cost, in the form of estimates, for all that is required. This will help you to determine the amount to insure for your wedding.
When should I purchase the insurance cover?
As long as you do have prior knowledge of a risk occurring, some insurance companies will sell you the policy a day to the wedding day. On the other hand you can take out this type of policy 2 years to the wedding day.
How do I claim?
Once you suffer the risk covered by the policy, you should immediately inform your insurer of the risk that has occurred. This will help the insurer to look into the claim and offer compensation where necessary.