Wedding Insurance is becoming such a hot topic, so in addition to the blog post we
published earlier this week I am adding additional information on wedding insurance. Ewed Insurance reached out and offered to share additional information for us to share on Wedding Insurance.
Please find the additional information below.
What is wedding insurance?
Wedding insurance comes in two overall categories - Postponement/Cancellation and Liability. These address various cases of unforeseen issues that may occur and affect a wedding such as extreme weather, problems with vendor deposits for no-shows, loss or damage of wedding day photos and videos, need for replacement bridal dresses, rush alterations, stolen or damaged gifts, or property damages at the venue and more.
Why should couple's purchase wedding insurance?
There’s a great deal of emotional and financial investment that go into a wedding. When a couple has spent months of time, attention, and money into that special day, there’s nothing like having the peace of mind that should anything unforeseen occur, the day won’t just turn into a total disaster if they have coverage.
What does wedding insurance cover and what does it not cover? What do couples misinterpret when purchasing?
Insurance generally excludes claims where the loss was foreseeable and/or under your control. The most pressing one at the moment are coronavirus issues, which are absolutely foreseeable these days. So canceling because of fear of traveling or being at a large gathering is within your control and can't be covered. A pandemic in and by its self does not rise to the level of a covered item. As with all insurance, each claim is handled on a case-by-case basis and decided individually. Generally, it would have to be of the nature that prevents more than half the guests from attending - different than more than half the guests choosing NOT to attend.
How can couples protect their wedding during Covid-19? What about those who did not purchase insurance and are now wondering what they can do?
All insurance companies are excluding Covid-19 illnesses. I am not sure why but I would venture to guess it’s because of the widespread nature of Covid-19, the newness of the disease and lack of knowledge around how easily it’s spread, and the massive losses most insurance companies are taking due to event cancellations due to governmental shutdown orders. But this really only underscores how important it is to be sure you’re covered in case of anything else that may occur.
Pro Tip:
A microwedding is any ceremony and/or reception with less than 50 total guests.
Can you cover a microwedding? eWed Insurance recently introduced its insurance coverage for micro weddings for only $75. With more and more couples opting for having intimate gatherings with the proper social distancing protocol for everyone’s safety, micro weddings with fifty people or less can still be a festive celebration of the time-honored traditions of a typical wedding. But even on a smaller scale, weddings still involve several moving parts like food, cocktails, flowers, music, photography, invitations, wedding dress, etc and couples will want the peace of mind of having their financial investment covered without paying for regular insurance rates. What is your number one tip for couples pertaining to wedding insurance? You always want to buy insurance that provides you with the broadest coverage possible. Most companies provide between 8% and 12% of the total policy amount for loss of deposits. eWed provides 25% of the policy amount for loss of deposit. Also other companies cap “Extra Expense” in the 8-12% range. eWed gives you the entire policy amount for Extra Expenses. An “Extra Expense” is what you would have to spend to otherwise avoid a total cancellation of the wedding. For example, if your florist shop burns down 3 days before your wedding and you need to hire a new florist and that florist is 30% more for a rush fee, eWed would cover the entire extra cost of the new florist’s rush fee.
Want to print this out to reference later? Click below.
Have questions? Contact: David Berke
eWED INSURANCE SERVICES, LLC EMAIL DAVID@EWEDINSURANCE.COM