Should You Get Wedding Insurance?
Wedding insurance is a thing?
I hear you; it was only recently that I came to learn of it. While initially a preposterous thought – isn’t that kinda akin to getting a prenup? – it’s really not, and more about practicality.
For all the time, effort and money you’ve invested, getting wedding insurance may be what you need to fill the gaps.
Here’s everything you need to know – and alternative ways to insure your wedding, if you don’t have the budget for extras.
What Is Wedding Insurance, Anyway?
Wedding insurance protects against unforeseen events or losses, including extreme weather and issues with your vendor or venue.
It’s typically split into two arms — liability coverage and cancellation coverage — although you’ll also have the option to bundle purchase the two.
If you’re scoffing already, then think of it this way: what’s paying a little more for some form of assurance?
Just as you would get travel insurance (if you don’t, it’s time to start!) to cover yourself for flight cancellations or lost baggage, wedding insurance is a safeguard against mishaps. Y’know, Murphy’s Law and all that.
What It Covers
This really depends on your insurer.
At present, Pacific Prime Insurance Brokers is the only insurance company that offers wedding insurance in Singapore (find out other ways to insure your wedding below!).
In general, these are some key areas of coverage:
- Vendor issues (e.g. with catering or floral arrangements)
- Damage to wedding attire, rings and documents
- Damage or loss of wedding gifts, cash, equipment and decorations
- Cancellation/postponement of event
- Corrupted/lost videos and photos
- No-show (due to accident or illness)
- Public liability (accidents or injuries incurred at venue)
The no-show clause is one worth paying attention to.
That’s because it covers cancellations that result from accidents or illness of the couple or their parents, but obviously not for going AWOL on your big day.
Likewise, cancelling or postponing your big day must be within reason, and not because you changed your mind.
If you’re looking to cover possible damage to your engagement ring, you may need an appraisal from a jeweller to prove its market value — particularly if it’s an heirloom piece.
What Wedding Insurance Doesn’t Cover
Voluntarily choosing not to show up or pulling out at the last minute — these don’t warrant unforeseen circumstances, given they’re decisions that have stemmed from a change of heart.
And, like all insurance plans, anything damaged or lost prior to your policy purchase will not be covered.
It’s also best to be sure you know what you’re getting yourself into. What defines ‘damage to wedding attire’? Will you be covered for a lost engagement ring?
Always check with your insurer to find out exactly where your policy coverage starts and ends.
How Much Does It Cost?
Again, this really depends on the scale of your wedding. Some factors insurers consider include:
- The wedding venue
- An overview of the wedding programme
- Estimated cost of wedding
- Number of guests to be insured
- Whether alcohol will be served
It’s not uncommon for guests to do a no-show, despite having RSVP-ed. Factoring in these scenarios will mean a higher wedding insurance premium.
Other Ways To Insure Your Wedding
Fortunately, there are ways around actually purchasing a wedding insurance package. You might even already be (partially) covered by your home insurance. You don’t want to be double-insured!
Find Out If Your Vendors Provide Coverage
In some cases, the bridal or photography studio you’ve engaged may include coverage for unforeseen circumstances.
Wedding planning service Adele Duxton offers coverage for the loss of wedding rings, something a basic wedding insurance package may not offer.
You might, however, want to supplement your coverage with wedding insurance anyway. This would fill the gaps by protecting you against (possibly costly) mistakes caused by a vendor.
Get A Home Insurance Rider
Depending on the clauses of your policy, coverage for jewellery may fall between the cracks.
That’s because household insurance generally doesn’t adequately cover the cost of non-essential household items such as – yes! – jewellery.
And even if you claim to have lost your ring, you’ll have to prove efforts were made to keep it safe, because negligence may result in an unsuccessful claim.
Enjoy The Ride!
For all that’s been said, getting wedding insurance really comes down to your needs. You’ve probably heard this often enough, but it genuinely isn’t worth sweating the small stuff.
Weddings are meant to be perfect in theory, but what’s most important is enjoying yourself!