Weddings are an expensive affair. The Knot, a famous wedding planning website, reported that weddings in the United States cost approximately $33,391 in 2017 alone. The total could also go up depending on the location of the wedding. For instance, couples in Manhattan, New York can spend as much as $76,994 while those from Southern Florida shell out around $40,634.
Given the expense, it comes as no surprise that people can now take out insurance policies for weddings. They fall under special events insurance policies in Cape Coral and now rank alongside car insurance, home insurance, and flood insurance in Florida. Wedding expenses are investments, after all, it says on the website of Gulf Harbor Insurance, a provider of personal insurance policies in the Sunshine State.
So, what exactly does wedding insurance cover, and why are couples spending extra for it?
Protection from Unprecedented Circumstances
Few other occasions bring together a diverse and large number of suppliers in one event. Weddings are expensive because they call on different suppliers for various needs. There’s the wedding venue, food caterer, wedding cake baker, dessert caterer, beverage caterer, and suppliers for the flowers, lights, decorations, sound system, and music equipment — the list could go on and on.
These suppliers require a down payment to book their services. If any of them suddenly cancels due to unforeseen circumstances (ex: the supplier goes out of business, a calamity hits the supplier), it might be difficult to get back the reservation fee. Wedding insurance reimburses those expenses .
Protection from Unreliable Suppliers
Cancellations due to unprecedented events are forgivable, but if a wedding supplier is just unreliable and it makes the wedding plans go awry, it’s a bitter pill to swallow. Whether it’s not getting the entourage’s gowns and tuxedos or if the cake was damaged en route to the reception, a couple will want to get their money back. Not all suppliers offer a 100% refund, however, and some don’t give a refund at all. By having their wedding insured, a couple may get a refund in case a supplier doesn’t show.
Option to Postpone
Wedding insurances don’t cover cancellations because the bride or groom gets cold feet. They do, however, provide compensation if the couple postpones the wedding due to sickness or injury (applies to the couple and important guests), bad weather, vendor no-show, and a sudden military assignment or corporate relocation.
It should give couples peace of mind knowing that their weddings have insurance coverage. With the right policy, they can plan their weddings confidently.