In uncertain times such as these, it’s good to have a backup plan. Especially with the average cost of a wedding ranging from S$30,000 to S$50,000! Wedding insurance can put you at ease so you can focus on your big day, worry free. This week we’re answering all your questions about who needs wedding insurance and what it protects (and doesn’t).
Let’s Talk About: Wedding Insurance
Peace of mind. That’s really what wedding insurance is all about. It exists to ensure you aren’t financially liable if something were to go wrong before, on, and sometimes after your big day. There’s two kinds of wedding insurance: cancellation and liability. While the idea is similar, the coverage is slightly different.
What Does It Cover?
Liability insurance generally covers you from accidents during your ceremony and reception. Many venues either offer this or require it. Especially if alcohol is served.
Cancellation insurance has you covered in the event that you have to cancel or postpone your wedding. If your venue burns down or someone gets into an accident, this type of insurance will reimburse deposits and other lost costs.
You can also add on protection for vendors, gifts, photography, and pretty much everything else!
What Doesn’t It Cover?
Cold feet. If you cancel the wedding because of a change of heart, your insurance policy is unlikely to offer anything but sympathy. This is an important caveat to note, because many policies will cover for “non-appearance” but only in the case of accident or injury.
Do You Need Wedding Insurance?
This really depends. Before you look into it, check with your vendors, venue, jeweler, etc. to see if they already have liability insurance. A lot of times these policies will cover you. But if this isn’t included there’s a few circumstances which may warrant insurance:
- You’re planning an elaborate or expensive wedding
- Someone in the family is sick, which may result in postponing the wedding
- Your venue is outside and you have no backup plan for inclement weather
- You’re extremely prone to losing things (i.e. gifts, rings)
- There is an unprecedented pandemic that limits travel and venue capacity (ring a bell?)
The main idea: it’s better to be safe than sorry. Almost anything can happen to ruin your big day.