Wedding Insurance and The Claims We Make

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When you pause and consider the sheer number of insurance types available, you can't help but to be truly impressed. Everyone knows the common insurance coverages, such as life insurance, health insurance, homeowner's insurance, and auto insurance. Now add things like renter's insurance, burial insurance, flood insurance, and pet health insurance, and you start to get an idea of the sheer scope of variety out there.

It seems that there are few things or life events out there that can't be insured.

Have you ever heard of wedding insurance? And if this is the first time you're hearing about it, does its existence surprise you? Weddings figure rather prominently on the list of big life events, so it should come as no surprise that they can be covered by insurance.

Exactly What Is Wedding Insurance?

As can be determined by the straightforward name, wedding insurance is a special event insurance coverage that, depending on your level of coverage and what optional enhancements you select, can insure all aspects of that special occasion, including peripheral related events such as the wedding rehearsal and rehearsal dinner.

In fact, considering how the introduction of liquor into any social gathering tends to elevate the likelihood of an incident in which the host may be liable, there's even a liquor liability option.

This protects someone who has a party or social gathering in which liquor is available, but not actually sold or served by the host. Pause and consider the things that could go wrong in the context of irresponsible alcohol use, and the value of this liability coverage becomes extremely clear.

For the straightforward wedding insurance policy, the policy offers coverage for things like postponements or cancellations, lost deposits, special jewelry or clothing, photographs and video, and miscellaneous expenses.

Why Is This Coverage Even Necessary?

Weddings are expensive affairs, with the average U.S. wedding costing close to $30,000. With the size of the financial and emotional investment on the line, why would anyone not take out insurance? After all, if people are willing to take out insurance on an automobile that costs a third of that wedding figure, then why not consider wedding insurance?

Think about all of the things that need to fall into place in order for a wedding to go off successfully. Naturally, every such event has its little potholes and speedbumps, minor issues that don't affect the outcome, but sometimes the problems are genuine deal-breakers.

Consider the following statistics from Travelers Insurance for 2014, for example. Forty-four percent of their claims had to do with vendors hired to handle aspects of the wedding, but failed to deliver, literally and/or figuratively.

Twenty-eight percent involved property damage suffered by the venue related to the wedding. This covers incidents such as the collateral damage that results from a pack of over-enthusiastic bouquet catchers losing track of where the breakables are.

Eight percent of the claims involved illness or injury suffered by a significant member of the wedding party that resulted in the event being either postponed or outright cancelled.

In this context, a significant member would be defined as the bride, groom, or important person in the wedding party, like the Best Man or Maid of Honor.

Additionally, there have been claims for other situations such as unexpected military deployment and issues with the bridal party attire, each of those garnering six percent of the claims. The remaining eight percent is relegated to miscellany.

It Pays To Be Ready

No matter how much planning and preparation you put into an important occasion like a wedding, there is no way to possibly think of everything and cover every eventuality. Plans go awry, vehicles break down, wedding cakes collapse, people get sick, and sometimes even the weather turns against you. The only thing you can be certain of is that these events come with an element of uncertainty.

Since you can't pre-emptively solve any possible problem that arises, you can do the next best thing and make sure that the investment is protected by insurance. You can read more about wedding insurance here.