Why you should get Wedding Insurance Coverage and how to find the Right Policy?
Your wedding is one of the most important, if not the most important, events in your life. Everything has to go right. Every detail has to be just right. Everything has to go according to plan. Unfortunately, life is what happens when you are making other plans. Things often find a way of not taking place according to plan.
In many cases, regardless of how well and how intensively we’ve thought things through, things still don’t manage to pan out as we imagined them to. This is just a fact of life. Most people can live with this. That’s just how things are. However, you don’t have to be completely passive in the face of the fact that things sometimes don’t take place according to plan. When it comes to your wedding, you can protect yourself with losses associated with it. You can get coverage that covers a wide range of wedding-related losses from outright cancellation, rescheduling, or theft/loss of certain wedding-related items.
To find the right wedding insurance coverage, you need to focus on the kind of loss you would like to be protected against. The insurance market is mature and has many different products that cover a wide range of situations and types of property. Just like with looking for any other kind of insurance, you have to be methodical and systematic with how you look for wedding insurance.
Avoid Overinsuring your Wedding
You don’t want to pay too much money for coverage you don’t need. This happens quite a bit. People over insure all the time when they overestimate the likelihood of them suffering a loss or their estimation of a potential loss is actually bigger than it actually is.
Why is this a problem? You end up paying good money to be ‘protected’ for a highly unlikely loss or when the loss actually occurs, it actually doesn’t end up costing you too much and you can actually pay for it out of pocket. In most cases, you should take out insurance to protect you from losses that involve significant sums of cash.
Avoid Underinsuring your Wedding
While overinsuring can be a problem, underinsuring actually inflicts more damage to your pocketbook and poses the larger danger. When you underinsure, you take out a policy that covers only a fraction of your losses. Sure, you can collect on your policy but the money shelled out by the insurance company is only a very small part of the actual money you lose. Keep in mind that money is measured both in terms of the actual amount of cash you’re shelling out but also the monetary value of the hassle, inconvenience, opportunity cost, and other non-monetary losses you suffer.
It is very important to take out enough insurance so that it covers your full losses-both in terms of actual cash losses, inconvenience, and other types of losses. The whole point of being insured is that you be ‘made whole again’ by the policy you’re paying for. Simply giving you cash for some of the losses you suffered is obviously not going to cut it.
The Harsh Reality: Insurance can Only Cover Parts of your Loss
Regardless of how comprehensive the wedding insurance policies you take out, the sad reality is that they can only cover only a part of your loss. Why? Non-monetary losses are hard to quantify. The inconvenience, disappointment, and bad feelings you suffer when you have to move your wedding date or cancel your wedding outright are very hard to put a dollar figure on and are not insurable. Insurance can only cover the price of services and products. Remember that.
It is Still Worth Getting Wedding Insurance Despite its Limitations
Now that you have a clear idea about the dangers of overinsurance and underinsurance, I have to point out that it is still worth getting wedding insurance for that extremely special event in your life. Here are just some of the reasons why you should still get insurance. While I have listed the most common factors, the reality is that the only limit to this list is your imagination.
Some Sense of Control
Let’s face it, we are not in full control of our lives. Most things are just out of our control. This is a fact of life. We can’t control the weather. We can’t control other people. Things happen for no good reason from time to time. The unexpected crops up time and time again.
The good news is that while we might not be able to always control what happens to us, we can control how we respond to unforeseen events. This is precisely the benefit that getting wedding insurance brings to the table because you at least gain some sense of control over how you can respond to the unexpected. You have the means with which to respond to a wedding cancellation or some wedding items getting lost, damaged, or stolen. Always keep in mind that how you respond to situations is as important as the situations themselves.
Stuff happens and the best you can do is to respond in such a way that you are always in control. By insuring your wedding, you put yourself in a position to respond more favorably and more calmly. Let’s face it, it is very easy to lose it when you don’t have the cash or the means to deal with a unexpected event. In many cases, the sense of control you have over a situation is the difference between you making a situation better or making it worse than it already is.
Partial Comfort in the Event the Unexpected Happens
While it is true that you can’t possibly recover the cost of the hassle, inconvenience, disappointment, and emotional letdown you and your family and friends might suffer due to adverse conditions negatively impacting your wedding, you can still at least gain some measure of peace of mind from wedding insurance. Why? You won’t be out of pocket at least as far as the measurable damages you might experience that come with a price tag. This offers some measure of comfort.
At the very least, you won’t be in a situation where you have your emotional losses compounded by the extra headache of having lost money on your wedding’s planning, items, and other components. Sure,the insurance money doesn’t make the heartache or headache go away but it goes a long way in giving you some peace of mind that your losses won’t be as bad compared to you completely going uninsured.
You gain some sort of mental ‘safety net.’ Regardless of how bad things can turn out, at the very least, you have some sort of protection against some of the loss you might suffer.
You can Recover Faster
It is much harder to recover from any kind of loss when you are completely wiped out. I hope this much is clear to you. Which situation would you rather be in: getting completely wiped out and having no money to get back on your feet or getting wiped out and having some cash to get back up? The choice should be a no-brainer. Unfortunately, too many people who choose to forget about getting wedding insurance are actually choosing the former situation when they fall for the mistaken belief that their wedding is immune from disasters or unforeseen circumstances.
Put it this way, it is easier to get back on your feet and reschedule a wedding or move on after a canceled wedding when you can at least cover some of the losses you suffered from a canceled or postponed wedding. While you might not be able to prevent losses from happening, you can control how quickly you bounce back up when the unexpected happens. One of the key lessons people learn in life, when it comes to personal setbacks like wedding cancellations or similar situations, is that it doesn’t matter if life deals you a setback. What matter is how quickly you bounce back up. And this is precisely the benefit you get when you buy wedding insurance policies that cover everything from the venue, your wedding’s planning to wedding-related objects like wedding favors and other items.
Now that I have covered the reasons why you should insure your wedding, I’d like to walk you through the different kinds of wedding insurance policies you can get. Keep in mind that, just like with most other insurance products, there are a wide range of insurance policies you can get that cover your wedding. Since your wedding has many different parts, there are policies you can you can take out to cover all these different elements.
Wedding Cancellation Insurance Policies
The most important wedding insurance policy you can take out is one that covers you against the possibility that your wedding will get canceled. I know the very idea is very stressful and depressing but it is better to be properly protected against situations we wish would not happen than being completely unprepared and unequipped when the unexpected happens. Weddings do get canceled all that time. Get over it. It is a very real possibility. After all, you can’t control all the factors that affect your wedding. At the very least, you can’t control the weather. You can’t control news events. You can’t control technical glitches that might impact airport operations. There are just so many things that can go wrong. With that said, there are two key types of wedding cancellation insurance policies. Sure, they often get bundled but you need to be aware of the differences otherwise you might end up underinsured.
Voluntary versus Involuntary Cancellation
Your wedding insurance policy coverage limits can be affected by whether the cancellation is voluntary or involuntary. Voluntary cancellation involves you canceling your wedding. This is a conscious chase. Maybe you and your future spouse had a massive fight or maybe someone who plays a big role in your wedding backed out or some similar situation like that. The hallmark of a voluntary cancellation is that it is a conscious decision on your part. You are the one pulling the plug on your wedding.
An involuntary cancellation, on the other hand, involves forces that are outside of your control. This usually involves forces of nature. For example, if there is a massive blizzard and the airport that covers your city closed down indefinitely. Another common involuntary reason involves hotel or venue operations and there is simply not enough time left to move your wedding to another venue or reschedule in such short notice.
Will you be Rescheduling?
Another key factor that might come into play regarding the coverage you might get with a wedding cancellation policy is whether you will be rescheduling soon after the event. You might be able to get a higher recovery if you were to reschedule soon after the canceled event.
Expected Associated Costs
Keep in mind that whatever recovery you might get from your wedding insurance policy is limited by whether the costs are expected and foreseen. As long as the costs can be reasonably inferred as arising from the insurance policy and are expected, you can recover. However, to be sure, you need to read the fine print of your policy. Protect yourself from any nasty surprises.
Wedding Item Insurance
From wedding favors, to wedding decorations to wedding photos, there are lots of materials involved in the typical wedding. Just like with almost any other physical property, you can get insurance coverage for these items. Just like with other insurance policies that cover property, there are limits. Make sure you know the limits on covered item’s value in effect in your policy.
Pay Attention to Deductibles and Policy Limits
Now that you have a clear idea about what you can have covered by a wedding insurance policy, it is a good idea to make sure you know your coverage limits. Make sure you know the total amount you can claim. You also need to know the minimum amount of loss you need to suffer before you can file a claim. Most policies have a deductible threshold-any losses below a certain dollar value are absorbed by you.
Make no mistake about it, getting a wedding insurance policy is one of the smartest moves you can make as you prepare for your extra special day. However, you need to read all the tips above so you can figure out which policy to get and what to expect. Otherwise, you might be just setting yourself up for a nasty shock in case the unexpected happens.