Wedding season is just around the corner, and happy couples have invested a lot of time, planning, emotion, and yes, money, invested in their big day. It can take months to plan a wedding, and with so many moving parts, a lot can go wrong. Luckily, incidences are usually so minor that most of the time nobody even notices, but occasionally massive glitches happen that can seriously affect the much-awaited event.
Many people don’t realize that there are numerous wedding insurance options available that cover pretty much every probability of occurrence, and it’s very affordable. Protect yourself to ensure the investment you have made – and the commitment you are making – get started off in the best way possible.
Different Types of Wedding Insurance
Different types of wedding insurance available include:
- Commercial general liability insurance will cover you if anyone is injured, becomes ill, or causes property damage at any of your wedding events. If you are hosting your own event, it is highly recommended you purchase commercial general liability insurance.
- Wedding cancellation insurance can help recoup losses from deposits or purchases made if your wedding is suddenly cancelled through no fault of your own.
- Liquor liability insurance covers you for responsibilities resulting from the sale, service, or consumption of alcohol. This option is only necessary for those who are hosting their own event and who are not covered by a general liability insurance policy.
- Loss of deposit insurance can be helpful if your event planner, caterer, florist, or venue loses the ability to operate or is unable to perform their duties for your wedding. Loss of deposit insurance will pay for non-refundable deposits made to providers of any booked goods or services if they suffer financial failure.
- Wedding photos and video coverage will provide the resources necessary to retake photos if your photographer falls ill, doesn’t show up, or if what they have provided doesn’t meet your expectations.
- Bridal attire insurance covers you and your wedding party if any dresses, suits, or wedding party clothing is lost or damaged.
- Wedding present insurance is a smart purchase, especially if you are having a destination wedding where you will have to pack and transport gifts. This type of coverage provides compensation for lost or damaged presents.
- Wedding cake and flower insurance covers you for physical damage for the loss of your wedding cake and/or flowers up to seven days before your wedding.
- Rented property insurance provides reimbursement for damage to rented property used during the wedding reception. Examples include tents, tables, chairs, stages, and sound equipment.
Headed Away for Your Wedding or Honeymoon? Don’t Forget Travel Insurance!
Travel insurance can include trip cancellation insurance for if you suddenly can’t go on your honeymoon as planned. Other travel insurance options include coverage for lost or delayed baggage, medical coverage if you are leaving the country and fall ill or get hurt, and rental car damage waivers.
Protecting Your Wedding Rings
If there is one thing that should be at the top of the wedding to-do list, it should be increasing the special limits for jewelry on your home insurance policy. Unfortunately, many believe their rings will be fully covered under their existing home insurance policy, which isn’t always the case. Given the average value of an engagement ring and wedding band is over $5,000, according to the Better Business Bureau, and people usually own more jewelry than just those pieces, the typical limit of $5,000 is not nearly enough.
In addition, always ensure you have full documentation of the value of your rings, including a professional appraisal, photographs, and receipts. Just because you paid a certain amount for the rings doesn’t mean that is what they are worth. In most cases, it costs much, much more to replace a jewelry item than it did to purchase it in the first place.
Life insurance is one type of coverage that is more about protecting your loved ones than it is about protecting you. Life insurance is flexible, with numerous options that are designed to fit specific needs. When choosing your plan it is highly beneficial to sit down with an expert like those of us at Lane’s to thoroughly discuss your options. The type of policy you choose will directly affect the amount of your payments. Just a few of the available options are term, permanent, simplified issue, and guaranteed issue life insurance policies.
Trust Lane’s for all of Your Alberta Insurance Needs
At Lane’s Insurance of Alberta, you will be partnered with an insurance specialist who will be your personal contact for all things related to your coverage. We will source the very best policy for you while also finding you the most savings we can, as we want to support you in living your very best life. Contact us at our Calgary, Edmonton, Banff or greater Alberta offices.