Something borrowed, something blue, don’t forget the insurance too
Jan 19, 2016 2 minute read
Did you recently get engaged? From the moment you say ‘yes’, it’s never too soon to start planning your big day and that includes a contingency in the event something doesn’t go as planned on or before your wedding. Learn how event insurance can help with the unexpected.
Since the average expected cost of a wedding in Canada, including the engagement ring and honeymoon, could be up to $30,000, investing in wedding insurance can provide you with peace of mind. Wedding insurance helps protect you financially from unexpected cancellations, interruptions or mishaps that could impact several areas of your wedding.
Here are just some of the areas you can be protected:
- Wedding Cancellation – while you never want to think about cancelling your wedding, unexpected events, such as the death of a family member or severe weather may cause you to cancel or re-schedule. With the right policy, you can be protected against lost funds for catering and venue fees as well as non-refundable deposits for florists, musicians and other vendors. It’s important to note these policies do not cover a change of heart. Meaning if you decide you just don’t want to get married anymore, the policy won’t provide you coverage. When selecting a venue, it is important to ask what type of insurance they have. Be sure to assess their coverage and identify any gaps. If your venue burns down or unexpectedly closes, your lost costs could be covered if you have additional insurance coverage.
- Lost Deposit – if one of the vendors you’ve selected suddenly encounters an incident or closes their doors and cannot fulfil their services on your big day and are not able to refund your deposit, lost deposit coverage will pay for any non-refundable fees paid.
- Tuxedo and wedding dress coverage – Having a destination wedding? What would you do if the airline lost or damaged your dress? You can insure the cost of your dress and any other wedding attire. This only applies once you have the attire in your possession from the vendor or store.
- Wedding photos and video – Wedding insurance can cover the extra expense should you need to retake your wedding photos, including a no-show of the photographer on your big day.
Some policies can also cover loss or damage to flowers, wedding stationary and even the wedding cake prior to the big day.
What about insurance for after the wedding?
After starting your new life together, it’s important to update your home and auto insurance to reflect changes in property ownership and living situations. Your BrokerLink broker will be happy to discuss what insurance options are right for you. After all, every insurance policy should be as unique as its couple.