What If the Wedding Doesn’t Go As Planned? Insurance Has You Covered

Weddings are emotional milestones and come with big spending. Sometimes, unexpected situations like fire, sudden illness, or natural calamity can disrupt months of planning and force a family to postpone/cancel the event. These are things that cannot be planned in advance, but in case a wedding is cancelled for any reason, it can be a financial hit.

“Here is where the wedding insurance comes into the picture and offers coverage for specific losses in such situations. It offers protection against property damage, theft, injuries during the event, third-party liabilities, etc., during the celebration,” says Santosh Sahoo, vice president, SME Insurance, Probus.

The basic coverage remains the same across insurers; however, the coverage for vendors, event limits, destination weddings, and other aspects may differ from one insurer to another. The premiums for wedding insurance can cost you 0.5 to two percent of the sum assured.

Premium Depends On Size Of Wedding 

The premium cost depends on the scale of the wedding and what is covered. Insurers usually take the following deciding factors, such as the function count, number of guests, total budget, venue type, etc, into consideration when it comes to premium calculation. “A big fat wedding with multiple events would gradually have a higher premium as compared to the smaller ones,” says Sahoo.

What Is Included, What Is Not

There could be certain plans that won't cover cancellations due to a change of mind, pre-existing health issues, or events without valid permissions or compliance issues. Furthermore, damages caused deliberately or due to carelessness/negligence might not be included under such covers. “Hence, the couples must know these details by going through the policy terms and conditions to avoid any unpleasant surprise during the claim process,” says Sahoo. Try and understand in detail what will be covered and what is excluded.

Do You Need It 

If you are planning a big event with multiple events or a destination wedding with big spending on venues and other aspects, wedding insurance can act as a safety net. Paying a small premium ensures peace of mind, especially when you have a lot of nonrefundable expenses. Smaller home weddings, however, might not require it.