Wedding insurance: why Americans buy it and what it covers
'12.06.2018'
Source: Consumer Reports
They say that rain on your wedding day is a good omen. But the same cannot be said for a sudden illness, injury or, for example, a blizzard, if everything happens in winter.
On such cases, the American insurance system has come up with a way out: the purchase of special insurance, writes Consumer Reports. What do you need to know about this contract, what is it for and what does it cover?
Wedding insurance (wedding insurance, or special event insurance) consists of two parts. One of them is devoted to the cancellation or postponement of the wedding.
If, for example, extreme weather conditions are to blame, then insurance will allow you to refund the deposit or even the full cost of services or room rent, and also can pay other expenses related to the transfer of the holiday.
The second part of the insurance is designed to compensate for the damage if someone was injured on a holiday or material damage was caused. You can buy any type of insurance coverage, or both.
As is usually the case with insurance, everything is not as simple and straightforward as it might seem. For example, returning to the same extreme weather, in most cases, you will be reimbursed for expenses due to an emergency, but if we are talking about a severe storm of a localized nature (not on a statewide scale), the insurance will take into account a number of factors - for example, how much you control the situation, and how much the weather affects it.
For example, in 2017, the company Travelers received a record 22% for weather-related wedding expenses due to a very active and severe hurricane season.
Not everyone, though, considers wedding insurance a good idea. Robert Hunter, an insurance expert for a non-profit organization Consumer Federation of America says that he himself is not a fan of such insurance. Robert calls such policies a bad economic deal, “stuffed” with exceptions, limits, tricky terms for a very decent price with a fairly low probability of compensation.
Before you buy a wedding insurance, check the coverage that you already have:
- If you are insured as owners or tenants of the house, then insurance policies will apply, for example, to the theft of gifts from your home or car, and possible injuries of guests will be included. The so-called umbrella cover (umbrella coverage) provides the owner of the house additional compensation and opportunities. And if you are planning a wedding at home, make sure you have one, or buy it.
- If wedding gifts are stolen or accidentally damaged, credit card holders may receive compensation from banks as well - for example, basic coverage American Express protects items for up to 90 days from the date of purchase (1000 USD per case, up to 50 000 USD per account per year). Cards Premium Amex offer more coverage.
If you still want to purchase wedding insurance, you will have a choice among several companies, including Markel, ProtectMyWedding (signed Travelers), Event Helper (Progressive), WedSure (Fireman's Fund) and WedSafe (Nationwide).
For example, using ProtectMyWedding you pay $ 255 for a policy that covers 25 000 US dollars for cancellation and deferral of expenses for the entire weekend, including the next day brunch.
В WedSafe The policy will cost 235 dollars, but will not cover the cost of the brunch. Both products cover liability coverage.
Be sure to read about the exceptions (as a rule, they are written in small print in your contract).
