OneInsure Blog
Post By Joan
Say “I Do” To Wedding Insurance
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Wedding Insurance, Marriage Insurance
Take a peek at any newly-engaged couple's wedding planning list. You are bound to find tasks like shop for bridesmaids' dresses, book a florist, get a manicure, etc. But what is that one essential point that many couples fail to include in their to-do list? If you haven’t guessed it already, it’s ensuring their big day is financially secured. So how can they do it? Well, that is where wedding insurance comes into play.
What is wedding insurance?
Wedding insurance financially safeguards a couple's investment should the wedding get cancelled or postponed due to fire, accident, extreme weather conditions or theft at the venue. Such policies generally cover advances paid for venue and caterer, accidental damages to the property at the venue, accident of bride or groom, loss of money from a safe, etc. With the right plan, you can get back the money you’ve lost in no time and postpone the event to a more suitable time.
Coming to the question of how much wedding insurance plans cost, well, they are quite affordable. You will find policies where the premium rates are as low as ₹4,000 or so, and the sum insured amounting to lakhs. When you consider how much expenses are borne during a wedding (sometimes as high as a crore), investing in a wedding insurance plan is a very small price to pay for protecting the big event.
Note: The features and benefits will differ from one insurance company to another. Hence it is necessary that you go through the policy's terms and conditions before buying it.
What’s not covered?
Just like any other insurance product, wedding insurance has its set of exclusions. You cannot make a claim if the wedding is called off because of disputes among the groom, bride, family and friends. Even if a few gatecrashers are responsible for the dispute, there is no way you can make a claim. Other exclusions you may find in the policy documents include suicide or self inflicted injuries and loss of valuables from unattended vehicles. So exercise caution in everything that you do, and don’t try to make a claim for a situation you already knew of or were certain about it arising. Not only is it morally wrong, your insurance company can deny the claim if they find out that you’ve been hiding important information from them.
Bottom line
Given that weddings are a grand affair, celebrated with great pomp and show, do you really think it would be a wise decision to proceed ahead without a safety net in place? Weddings are a big event, so you absolutely must consider getting it insured before the big day. Although chances are you may not need to make a claim on it, but if something unfortunate occurs, you’re going to wish you had it. Take a few minutes out of your day to compare the different policies available in the market, and have a word with your financial planner. This way you end up making an informed decision concerning the policy you buy.
