Everything You Need To Know About Wedding Insurance

Thousands of weddings have been cancelled or postponed due to the Coronavirus pandemic, and the trouble is, everyone seems to be clueless about how long the delay will be. Looking at the current scenario, things are in a fix, and so much hard-earned money has been lost. This is when something like wedding insurance comes to the forefront, and while it isn't really something that a lot of couples opt for in India, in the West, couples do swear by it. So here in a nutshell is everything you really would want to know about wedding insurance policies, something you would want to consider especially if you are planning to get married later this year or next year.

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So here is all you need to about wedding insurance, to take a call on whether you require it for your wedding.

What is wedding insurance?

So much goes into planning a wedding- the emotional and physical stress aside, it is a very big financial investment too. Right from the invites to the venue to the outfits - everything comes at a cost. Wedding insurance is like a cover for your big day- which could happen due to any unforeseen circumstance. 

Do you need insurance for my wedding?

Now that is a personal decision, which will be very different in a post-COVID world. If you are planning your wedding at home, and you already have a personal health insurance, personal accidental cover and a household policy, then a wedding insurance might not be required. But if it is a big fat destination wedding, then you might want to consider wedding insurance. You can also choose to take something specific like wedding venue insurance or travellers wedding insurance. There are a lot of people who choose to insure their wedding jewellery or their engagement ring.

What all does wedding insurance cover?

Usually, wedding insurance is a customised event insurance plan that includes all specific risks which could include cancellation or postponement of wedding due to unforeseen circumstances, any accident involving the bride or the groom or blood relatives resulting in hospitalisation (usually a week before the wedding date), death, burglary, fire, and in some cases natural calamities. But you can get a plan to tweak your needs, and you can see what they offer in lieu of any Coronavirus-related cancellations.

How much does a wedding insurance cost?

As far as the price is concerned, it is customised as per the requirement and the sum they choose to insure. The premium is usually calculated on the basis of location, venue (outdoors or indoors), the type of decoration, the number of days, number of events, and of course, the scale and the number of guests. Typically, it could cost 1% of overall cost of the sum assured.

How do I insure my wedding?

Contact a company for wedding insurance. In India, most insurance companies offer their plans for wedding insurance, some of them being Bajaj Allianz, Future Generali, ICICI Lombard, Oriental Insurance and National Insurance.

What needs to be kept in mind?

Very important- read the terms and conditions before you sign the dotted line and make the payment. If you do choose to insure your wedding, then make sure to keep proof of your expense, which will come very handy later. Keep all your bills properly, so that everything is transparent. 

Nervous about planning your wedding during these times? Here is COVID 19 Help for weddings during these testing times. 

ALSO READ: Questions You Should Be Asking Your Wedding Vendors During The Coronavirus Pandemic