WE GOT WEDDING INSURANCE - YouTube

so Meshack and I finally did something today that we've been putting off for a

mighty long time and that is purchasing a wedding insurance policy in this video

I'm gonna be talking to guys all about wedding insurance why we decided to get

wedding insurance how it works some of the things that wedding insurance covers

just to think about whether that might be a good move for you if you are

engaged or looking to get married in the near future and you just want to start

thinking about these kinds of things

hey wealth builders what is up it's Akeiva welcome back to another episode of

the Bemused where we are making sense of all things money for young adults

just like myself so you're into that kind of stuff I hope you come join the

squad by hitting that big red subscribe button and turn on the notification bell

while you're at it so you never miss a single video from us so first let's talk

about why meshack and I decided to purchase a wedding insurance policy as the

squad members know my fiance Mehsack and I got engaged a few months ago and we are

getting married later this year we've already booked our wedding venue in fact

that was one of the first things that we did in this entire process and toward

the end of the year our wedding venue had a promotion going on where they gave

us a pretty sweet discount if we paid a certain amount of money toward our

contract so at this point we've basically paid off the majority of our contract

with our wedding venue which obviously is a lot of money compared to our

overall wedding budget so that really got us thinking about purchasing wedding

insurance we're like okay now the venue has basically all of our money we still

have a while to go before we get married later this year and so in the meanwhile

we want to make sure that the money that we've given to our venue which is

non-refundable is protected and so that's what got us thinking about

wedding insurance in the first place originally getting wedding insurance was

not part of our budget but as we thought about it and thought about all the other

benefits that wedding insurance can provide especially being this far out

from our wedding date we definitely got that going ahead and purchasing a

wedding insurance policy would be a good idea just to protect

against all of the things so how did we even go about getting wedding insurance

so what I basically did was I did a quick google search as to the best

wedding insurance providers out there and there were there was a list that I

found that had a few providers there and so I looked at all of them in depth and

we ended up choosing a plan that definitely wasn't the cheapest in terms

of the premium that we paid for our policy but that fit our needs the best

so I'm gonna run through some of the coverages that the typical wedding

insurance policy or at least our wedding insurance policy offers that doesn't

mean that we took coverage for every single thing that I 'm mentioning but just

know that it is a possibility to get coverage for all of these things and

having this wedding insurance policy in place definitely gives us more peace of

mind in case anything happens or we have to postpone or cancel the wedding

or someone gets sick or you know god forbid anything crazy happens there's a

hurricane there's yada yada yada where we can't get our money back from our

vendors we know that we're covered under our wedding insurance policy so wedding

insurance typically falls into two kind of brackets there is the cancellation

postponement policy which is what we were mainly concerned about and then

it's also a liability piece and liability is pretty similar to any other

insurance policy you might have whether that's your renters insurance policy or

your car insurance it protects you if you damage the property if someone trips

and falls and gets hurt it helps cover their medical payments things like that

we actually did not get any liability coverage under our wedding insurance

policy simply because we didn't feel like it was worth the extra cost we're

not serving any alcohol at our wedding for example so that's one kind of thing

that's removed from the equation right then and there our vendors all have

their separate insurance policies if anything were to happen in terms of them

damaging the place or causing any issues and so we just felt like it wasn't

necessary for us per se to get liability but that might be something

that is of interest to you and what are the premiums like for wedding insurance

so from what I've seen the wedding insurance premiums are typically a

couple hundred dollars or so depending on obviously your limits if you're

having a really big wedding a really expensive wedding and you're covering

you know a lot of costs then obviously it's going to be a larger premium than

smaller less expensive wedding so now let's jump into the coverages the first

coverage that we have is cancellation and postponement coverage so for this

particular coverage we put a limit amount that's basically the total budget

for our wedding so that can cover pretty much anything

that you would be out-of-pocket for if you cancelled or postponed your wedding

and that includes stuff like renting the venue any transportation like a limo the

cost of your catering hotel accommodations in connection with your

wedding if you had to pay for a hotel you know the night of or the night before your

photographer your musician your florist your dressmaker your tailor or the cost

to rent professional attire like most guys who rent suits it also covers your

honeymoon so if you have to push back your honeymoon or cancel your honeymoon

for any reason that's also covered your airfare and your accommodations etcetera

of course as with any insurance policy that are exclusions like you can't

just cancel it because of what they call change of heart because you don't want

to get married anymore that's not a covered reason but a covered reason

pretty much any other thing if there's a hurricane if anything happens to you

your spouse or anybody in the immediate family of those two people or your

officiant in our specific case that is grounds for cancelling and postponing

the wedding and that is a covered reason god forbid none of that happens and

we have the most amazing picture perfect weather perfect day and with everyone

in good health but life happens and you never know what's gonna come your way

and so having this coverage definitely helps gives us peace of mind so at least

we know that if anything like that were to happen the only really out-of-pocket

cost that we have would be the deductible for our policy in addition to

whatever we paid for the premium on the policy so we're only out not even 2,000

dollars and by the way that only covers

professional vendors so it can't be like you know your sister or your aunt this

or your cousin that has to be someone who's actually in business providing

these services then there's also coverage for additional expenses so for

example if we have to move the wedding to a different location that's more

expensive we also have a generous amount of buffer in which the policy will pay

out if we have to pay more than what we had planned on before which is pretty

nice and that limit in our case is a percentage 25% of our overall

cancellation postponement limit then we have photograph and video recording

coverage so that covers if your photographer or videographer just

doesn't show up if after the wedding their hard drive or whatever they keep

their photos on somehow went down the toilet and they don't have your photos

anymore it pays out if that kind of stuff happens it'll also pay out for you

and your immediate family to fly out somewhere and retake the photos if they

got damaged or lost which i think is pretty cool then we have gifts coverage

now we didn't get this particular coverage but it is available so if any

of your wedding gifts get lost or damaged you can get coverage for that as

well next is coverage for rented properties so if you rent things like a

fancy chair or something like that or things for your sweetheart table or

decorations or things like that rented property can also be covered under a

wedding insurance policy if it gets lost or damaged don't exactly know how you

lose rented property but you know that's not for me to figure out next is special

attire coverage this not only covers your attire as the two people getting

married it also covers anything for your wedding party's clothing so if my dress

gets lost or it gets damaged not by a professional tailor by the way that's an

exclusion but if it gets damaged in any other way or if it goes lost from like a

secure place of course there's stipulations as so what they consider

lost and from where at least I know that's covered jewelry coverage is also

available which is separate from the special attire coverage that is not a

coverage that we have but it is available for example if you are buying

some pretty expensive earrings or something when you are getting married next

is loss of deposits coverage and this is really the coverage that kind of got us

thinking about wedding insurance in the first place because we put down such a

large deposit on our wedding venue so this covers if our wedding venue went

out of business one day and you know they went bankrupt and they've closed up

shop and they have all of our thousands of dollars that will pay out for loss of

deposits and last but not least there is professional counseling coverage this is

also a coverage that we did not opt to get but it is available so this is if

you have to cancel or postpone your wedding and you're all distraught and

you need to see professional help they will pay out for you to go see your

therapist so that's just an overview of the types of things that wedding

insurance can cover for us we chose a really customizable policy where we

could pick and choose from each of those coverages and specify the exact limit

that we wanted there are other companies where they only have predetermined

limits or it's like you know kind of an all-or-nothing type of deal so that's

the reason why we went with the company that we did and it was a few hundred

dollars in premium but at the end of the day I think it's gonna be super worth it

just for the peace of mind that it provides if you guys have any experience

dealing with wedding insurance those of you that have either been engaged or

married before I want to share your stories down in the comments you guys

know we love interacting with you down in the comments so leave your stories

and thoughts down there and this is something new that you haven't even

really thought about let us know that also in the comments below cuz this

isn't something that I really had on my radar you know when we first got engaged

it was really once we put down those massive deposits to our venue that I

really started thinking about this so I just hope this video was helpful for my

upcoming newlyweds out there my soon to be married people married folk like

myself even if you're super single watching this video thanks for being a

trooper and watching all the way to the end for you guys go make sure you hit up

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in the next video bye guys