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Wedding insurance what is it and do you need it - YouTube
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with everything happening with covin 19a
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ka the corona virus you probably have
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heard a little bit about wedding
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insurance but what exactly is it and
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what does it cover so we're talking
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about today hey guys welcome back to my
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youtube channel hitched Academy my name
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is Kimberley Rhodes and I'm a
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professional wedding planner and today
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we are talking about wedding insurance I
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will tell you prior to this whole
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coronavirus situation I would say that
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probably 20% of my clients actually
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chose to get wedding insurance it's
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something we tell all of our clients
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about but then they have to make the
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decision for them on whether or not they
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want it I will say now wedding insurance
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seems even more important but it also is
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probably even harder to get so there's
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that so what is wedding insurance
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first of all just like any insurance
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policy like you would have for your car
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or for your home or renters insurance it
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basically is a policy that will pay you
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back money when something goes wrong you
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get in a car accident your insurance
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policy pays to get your car fixed
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you have renters insurance and there's a
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flood renters insurance pays for your
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belongings and to get things fixed
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wedding insurance is the same saying
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however there are some things it does
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and doesn't cover I will tell you with
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this whole coronavirus situation and we
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have two clients that we've been the
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most concerned about with spring
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weddings both of them have insurance
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policies thank goodness and both of them
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are very different from each other so
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all wedding insurance policies are not
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created equal you'll have to be very
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specific about what kind of coverage
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you're looking for and how those
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policies pay out so I will say read the
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fine print I am NOT an attorney I'm not
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an insurance expert but I do know most
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specifically from calls I've made to two
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different insurance companies in the
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last week that every policy is a little
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bit different so you have to be very
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specific as you're looking at it and
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citing what coverage you want I'm gonna
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go through today some of the things that
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insurance can cover and what it's for
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and why you might need it and then you
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can decide what works for you now
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wedding insurance has a lot of different
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policies but one of them that I think is
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honestly a great reason to use it is for
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vendor situations so let's say for
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example you hire a caterer nine months
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before your wedding or six months before
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your wedding even three months before
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your wedding and you've paid them a big
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deposit even fifty percent or maybe
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seventy five percent maybe you've paid
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them in full and that company goes out
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of business and files bankruptcy before
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your wedding you could be screwed
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however wedding insurance policies
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really help recoup some of those costs
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to something unexpected like that I mean
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we hate for it to happen but I've seen
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over the years florists shut their doors
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cake Baker's shutting their doors venues
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closing unexpectedly caterers closing
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unexpectedly and chances are they have
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clients who have paid them money in
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advance for their event and they're not
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able to fulfill those contracts wedding
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insurance is one of the things that can
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help you get some of that money back so
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that you can move on without being
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completely in the hole another reason
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wedding insurance can be good is for
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liability reasons so for example you've
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signed a contract with your venue and as
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part of that there's probably something
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in there about the image that any damage
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to than you is the responsibility of the
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person who signed the contract I've
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actually had an event where the drunk
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groomsman went into the bathroom and
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pulled out the stalls from the wall who
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does that who does that anyway it was a
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historic venue so it wasn't just you
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know a couple hundred dollars to fix it
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was a couple thousand dollars to fix and
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it is the responsibility of the person
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who signed the contract for the venue to
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cover those costs wedding insurance can
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protect you for any damage to the venue
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caused by one of your guests and
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there's just you know a way to help
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recover some of those costs if something
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unfortunate like that were to happen we
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obviously don't see it often but heaven
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forbid you're the one situation where a
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guest breaks something and it has to be
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repaired down some wedding insurance
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policies include an alcohol component so
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let's just say you're serving alcohol
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err event and someone gets into a car
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accident and they want to sue you
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because they think it's your
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responsibility that they were
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over-served granted these situations are
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very unlikely but the only way to
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protect yourself is with some sort of
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insurance policy so there are again some
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insurance policies that have an alcohol
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component protecting you as the event
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host of any situations related to
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alcohol consumption and someone being
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over-served some wedding insurance
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policies will also cover accident or
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injury so if one of your guests gets
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injured at your event if they slip and
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fall on the dance floor and are hurt and
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have medical bills and end up wanting to
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sue you for said medical bills a wedding
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insurance policy can help cover you in
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some of those cases or provide some
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reimbursement in those situations
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now some wedding insurance policies will
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cover you or pay you back if your event
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has to be postponed or canceled and
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typically the reasons for the
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postponement in the cancellations can
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vary on how much they are covered so for
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example you might have a weather portion
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of your policy so if weather is bad or
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if it has to be canceled
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you could be covered or not you really
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have to read the fine print
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also pandemics like corona virus we have
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found very recently that many insurance
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policies do not cover pandemics so if it
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is a national emergency because of a
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pandemic and a virus going around some
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policies do not cover that so again you
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have to really do your research I am NOT
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an insurance expert by any means I am
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NOT an attorney so you really do have to
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read what those policies cover I have
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one client right now
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who
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as a great wedding insurance policy and
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it does include a cancellation and
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postponement clause and the way it is
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written in talking with their insurance
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company very recently it is basically if
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the event has to be cancelled because
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let's say it's a pandemic but the venue
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won't allow it or a city or state
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government ordinance won't allow the
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event to take place their insurance
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policy goes into effect however if the
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client chooses to cancel or postpone
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their event yet the city the venue
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everything else is saying it can still
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go on then their insurance policy does
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not cover them all of that to say
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wedding insurance policies are very
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individual and very different from
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company to company and what they cover
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is very different so you really have to
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look at what you're getting how much
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you're paying and what that payout is in
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most cases you decide how much coverage
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you need based on the cost of your event
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so if you're having a $30,000 wedding
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you don't need $100,000 in coverage in
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case of an event cancellation however
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you might want a higher payback for
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liability if someone were to slip and
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fall or someone were to damage the venue
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and also depending on where you are what
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venue you're at you might be required to
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have a liability policy so one of our
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events is at a museum and as such they
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require a wedding insurance policy or
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special event policy in order to make
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sure that their artwork their sculptures
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etc are covered I will say all of these
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things the chances of these things
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happening are fairly slim but it really
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comes down to being completely covered
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or taking on that risk on your own
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so unlike car insurance or homeowners
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insurance things that are required by
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maybe your mortgage company or even by
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the state or the country these insurance
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policies for weddings are completely
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optional completely voluntary
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at one point I used to say to my clients
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it really kind of depends on how
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risk-averse you are in today's climate I
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feel a little bit differently about that
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however I know wedding insurance
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policies are also going to be more
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difficult and more expensive to come by
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with everything that's happening with
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coronavirus and events being canceled so
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keep that in mind you'll definitely have
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to do your own research to figure out
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what works best for you how much those
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policies are and how much that they will
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actually cover now if you're interested
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in wedding insurance and think it might
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be for you I would highly recommend you
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to some research there are lots of
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companies that do wedding insurance and
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a Google search makes it a little bit
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hard to tell who's legit from who is it
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but there are lots of companies who
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offer it and if you can't find it under
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wedding insurance special event
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insurance is also one of the
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terminologies that's used I would highly
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recommend going to your own insurance
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company that you use for other things
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for example your car insurance or your
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homeowners insurance or renters
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insurance
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those companies often have special event
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insurance policies that they can add on
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and you might see some savings if you're
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already a customer one of our clients
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who has honestly the best insurance
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policy that I've seen for a wedding is
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using her own insurance company and very
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reputable company that she's worked with
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before and they've added on a special
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event insurance policy for her I will
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tell you in making phone calls this week
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for my clients who may be affected by
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the corona virus I've found two things
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one the phone calls has led me to
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recordings that say we're experiencing
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higher than normal call volume
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expectedly and secondly one of the
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insurance companies who has the best
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policy that I've seen their voicemail
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literally says they are no longer
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offering wedding or special event
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insurance and I know it's because of
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everything that's happening the world
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right now I'm sure that they are paying
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out a lot more than they expected and
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because of that are putting a little
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hold on doing policies going forward all
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that to say it might be a little bit
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challenging to find a good policy but
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you really should do the research on it
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in the past
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meaning pre coronavirus
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my clients were able to get policies for
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just a couple hundred dollars or a few
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hundred dollars which offered a lot of
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coverage now I'm sure those prices are
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going to skyrocket but it is worth
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looking into just for the peace of mind
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now if you found any of this information
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to be helpful do me a favor give this
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when new videos are released thanks for
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joining me here and hitched Academy and
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I will see you soon
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