What is wedding insurance and who needs it? Everything you should know

A wedding is one of the most important days in a couple's life. It brings joy to both families, friends and most importantly, the couple themselves. But weddings can also be very expensive, and when you factor in all the things you'll need (like a venue, food, decorations, travel arrangements, jewellery), it adds up to a large amount of money - usually in the lakhs or crores.

What is wedding insurance?

Wedding insurance works pretty much like any other type of event insurance. You pay a premium to the insurer for coverage on specified items (event cancellation/postponement, vendor failure, property damage, guest injury), and if one of those events occurs, the insurer will reimburse you for your loss up to the amount you purchased coverage for.

Wedding insurance protects the amount of money by providing reimbursement if something goes wrong with your wedding plans - such as cancellation or rescheduling due to weather, vendor problems or other unforeseen circumstances.

Why do couples need wedding insurance?

Such couples with huge budgets, destination weddings, long events, costly jewellery, or lots of guests are the ones who gain the most. However, even a moderate wedding with a few prepaid deposits and some bookings can take a heavy blow financially if a mishap occurs. Illness, bad weather, vendor failures, travel disruptions, and guest injuries are some of the situations that insurance protects against.

Who can get wedding insurance?

Almost all couples planning a wedding can get a policy. Such policies are designed for those who put money in venues, vendors, travel, and costly gifts. Some insurers offer the option of high-value jewellery or wedding assets, and events with many guests can get liability protection.

How is wedding insurance working, and what does it cover?

On the whole, the coverage extends to cancellation or postponement, vendor failures, property damage, personal accidents, theft, and guest liability. The limitations normally include war, terrorism, pandemics, suicide, or deliberate damage. The cost of the insurance is usually between 0.2% and 2% of the sum insured, depending on the size and the kind of coverage.

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