6 Reasons Wedding Insurance Has Increased in Popularity
Weddings can be stressful for both planners and their clients. There are plenty of details to cover, and a lot of planning for the expected and unexpected.
Why is Wedding Insurance So Popular?
Many venues require it
An increasing number of venues refuse to host events without insurance coverage. Consequently, couples are buying insurance to book venues for their wedding. This spreads responsibility between the couple and the venue.
It provides a peace of mind
Weddings are expensive. Families spend thousands of dollars on dream weddings. In fact, today's average wedding costs about $30,000. As a result, couples want financial protection. Wedding cancellation insurance covers financial obligations for canceling or postponing the event. It covers damaged attire, lost/stolen gifts, photographs, and deposits for no-show vendors. Furthermore, wedding insurance covers injuries and damages that occur.
Vendors do not always offer refunds
Many venues do not offer refunds for canceled events. As a result, couples are left with large fees if an event is terminated. Wedding insurance helps them recover some of that cost.
Online bookings are increasing
Many planners are booking vendors online without meeting them in person. This means the risk of vendor no-shows is increasing. Furthermore, online booking takes away the personal element between the planner and vendor. Insurance protects clients against last minute cancellations.
Weather is unpredictable
No one can predict the weather. Extreme weather – such as blizzards and hurricanes – can ruin the venue or prevent the party from reaching it. Subsequently, the event will be postponed or canceled. Insurance helps recover lost funds caused by poor weather.
An unexpected death may occur
Wedding insurance will protect the bride and groom from damages if a family member dies. Insurance allows the event to be postponed in the event of an illness.
Are you interested in wedding event insurance? EventGuard by Hays Companies is the most inclusive event cancellation insurance & event liability insurance program in the industry. Contact us today to learn more.