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Event Insurance: Do I Need It?

If you had told me 5 years ago that the world would be shutting down, that major wedding retail shops would close overnight and brides wouldn’t be able to get their gowns, or that venues would file for bankruptcy or change ownership leaving couples out on the street a week before their wedding, I would have expected pigs to fly by. Weddings are supposed to be these beautiful affairs, where the wedding planners are fairy godmothers and the venue looks exactly how you envisioned it after years and years of pinteresting and your vendors spread fairy dust and boom, the floral arrangements look like a Parisian Garden and your photographer manages to remove 20 lbs. out of everyone in every picture. The reality is a little bit grittier, but event insurance allows for those grittier moments to take place without your pocket suffering.

“Sally” got engaged in November of 2019. She hired a wedding planner. Bought her wedding dress. Booked a ballroom and paid in full with decor included. She sat with a catering company and booked them. January rolled around and then the world shut down. Her wedding was scheduled for May 2020. In March she was told that her wedding would have to be pushed back 2 weeks. All the vendors would try to make accommodations. Then she was told it would have to be pushed to July. By then she was competing with all the brides in the area for whatever spots were available. Barely any of her vendors would be able to make accommodations. Her dream wedding became a logistics and monetary nightmare. Around $30,000 lost.

When she met her wedding planner, she was advised to acquire 2 event policies. The first one was a Cancellation Coverage Package. The second one was a Liability Coverage. The total price a the time for both was a one-time payment of $495. Sally didn’t think she would need that type of event insurance and chose not to get it. The Cancellation Coverage Package would have covered postponements and cancelations. There is no guarantee you’d get back all the money you put into your wedding, but the financial loss wouldn’t be such a big hit. Most venues require Liability Coverage, you know, in case you or your guests get injured or break something the day of the event. But for the Cancellation Coverage Package, not many talk about this because nobody thinks their wedding will get postponed or that a vendor will close their doors, or the bathroom in the venue will decide it will flood the place the day before your wedding.

If Covid taught us anything, is that life is full of unpredictable situations. Having to worry about the loss of thousands of dollars while planning your big day shouldn’t be one. Cancellation Coverage Package is something we definitely encourage you to get. Peace of mind doesn’t come with a price tag attached, but after seeing thousands of brides and grooms lose thousands of dollars in 2020 when the unexpected hit, spending a couple hundred dollars on the right insurance is definitely worth it.

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