Some of the more important days of our lives involve large events and celebrations of life's biggest milestones. Often in the excitement over these events, we forget to protect ourselves from financial loss in case of an emergency or other unforeseen event. As the Insurance Information Institute details in the article below, ensuring that your special day is protected can be relatively inexpensive and well-worth the peace of mind it brings.
What is event insurance?
Often referred to as “wedding†insurance, special event insurance can be used to cover a 50th anniversary party, a Bar Mitzvah, a graduation party or any special occasion you might be planning. Special event insurance is designed to provide financial protection if you have to cancel or postpone a gathering due to adverse weather and natural disasters such as hurricanes.
Most policies also provide coverage for cancellation due to the death, illness or serious injury of key participants in the event, such as members of the immediate family. Also, if an officiant, such as a minister or rabbi, or a key vendor, like the caterer, florist or photographer, does not show up, you can recover some of the costs.
Prices range from around $125 up to approximately $400 depending on the amount of coverage you need.
Additional riders may include coverage for:
- Military service—in the event the bride or groom is in the military or active reserves, and is suddenly called to duty.
- Gowns and tuxedos—includes stores going out of business or damage to the clothing.
- Gifts—if gifts are not covered by your homeowners or renters insurance, provides protection against theft or damage of gifts.
- Honeymoon—in case you need to cancel your trip due to illness, bad weather or other circumstances.
- Professional counseling—when the cancellation or postponement of the event causes severe emotional stress (a doctor's note will be needed).
