Event & Wedding Insurance Vs. A Homeowners Policy

If you recently had a corporate or social event or a wedding, did you have insurance? Did you think the venue would cover any damages that occurred during your event? Did you believe your vendor's insurance would cover damages to their equipment during your event?

Event and wedding insurance do you need it? Yes and hopefully you did have insurance because the venue nor vendor's insurance would cover any damages that you or your guests created during your event.

Wedding & Event Insurance Definition: The policy is a specialty insurance package with clearly defined sections that provide financial protection for certain types of potential losses resulting from your event or wedding (e.g., postponement, theft of rings or presents, damage to dresses or wedding attire, and loss of deposits), during the period leading up to and including your event or wedding day.

More and more venues and professionals are asking their clients to have insurance because there are so many things that can go wrong. 

Take this video that we shared on our Andrew Roby Events Facebook Page for example.

Who do you think will cover the cost of this fire? The venue? The audio visual company? Is it the Wedding Planner? Nope, it's the couple who will be responsible for thousands of dollars worth of damages. They may be able to sue a vendor, but that's another blog post.

Now imagine not having a wedding insurance policy. You've dished out thousands for your DC wedding and on top of that even more to cover the damages of the venue and the equipment ruined. Not a happy couple I'm sure.   

Here are a few things that can happen at an event that makes an event insurance policy a great idea:

  1. Damage to the venue walls, bathrooms, chairs, tables, and dance floor
  2. Damage to vendor equipment like the DJ sound system or Photographer's camera
  3. Your aunt slipped and fell and now has a broken back
  4. Accidents that happen outside of your event that can still leave you responsible like a DUI or other car accident where driver is impaired. 

Now here is where things get a little tricky. I have heard countless times people say oh your homeowner's insurance policy will cover all of this. IT MAY NOT!!

Here is what you can expect your home owner's insurance to cover:

  1. Events that take place at your home not somewhere off property
  2. Coverage comes with a maximum dollar amount. The rest will be up to you. Most home coverage is about $500,000 or less. 
  3. Business events are not covered by home owner's insurance

Do you see the difference this breakdown makes? As your favorite DC Wedding Planner, I urge you to not only have an insurance policy for your wedding or social event, but to make sure it covers everything possible.

NOTE: Do not assume that your home owner's insurance policy will cover events. Yes you can add that to your policy, however be sure to speak with a representative to have them go over the addition and what it covers if they have this. 

But wait, who should you contact for insurance?

Here is a list of insurance companies to consider for your wedding or event.

Wedding Insurance Best Companies:

  1. Wedsafe
  2. Wedsure
  3. Travelers
  4. Markel

Event Insurance Best Companies:

  1. Travelers
  2. Event Helper
  3. K&K Insurance

 

Ultimately it is up to you to use your best judgement on what insurance policy to use. Once you pick the right wedding or event venue, ask them to help identify what amount the policy should cover. Typically this is $1 million or more. 

Do you have a insurance tip or crazy event story? Leave it in the comments section.