When Should Couples Purchase Cancellation Insurance?
In the whirlwind of wedding planning, couples often find themselves navigating a myriad of decisions, from selecting the perfect venue to choosing the ideal photographer. Amidst these choices, there's one crucial decision that can often be overlooked: when to purchase cancellation insurance. At eWed Insurance, we believe that timing is everything when it comes to protecting your special day. Here's a guide to help you determine the optimal time to purchase cancellation insurance for your wedding or special event.
Start Early:
It's never too soon to start thinking about cancellation insurance. In fact, it's essential to consider purchasing a policy as soon as you begin paying deposits to your venue or vendors. Many caterers, photographers, and other vendors require a significant non-refundable deposit upfront, with the remainder due before your wedding. By securing cancellation insurance early on, you protect yourself against unforeseen circumstances that could jeopardize your deposits.
Imagine finding the perfect venue and securing it with a substantial deposit. It’s 18 months until your wedding date so you think you have plenty of time to buy cancellation insurance. A few weeks or months go buy and you still think you are good because your wedding is over a year away, but then you get a letter in the mail telling you your venue has filed for bankruptcy, what now? We don’t need to tell you that your chance of getting your deposit back is next to zero and it’s too late at that point to buy cancellation insurance.
When Deposits Are at Risk:
Most people purchase cancellation insurance as soon as they start putting down deposits, and for good reason. After all, it's when you have money at risk that you want to ensure it's protected. Whether it's the venue, the florist, or the DJ, any deposit you pay towards your wedding is a potential loss if the vendor goes out of business prior to your wedding. Cancellation insurance offers a safety net, allowing you to recoup your deposits in the event of unforeseen circumstances.
Two-Year Window:
Did you know that cancellation insurance can be purchased up to two years prior to the wedding? This means that even if your wedding date is far in the future, you can still secure coverage well in advance. By planning ahead and purchasing cancellation insurance early, you provide yourself with peace of mind and financial protection from the outset of your wedding planning journey.
Buying Early Equals More Coverage for the Same Price:
Cancellation insurance is a one-time payment for a set price. The coverage starts the day you buy it and lasts through the wedding date. The earlier you buy coverage the longer it lasts, and the price does not change. If you buy insurance 18 months before your wedding you have a full 18 months of coverage vs. if you buy 6 months prior to your wedding you only have 6 months of coverage. Why does this matter? Imagine booking your DJ 18 months before your wedding and 12 months out, your DJ tells you they have closed shop and won’t be able to refund your deposit? If you waited to buy cancellation insurance you would be out of luck at this point.
Last-Minute Coverage:
While it's best to purchase cancellation insurance early in the planning process, it's not too late to secure coverage closer to your wedding date. Cancellation insurance can be purchased up to the day before the wedding or special event. However, it's important to note that last-minute coverage may come with limitations, such as exclusions for certain situations like extreme weather.
When it comes to protecting your wedding or special event, timing is everything when purchasing cancellation insurance. Whether you're just starting to put down deposits or your wedding date is fast approaching, it's never too soon—or too late—to secure coverage. At eWed Insurance, we're here to help you navigate the complexities of wedding planning and ensure that your special day is safeguarded against the unexpected. Don't wait until it's too late—purchase cancellation insurance today and enjoy peace of mind as you plan the celebration of a lifetime.
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