Insurance companies such as ICICI Lombard General Insurance Co. Ltd, HDFC Ergo General Insurance Co. Ltd. and Future Generali General Insurance Co. Ltd provide wedding insurance. Some common coverages include cancellation of wedding ceremonies due to natural disasters, theft at venue, postponement of wedding when any person in the policy document does not appear due to hospitalisation, death or other reasons. Some known exclusions are wedding cancellation due to seasonal weather changes, family disputes, etc. The premium of wedding insurance differs based on the location, size of the wedding, etc.

What is the cost?

The insurance comes with a very wide range of coverage and is highly customised. “The premiums depend on the type and extent of coverage. For example, if you were getting married on a yacht, you may want to cover for yourself, guests and valuables. If it were in a hotel, you would be looking to cover jewellery and other tangible expenses like gifts," said a spokesperson of Bankbazaar.com. The premium would take into account factors other than the sum insured while underwriting it. It is typically aimed at big-ticket weddings. Typically, it could cost 1% of overall cost of the sum assured.

Should you opt for it?

Say you are planning your wedding in your home. If you have a personal health insurance, personal accidental cover and a household policy then you may not need to take a wedding insurance cover. However, if it is taking place in a separate venue and is expensive, you may want to cover it against damages. If you plan to take a cover, remember that for claim settlement, you will need to show proof of expense. Hence, keep all your bills handy. Considering that a lot of money is at stake, it would be prudent to take an insurance cover to protect yourself from any unforeseen circumstances.

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