Weddings, anniversaries, birthdays: Some of these milestones come with big parties – that can include big price tags. If you are celebrating a milestone in 2021, have you considered event insurance?
Maybe you’ve never heard of it, or maybe you aren’t sure if your party or celebration would even qualify for it. The fact is, event insurance is a good idea if you are investing a significant sum of money into a one-day party or celebration. Why? Because you are protecting your investment should something awful occur – making a cancellation necessary.
Many venues and service providers won’t refund your money if there is an injury, illness, accident or other reason to cancel a high-ticket party, but getting a policy that insures your event means you can rest assured your money will be safe if the worst happens.
Here are three things you need to know about event insurance. Read on:
Event insurance is basically a one-day policy that protects your investment in a special event or celebration like a wedding. It might cover the costs of cancelation or postponement, or even cover you if your baker doesn’t show up with treats. It might also cover you if someone is injured or there is property damage during the party.
There are generally two types of insurance for events: One that covers cancelations or postponements and one that covers liability (injury or property damage). We recommend having both for maximum peace of mind!
Really, it is up to you if you feel you need this type of policy, but we recommend it for big ticket parties and celebrations like weddings, anniversary parties, milestone birthday parties, showers, quinceaneras, religious celebrations like bar and bat mitzvahs and more. Generally, public events like sporting events or recitals cannot be covered, and also, business or fundraisers aren’t eligible either.
At Crumrine Financial Services, we can explain if event insurance is right for you. Request a quote today!