Change Of Heart Insurance: Protection For The Fickle

Change of heart insurance is a type of event cancellation coverage that protects those who have financed a wedding that gets called off due to one member of the couple having a change of heart. It can help refund deposits made by family members and friends and covers anyone other than the bride or groom who has spent non-refundable cash on the cancelled wedding. Change of heart insurance is only meant to protect innocent parties not in control of the event's cancellation.

Change of heart insurance covers deposits and expenses for innocent third-party financiers

Change of heart insurance is a type of event cancellation coverage that protects those who have financed a wedding that gets called off due to a change of heart by the betrothed couple. It covers deposits and expenses incurred by innocent third-party financiers, such as parents of the couple, family members, or friends. This type of insurance is designed to provide peace of mind and financial protection for those who have generously contributed to the wedding but are not in control of its cancellation.

The need for change of heart insurance arises from the increasing financial burden of weddings. With the average cost of a wedding reaching $27,000, it is not uncommon for parents and other loved ones to shell out a significant amount of money to support the couple's special day. However, in the unfortunate event that the wedding is called off due to cold feet, these financiers are left bearing the financial losses. Change of heart insurance ensures that they can recoup some of their non-refundable expenses.

The coverage offered by change of heart insurance includes reimbursements for deposits made on event venues, vendors (such as caterers and florists), entertainment, and travel expenses booked in advance. It is important to note that this type of insurance only applies if the wedding is cancelled at least a year in advance and the reason for cancellation is solely due to a change of heart by the bride or groom. Additionally, the coverage is intended for innocent financiers and does not extend to the bride or groom themselves.

While change of heart insurance can provide valuable protection, it is not offered by all insurance companies. Wedsure, in partnership with Allianz, is currently the only wedding insurance policy in the world that offers this unique coverage. The cost of change of heart insurance can vary depending on factors such as the amount of money spent on deposits, the size and location of the event, and the specific aspects of the wedding being financed.

For those financing a wedding, change of heart insurance can provide reassurance and financial security. It is a safety net that protects innocent financiers from the potential financial losses associated with a cancelled wedding. With the high cost of weddings and the uncertainty of future events, change of heart insurance can bring peace of mind to those generously contributing to a loved one's special day.

It doesn't cover the bride or groom, or those who cancel for any reason other than a change of heart

Change of heart insurance is a type of event cancellation coverage that protects those who fund a wedding from financial losses if the wedding is called off due to a change of heart by the bride or groom. This insurance only covers "innocent financiers" such as parents of the couple, family members, or friends, and not the bride or groom themselves. The wedding must be cancelled at least a year in advance for the coverage to apply, and it must be the bride or groom who cancels the wedding due to a change of heart. This type of insurance does not cover cancellations for any other reason.

Change of heart insurance can reimburse innocent financiers for deposits made on event venues, vendors, entertainment, and travel expenses. It is meant to provide peace of mind for those who are financing a wedding and want to protect their financial investment in case the couple does not go through with the wedding.

While change of heart insurance can provide valuable protection, it is important to note that it does not cover the bride or groom, and it is not applicable if the wedding is cancelled for any reason other than a change of heart. This type of insurance is designed to protect those who are not in control of the event's cancellation and have incurred financial losses as a result.

The cost of change of heart insurance can vary depending on factors such as the amount of money spent on deposits, the size of the event, and the location. It is typically priced as a percentage of the total cost of the event.

The wedding must be cancelled at least a year in advance to qualify for coverage

Change of Heart Insurance

Change of heart insurance is a unique type of event cancellation coverage that protects those who have financed a wedding in the event that the couple calls it off. This type of insurance is designed to refund deposits made by "innocent financiers" such as parents of the bride or groom, or other family members and friends. Change of heart insurance does not apply to the bride or groom themselves.

Qualifying for Coverage

To qualify for coverage, the wedding must be cancelled at least one year in advance. The wedding must be called off due to "cold feet" by the bride, the groom, or both, and no other reason.

Reimbursements

Change of heart insurance reimburses innocent financiers for deposits on event venues, vendors, entertainment, and travel expenses.

Why You May Need Change of Heart Insurance

Planning a wedding far in advance can be stressful, and there is always the possibility that the couple will not make it to the big day. A survey conducted by WP Diamonds reported that 20% of all engagements are called off before the wedding day. Change of heart insurance can provide peace of mind for innocent financiers and help to prevent financial losses.

Change of heart insurance is a type of event cancellation coverage

Change of heart insurance is not a standard feature of wedding insurance policies and is offered by only a few providers. Wedsure, for example, offers change of heart coverage as an option under its Cancellation & Postponement Insurance. This will compensate an innocent third-party financier if the wedding is cancelled by the bride or groom 365 days or more before the first covered event.

There are several criteria that must be met to qualify for change of heart insurance coverage. The wedding must be cancelled at least a year in advance and by the bride or groom due to cold feet. Coverage only applies to innocent third-party financiers such as parents of the couple, family members or friends who contributed financially to the wedding. It does not apply to the bride or groom.

Change of heart insurance typically covers anyone other than the couple who has spent non-refundable money on the cancelled wedding. This can include deposits on event venues, vendors, entertainment, and travel expenses.

The cost of change of heart insurance varies depending on the company and the type of coverage. It can range from a few hundred dollars to over $1,000 and is typically around 1-1.5% of the total spent on the event.

Change of heart coverage is available from a limited number of providers

Wedsure's Change of Heart coverage will compensate innocent third-party financiers if the wedding is cancelled by the bride or groom due to a change of heart. This coverage is available for weddings taking place in most states in the US, as well as Canada, Ireland, Scotland, England, and Wales.

Another provider that offers change of heart insurance is Fireman's Fund Insurance. Their policy costs about $25 on top of the regular policy price and covers those who pay for a wedding only to have the bride or groom back out.

While change of heart coverage is not offered by many insurance providers, there are other types of wedding insurance available that can provide financial protection in other scenarios. For example, cancellation or postponement insurance can cover non-refundable deposits lost to vendors if a wedding is cancelled or postponed due to unforeseen circumstances. Wedding liability insurance can protect against lawsuits for potential injuries or property damage during the event. Additionally, there are optional coverages available, such as special attire coverage, gifts coverage, and jewellery coverage, which protect against loss, theft, or damage to these items.

Frequently asked questions