About Wedding Insurance

Your wedding day is one of the most important? and expensive? days of your life. No matter how long and how carefully you've planned your big day, there's always a chance that an unexpected event can disrupt your plans. We've all heard wedding horror stories. With the average wedding in the United States costing more than $30,000(1), it's no wonder that wedding insurance is becoming more popular. Here's what you should know about wedding insurance.

What Is Wedding Insurance?

Lots of things can go wrong during any big event, and your wedding is no exception.

Wedding insurance protects you if you need to postpone or cancel the wedding because of circumstances outside of your control. Consider these situations:

• You've planned a gorgeous summer wedding on the beach, but a hurricane hits the venue on the big day.
• The groom's father needs emergency surgery days before the wedding and can't travel.
• Your venue unexpectedly goes out of business, taking your deposit with it.

The right wedding insurance can help you recoup those unexpected costs. You may be able to purchase a policy from your existing insurance company. If not, many other companies offer wedding insurance.

What's Covered By Wedding Insurance

Here's what is typically covered by wedding insurance.

Problems with the Venue

If cancellation is unavoidable because your venue was damaged in a fire, experienced a power failure, or simply closed down, wedding insurance will cover your costs. Some policies will also cover the site of the rehearsal dinner.

Severe Weather

Insurance covers the cost of rescheduling the wedding if you need to postpone due to severe weather conditions. Weather that prevents the bride and groom or the majority of the guests from traveling to the wedding site is covered. A policy covering extreme weather must be purchased at least 14 days before the wedding in most states.

Illness or Injury

Wedding insurance may also cover postponement due to sudden illness or injury of the bride and groom, their immediate family members, or anyone who is crucial to the wedding.

Vendor No-Shows

What if your officiant or your caterer simply don't show up for the big day? If this occurs, postponing or canceling is usually covered by wedding insurance.

Military Service

If one of the wedding couple is called to military active duty, postponement of the wedding is covered.

Additional Insurance Coverage

Wedding couples may also choose additional insurance coverage for other wedding-related concerns.

• Photography: Some insurance policies will pay to retake photographs if the originals are lost, stolen, or not developed properly.
• Lost or stolen gifts
• The bridal gown and other wedding attire
• Personal liability
• The honeymoon, if you need to cancel your travel plans

Wedding Liability Coverage

Wedding liability insurance coverage is separate from cancellation insurance. Liability insurance protects the wedding couple from certain losses due to accidents during the wedding, reception, and/or rehearsal dinner. Injury to guests or damage to the venue are covered by a wedding liability policy. Many wedding venues require that the couple buy their own liability insurance. If you plan to serve alcohol at your wedding reception, most venues also require you to purchase a liquor-liability provision that covers alcohol-related accidents.

What's Not Covered By Wedding Insurance

Wedding insurance typically does not cover:

• A change of heart or cold feet
• Light weather changes, such as normal rain
• If you're simply having financial difficulties and can no longer afford to pay for your wedding, your losses will not be covered
• While your wedding rings are often covered by wedding insurance, your engagement ring is typically not covered

When selecting a policy, ensure that you fully understand what's covered and what isn't.

How Much Does Wedding Insurance Cost?

Some liability-only policies can be purchased for less than $100.00, while larger policies covering cancellation can cost more than $1,000.00(2). The costs will be significantly higher for a destination wedding.

The price of wedding insurance depends on several different factors, including:

• The type of coverage you need
• The number of guests attending the wedding
• The limits and deductibles of your policy
• Your wedding venue

Every wedding is unique and every insurance policy different. Talk to your insurance agent and make sure you understand exactly what coverage you're paying for.

When Should I Purchase Wedding Insurance?

You should buy wedding insurance as soon as possible, especially if you're planning a large wedding. Purchase your policy as soon as you start making deposits to vendors. Keep in mind that some insurance companies place limitations on how far in advance a policy can be purchased.

Do I Really Need It?

Is wedding insurance worth it? Only you can decide for sure; however, when you consider the high price of even a basic wedding nowadays, wedding insurance is probably a good investment. You'll have peace of mind knowing that you're protected no matter what happens on your big day.

1. Source: www.businessinsider.com/average-wedding-cost-in-america-most-expensive-2018-3
2. Source: www.perfectweddingguide.com/wedding-blog/index.php/2017/12/26/wedding-insurance-101/

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