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.
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:
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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.
Here’s what is typically covered by wedding insurance.
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.
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.
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.
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.
If one of the wedding couple is called to military active duty, postponement of the wedding is covered.
Wedding couples may also choose additional insurance coverage for other wedding-related concerns.
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.
Wedding insurance typically does not cover:
When selecting a policy, ensure that you fully understand what’s covered and what isn’t.
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:
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.
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.
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.
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