You spend so much time planning your wedding and making sure everything is just right for the big day. It’s only natural to worry about the possibility of something going wrong. You may have heard of wedding insurance, but don’t have a clear idea of what it is or what it can cover. Wedding insurance can definitely help put you at ease, knowing that you’ll be protected in the case of any unfortunate incidents. Whether it’s a good idea for you depends on the details of your wedding, however. Here’s what you need to know to make your decision!
What is wedding insurance?
In short, wedding insurance is a type of special event insurance. This means it serves primarily to protect those invested in an event, usually the couple and anyone who is helping pay. For weddings, there are different types of coverage you can buy, but in general it can provide you with reassurance in case you experience some common wedding mishaps. It can provide you with liability coverage in the case of property damage or injury, for example. It can also cover things like vendor cancellations, extreme weather, and theft.
So do you need it? Whether it makes sense for you will depend on several factors. A traditional venue will likely have its own liability coverage. If the venue is covered by homeowners or renters insurance, it may include liability as well. If you’re having your wedding in a non-traditional venue that is not covered by homeowners or renters insurance, however, you will most likely need to get coverage to protect yourself in case something is damaged or someone involved in the wedding gets injured. Making sure you are covered is especially a good idea if alcohol will be served at your reception. If your caterer or venue are serving the alcohol, they likely will have their own coverage, but it doesn’t hurt to double check.
You may also elect to purchase coverage in case the venue is unexpectedly unable to host the event. The same goes for vendors—if you are putting down a significant amount on deposits, it makes sense to have coverage in the case of cancellation or postponement to avoid a total loss. If after considering the details of your wedding, you think wedding insurance is right for you, it’s time to look at the types of coverage you can purchase.
Types of coverage
The different types of coverage may be offered together or separately. What exactly is covered will vary from company to company, but here is what’s generally included in each type.
Liability coverage
The most basic wedding insurance coverage is liability coverage. It covers property damage to the venue and injuries. If your venue doesn’t already have some type of liability coverage, purchasing a plan can potentially save you thousands of dollars in the case of an accident. If you are serving alcohol, be especially sure to look for a plan that includes liquor liability.
Cancellation or postponement coverage
Venues and wedding vendors usually require you to put down a deposit for their services. These deposits are often non-refundable, so in the case that your wedding is cancelled or postponed, you may just lose that money. If the cancellation is due to injury, illness, military deployment, or extreme weather, however, having wedding insurance with cancellation coverage can be a big help. Cancellation coverage usually includes the following:
- Vendor no-show
- Venue backs out of hosting the event
- You have to cancel or postpone the wedding due to:
- Injury or illness
- Extreme weather
- Military deployment
- Note: changing your mind about a vendor or getting cold feet are not usually covered by wedding insurance.
Other coverage
Coverage for lost, stolen, damaged items may be included with cancellation coverage, or you may have to purchase it separately. It can cover things like:
- Gifts
- Rings
- The cake
- Attire
- Rental items
- Photos
- Professional counseling
When should you buy wedding insurance?
You should start looking for wedding insurance as soon as you start paying your deposits for your venue and your vendors. If anything goes wrong, you want to be covered even in the earlier stages of planning your wedding. It’s also important to note that some plans will only cover events that occur at least fourteen days after you purchase coverage.
What to look for
How much wedding insurance costs can depend on the number of guests at your wedding and the amount of coverage you want. Plans usually start around $75 and up for liability and $125 and up for cancellation coverage. Some highly-rated companies that offer wedding insurance are Markel, Travelers, and Wedsafe.
When searching for the right wedding insurance plan, here are some important questions to ask:
- What packages are offered?
- Can you combine liability, cancellation, and other types of coverage?
- What is the premium?
- A wedding insurance premium is usually a one-time payment. It’s always a good idea to shop around and see who is offering the best deal.
- What is the deductible?
- If it’s higher than your average vendor deposit, for example, you may end up losing out if a vendor cancels.
- What are the coverage limits?
- If the total cost of your wedding is significantly more than the limit, this could be a problem.
- Do you need to purchase extra coverage for items such as gifts, jewelry, or attire?
- Make sure to read over everything that is covered. Some plans may not cover lost or stolen items, or may require you to purchase extra coverage for those things.
