Planning a wedding is a complicated process and many things can go wrong. If you’re engaged and planning a wedding (CONGRATULATIONS!) you’ll want to consider wedding insurance. Here’s why.
What is Wedding Insurance?
Basically, wedding insurance protects you from the costs associated with a postponement or cancellation of your wedding, due to a covered event. If you buy the appropriate coverage, it can cover everything from wedding vendor deposits to your photographs, and more. It provides peace of mind on your special day if an unfortunate event occurs.
According to a Travelers’ Insurance report most claims are for vendors that failed to deliver as promised (44%). Examples include a no-show caterer, photographer, or other service necessary for a successful wedding. If you choose to find another vendor at the last minute, your policy reimburses you for the costs. If you choose to reschedule, it takes care of that, too.
Following vendor failures, property damage is the next most common reason for a claim (28%). Over a quarter of claimants file for damages caused during the wedding ceremony or reception. Perhaps an attendee breaks a window, drives their car into a structure while parking, or gets into a fight and smashes tables and chairs. No one wants to think these things could ever happen, but they do and the risk increases when you serve alcohol.
Another common claim is due to sickness or injury. If anyone in your bridal party, you, or your soon-to-be-spouse becomes ill or injures themselves and cannot attend you may need to postpone your wedding. This happens more often than you might think – sickness and injury result in 8% of all claims.
Other potential risks exist that can interrupt your wedding. Perhaps the bride’s wedding dress isn’t delivered or the groom’s tux gets lost with his airline baggage. If the bride or groom belongs to the armed forces, deployment could cause a postponement. About 6% of claims are for unplanned problems like these.
Most wedding insurance policies cover common issues such as vendor no-shows, property damage, extreme weather, injuries or illness, military deployment, and inaccessible or damaged wedding sites.
You can also buy additional coverage for wedding attire, including the wedding dress, tuxedo, and accessories. Additionally, many insurance companies offer compensation for stolen wedding gifts, lost videography or photography, and honeymoon protection. You can also buy personal liability insurance to cover legal costs if someone injures themselves during your event and decides to sue.
What It Doesn’t Cover
You cannot use wedding insurance to cover your costs if you decide not to marry. You can’t use it to cover a postponement for weather unless it’s extreme. Read the fine print of the policy what it includes. Some only offer protection for catastrophic events such as tornadoes, hurricanes, ice storms, floods, and earthquakes, while others cover severe snowstorms that make venues inaccessible.
Wedding insurance may cover your wedding rings, but usually does not cover jewelry, even your engagement rings or jewelry pinned to clothing. However, your insurance company can provide separate coverage for that.
How Much Does It Cost?
States regulate wedding insurance rates, so your cost depends on where you live, how many guests will attend, the date, and the venues. If you choose to buy additional coverage it does increase your cost, but it also provides more protection. Policies may or may not have a deductible if you need to make a claim.
Considering the costs involved with a postponement or cancellation, wedding insurance is very reasonably priced. You can budget for it and buy it up to two years before your wedding. A basic policy can cost less than $200!
If you’re planning a wedding, give us a call. We can tailor your coverage to minimize cost and provide the ultimate coverage for your wedding. You have enough to worry about when planning a wedding, so why leave anything to chance? Wedding insurance offers peace of mind at an affordable price.