Wedding Insurance — What Is It and Do You Need It?
Whether it’s unexpected bad weather, stolen gifts, shady vendors or sudden illness, there are many circumstances that can derail a carefully planned wedding. And the ongoing pandemic is certainly proof that things don’t always go according to plan. That’s why wedding insurance is quickly gaining popularity. But just what is wedding insurance and how do you know if you need it? Let’s find out.
What is wedding insurance?
Wedding insurance protects against circumstances beyond the couple’s control and provides reimbursement for certain expenses. It offers assurance against a wide range of “what ifs” and provides peace of mind that the money you’re investing in your wedding won’t go to waste if things don’t go the way you expect. For example, if your reception venue closes without warning and doesn’t return your deposit, you won’t lose that money you have wedding insurance.
How many types are available?
Two types of wedding insurance are available: cancelation and liability. Cancelation insurance covers wedding-related costs in the event the wedding is called off for a wide range of reasons, including vendor or venue closure. It’s important to note that “cold feet” are not covered by cancelation insurance. If one or both parties decide to cancel the wedding voluntarily, you will not receive compensation.
Liability insurance protects you from accidents or injuries that happen during the ceremony or reception. This usually includes incidents involving alcohol. It’s definitely something to consider if you’re having an open bar or expect an especially rowdy crowd. In fact, some venues and/or local laws require liability insurance if you are serving alcohol. You may also be able to add a rider that covers the rehearsal dinner, too.
Is wedding insurance expensive?
As a percentage of your overall wedding budget, it’s a drop in the bucket. General liability, which can cover up to $1 million dollars for accidents, generally costs less than $200. A comprehensive cancelation policy covering wedding bands and attire, photos, videos, and deposits can run anywhere from $150-$500+, depending on the amount of coverage you choose. As with all wedding related expenses, ask friends and family for recommendations and shop around to find the coverage and costs that work with your budget.
When should I purchase it?
You’ll want to have wedding insurance in place as soon as you start placing deposits with venues and vendors. That way you have protection from the start and can enjoy the planning process, rather than worry about unforeseen circumstances.
I’m having a small wedding; do I really need it?
Wedding expenses add up quickly, even for small weddings. Unless your wedding is at the courthouse with just your witnesses present, wedding insurance offers peace of mind and an added layer of financial security to help you start your life together on the right foot.