You may want to consider saying “I do” to wedding insurance if you are planning a wedding. After all, you are spending a lot of time and money to plan a once in a lifetime event. You don’t expect nor want anything to go wrong on your special day. But if it does, you may want to make sure you are protected. We will show you the ins and outs of wedding insurance so you can then go shopping and choose what’s best for you for your dream event.
What is Wedding Insurance?
Wedding insurance, also sometimes called special event insurance, is a type of event insurance that protects you from unexpected losses that can occur and reimburses any expenses. Here are examples of wedding day financial losses that insurance could help:
- Something that may prevent your wedding from occurring (i.e. illness or injury or military deployment)
- Property damage (i.e. bridal dress or attire damage)
- Something that causes damage or injury during the event
- Loss at the event (i.e. lost or stolen gifts)
- Severe weather or natural disaster events
- Venue or vendor issues (i.e. permits being revoked or bankruptcy)
Are There Different Kinds?
There are two types of wedding insurance:
- Liability Coverage
- Cancellation Coverage
It is important to know the difference between wedding liability insurance and wedding cancellation insurance. While both of these insurance policies are often referred to as wedding insurance, they are very different. Sometimes they are bundled together and sometimes they need to be purchased separated.
Liability coverage provides you benefits if someone is injured during the event, or if there is property damage.
Cancellation coverage, or sometimes called postponement coverage, will reimburse you for deposits or sometimes even the entire cost of a service contract from the venue or a vendor. Cancellation coverage can also assist in paying to reschedule your special day.
TIP: Prior to purchasing wedding insurance, you should ask your venue if they cover event liability insurance. You should understand what the venue covers so that you don’t purchase things you don’t need.
What’s Not Covered by Wedding Insurance?
Wedding insurance is a specific coverage and doesn’t cover everything. Specifically, it would not provide protection if you or your significant other get cold feet and call the whole thing off. Also, sometimes it will not cover specific jewelry items such as your engagement ring so be sure to ask so you are clear.
TIP: Check with your homeowner policy to make sure your jewelry is covered.
Additional Coverage Options
When you inquire about wedding insurance, ask about supplemental policies for wedding-related items such as:
Some insurance policies will help to pay for photo/video retakes should your photographer not show up or the original photos are lost or damaged.
Valuable items such as wedding gifts can be protected with a policy that pays to repair or replace non-monetary gifts that are lost, stolen or damaged. You most likely will have to file a police report. And it could cover gifts you receive before, during, and after the event depending on the policy.
The bridal gown and other special wedding attire worn by the bride, groom or the wedding party can be covered should it be lost stolen or damaged.
As mentioned before, personal liability covers bodily injury or property damage caused by an accident that occurs during the event.
This policy would cover medical expenses up to a disclosed maximum amount for each person who is injured during the event.
Your honeymoon is something also to consider. Get educated on your options including travel insurance and your homeowner policy.
Will Home Insurance Cover Your Wedding?
You might be thinking, wouldn’t my homeowner insurance cover some things involved in my wedding? Home Insurance covers your personal liability and personal property, so perhaps it may cover if gifts get stolen or a piece of your jewelry is lost. But your home insurance is not intended to cover a wedding.
It might be worthwhile in exploring wedding insurance, to talk to your home insurance company. They may be able to offer you riders or event liability policies to get coverage for your event.
How Much Does Wedding Insurance Cost?
Financing your big day is a big investment. You probably don’t want to spend any more money. But it’s important to invest in insurance to protect the things you are purchasing. While you will want to educate yourself by shopping around various insurance carriers and policies, a basic wedding insurance policy that covers loss of photos, videos, attire, presents, rings, and deposits usually cost about $200-$600. Often separate from this is general liability insurance. This usually covers up to $1,000,000 for accidents. In most cases, this policy would cost around $200. You’ll want to get several quotes for similar coverage so that you can make the best choice.
How Far In Advance Should It?
It is wise to consider wedding insurance as soon as you consider booking the venue for your big day. Basically, the earlier you learn about it, the better so you can get the coverage you need. Also, most importantly, insurance carriers have restrictions on how far in advance you can purchase insurance. It’s best to have as much lead time as possible.
Now you have learned a bit more about why you should say “I do” to wedding insurance. Your special day is a big commitment financially and you’ll want to make sure your event is adequately covered should something out of your control happen. Be sure to investigate various insurance carriers and their policy options. Take the time to learn the ins and outs of the coverage so that you understand the policy’s fine print. Then you can have peace of mind for your dream wedding day.