You’ve had your wedding dress fitting, put down deposits on the venue and photographer, and sent out the invitations. But we’re willing to bet that there’s one important task that never even made it onto your to-do list: buying wedding insurance.
Wedding insurance is an important detail, and many wedding venues have begin to require it. Let’s take a closer look at why wedding insurance is so crucial to your big day and how to decide between the many (many) options available.
Many brides and grooms are under the impression that wedding insurance is only for the faint of heart (and cold of feet). But there are actually very few wedding insurance policies that even cover a change of heart.
So, why the need for wedding insurance?
If COVID-19 has taught us anything, it’s that no wedding is a guarantee. From military deployments to bad weather, to—yes—global pandemics, any number of things can throw a wrench in the works and cause your event to be postponed or even canceled.
And even if the wedding still goes as planned, that doesn’t mean you’re in the clear. (After all, we’ve seen what happens when you mix Uncle Jimmy with an open bar!) Property damage, food poisoning, dance floor-related injuries, and other disasters can turn your festivities into a fiasco. And even though your wedding venue and vendors should have their own insurance, that coverage doesn’t extend to you.
Your wedding isn’t just any old party. It’s a day you’ve been planning for and dreaming about your whole life. Wedding insurance provides you with a financial safety net in case something goes wrong.
Most importantly, many wedding venues now require couples to show proof of wedding insurance to book the venue to protect their own investment.
Wedding insurance—also known as special event insurance—isn’t just one thing. It’s a collection of different protections that each covers a wide range of financial losses.
Here’s a brief rundown of the many types of wedding insurance available.
Wedding liability insurance protects couples in the event of injury and property damage caused by your guests.
We know…most couples don’t like to think about stuff like this happening, but it does. Coverage typically includes the rehearsal dinner, ceremony, and reception, and covers everything from broken bones to host liquor liability.
Wedding liability insurance protects you in many different ways like if your photos are somehow damaged, gifts are lost or broken, your vendors don’t show up or they become insolvent before the big day.
Like we mentioned above, most wedding insurance policies don’t provide coverage if you just change your mind (although there are some that do).
Rather, cancelation or postponement coverage reimburses you for lost deposits caused by events that are out of your control.
We’ve even seen policies that cover professional counseling after a postponement!
In most cases, wedding insurance does not cover change of heart or jewelry (such as engagement rings or those designer earrings that match your dress perfectly). But that doesn’t mean you can’t find this type of wedding insurance if it’s important to you!
Additionally, some wedding insurance companies may request that you add wedding venue insurance to your policy as an additional insured.
Unfortunately, that’s a bit like asking “how much does a wedding cost?” because it all depends on what you’re buying.
Higher coverage limits, lower deductibles, and more coverage will result in a higher premium. Lower limits, higher deductibles, and less coverage will result in a lower premium.
That being said, most couples spend an average of $275 on their wedding insurance policy.
If you can afford to spend more, you certainly can. But it’s also possible to spend even less than that.
When it comes to wedding insurance, the cheapest coverage isn’t necessarily the best.
As you’re comparing policies, think about the coverage options you’re looking for and do your research to find an insurance company that matches your needs. And above all, always consider the company’s reputation.
Here are some of the best wedding insurance companies based on feedback from other couples.
At first, getting insurance for an event might seem a little “extra.” But weddings aren’t just an event, they’re the most important (and expensive) event of most people’s lives! It makes sense to protect your investment.
If you add up how much you’ve already spent on your wedding, we’re willing to bet it far exceeds the amount of a wedding insurance policy. Coverage options can be found for as little as $100.
If you ask us, that’s more than worth the relief you feel knowing that you’re protected.
If you have any questions about wedding coverage, let us know!