Wedding Insurance: Everything You Need to Know
You want your wedding to run smoothly, but as in life, you can't control everything. And sometimes the things you can't control can be costly. Buying wedding insurance can help ease your mind.
This kind of special event insurance has two forms: event cancellation coverage and liability coverage. They may be purchased individually or together.
Ill-Timed Possibilities and Liability Protection
Insurance pertaining to cancellations and postponements helps you recover nonrefundable expenses if you can't hold your celebration for a reason covered by the policy. Terms vary, but these reasons could include the injury of a close family member who's unable to attend or the military deployment of the bride or groom. Extreme weather could also be to blame, like the kind that causes a large percentage of guests to be no-shows or that damages a venue to the extent that it's unsafe. In such instances, you could be reimbursed for the costs of the venue rental and the professional catering services.
Likewise, this insurance could compensate you for lost deposits if a vendor goes out of business before your wedding or simply doesn't show up at your event. You might also qualify to receive money for any associated costs that result from finding a replacement.
Meanwhile, event liability insurance provides coverage for injuries or property damage that occur during your wedding. Some venues actually require hosts to buy this insurance and include their properties as "additional insured."
You may be surprised to learn that wedding insurance could be among the smaller expenses of your celebration — likely costing less than a wedding gown or live band. Premiums are largely based on the extent of coverage you need, so for cancellation insurance, you should consider the amount you could lose if you had to cancel or postpone.
An insurance company you already work with may offer wedding coverage, and you may already have some relevant coverage through your existing policies. Be sure to gather free online quotes and research like those analyzed by Reviews.com. Be aware that many policies have deductibles.
Likewise, when comparing policies, consider exclusions. For instance, the sample policy of Wedsure — which is underwritten by Fireman's Fund — states that the insurance company won't cover the expenses incurred if a wedding is canceled or postponed due to bodily injury caused by skiing, sledding, or skydiving.
Carefully vetting vendors can help minimize your risk. So can paying them with a credit card, which usually offers financial protections.
Of course, buying insurance can be seen as a risk itself. If all goes as planned, you will have spent money on something you didn't use; however, mishaps do happen. In 2017, the insurance company Travelers revealed that vendor problems were the top cause of wedding insurance claims over nine of the past 10 years. Travelers found these included venues that closed unexpectedly or couldn't accommodate the wedding as promised as well as photographers failing to deliver on photos and videos.
While you can't always plan for every possibility, you can safeguard your investment and walk down the aisle worry-free.