Do You Need Wedding Insurance?

Preparing for a wedding can be exciting, overwhelming and some days, just exhausting. The last thing you should be thinking about is whether or not the wedding will go as smoothly as planned.

If you are thinking “do I really need wedding insurance,” you do, if you want to have peace of mind and focus on just enjoying your big day.

Your wedding is one of the most important days of your life, and in many cases, it is also a huge investment. How would you feel if after spending so much time and money planning it, something goes wrong?

Wedding Insurance like any other type of insurance gives you peace of mind, knowing that if something goes wrong you will not have to start from zero or be left hanging. Having wedding insurance means if something goes wrong that is covered by your policy, you will be compensated.

Coverages to consider while shopping for wedding insurance:

1. Liability Insurance

Liability insurance covers property damage to the venue or property and bodily injuries to guests. Some venues might require you to have wedding insurance before they let you use their space for your event. If any damages are done to the venue during your event, you could be found liable.

Liability insurance might also cover for properties that you rented to use for the wedding, such as tables, tents and chairs. Your liability insurance can cover expenses for damages incurred.

Lastly, this kind of policy can cover injuries that might happen to your guest. For example, if a guest trips and falls during the event and ends up seriously hurt, your liability insurance will cover for expenses arising from the injury.

2. Cancellations

Cancellation coverage reimburses you for monies paid for the event space, to vendors, for hotel accommodation, photographers, makeup artists, etc, if any sudden illness or bodily injury to the bride or groom (or any key member of the family) occurs that requires you to cancel or postpone the wedding. It may also cover you if you can no longer go on your honeymoon due to the cancellation of your wedding.

Cancellation coverage typically covers for things beyond your control. For example, if on the way to the wedding, a car crash occurred and the bride could no longer make it to the wedding, they would need to cancel it for that day and reschedule. Cancellation coverage might reimburse you for monies spent in planning for the entire wedding.

3. Extra Expenses

Sometimes you might not have to go as far as canceling the entire wedding, but might need to spend more than planned to make sure things go well without interruptions. Your insurance company might reimburse you for any extra expenses under this coverage. For example, if a key vendor like your caterer does not show up and you have to find another caterer at the last minute, instead of canceling the entire wedding, you have an option to find another caterer.

4. Special Attire or Jewelry

Imagine the bride stepping on the hem of her gown and ripping it the morning of the wedding. Or the groom’s attire ending up with iron burns. What if your wedding band is stolen? Special attire and jewelry insurance will cover for repair or replacement of your items. It is important to first report to the police in the event of theft to file a claim and possibly get a police report, most insurance companies require you to provide proof of loss.

5. Videos and Photos

Photos and videos keep memories alive. It would be terrible if your wedding photos and videos got lost or damaged, or if your videographer or photographer didn’t even show up on your special day. Some policies include coverage to pay for photos and videos to be retaken. Some might go as far as re-staging the whole event, covering all expenses.

6. Liquor Liability

You might want to consider this coverage if you will be serving alcohol at your wedding. You could be held liable for someone else’s actions if the actions were a result of alcohol served at your event. For example, if a guest at your wedding was intoxicated, got behind the wheel and drove into someone’s home and causing damage, you could be held liable for over-serving them and letting them drive under such circumstances. Liquor liability covers for injury or damages arising from this type of scenario.

For most people, getting married is one of the most significant milestones in their lives. So, it’s no surprise that many people choose to celebrate with a wedding and reception. But the cost involved, especially if you have a very long guest list, can be intimidating.

According to The Knot’s 2015 Real Weddings survey, the average wedding cost $32,641 – and that doesn’t even include the honeymoon. Those costs, moreover, are likely to climb. The Knot also reports that the average cost of a wedding increased by $5,500 in just five years.

With hefty price tags like these, the risks involved in throwing a wedding can quickly empty your bank account. It makes sense, then, to consider how wedding insurance could protect you financially.

What Could Go Wrong?

Everyone wants their wedding day to be perfect but it’s important not to overlook all of the things that could go wrong. A number of things could derail your meticulously planned event, including:

• The venue being declared unfit for occupancy after significant damage from an earthquake, thereby forcing relocation
• A vendor going bankrupt, which means dealing not only with having to find a new vendor but also the inconvenience of your refund for the amount already paid being tied up in bankruptcy court
• The bride or the groom being unable to attend their own wedding because they are called to serve in the military, resulting in a cancellation, postponement, or acceleration of the ceremony
• The wedding dress getting run over by a car and ruined
• The wedding rings having been misplaced
• The guests getting food poisoning
• An intoxicated guest deciding to drive and causing an auto accident
• The wedding venue sustaining substantial fire damage from a candle left burning by a member of the wedding party
• A member of the wedding party damaging the venue’s furnishings
• A guest being injured at the reception venue

Benefits of Wedding Insurance

Purchasing wedding insurance, a specific type of event cancellation insurance, mitigates the risks of losses associated with a wedding. Like homeowner’s and auto policies, it offers various options to cover both property and liability losses.

What Does Wedding Insurance Cover?

Generally, wedding insurance covers expenses related to the cancellation or postponement of the event due to a covered cause of loss. Such expenses include fees for renting the venue, professional services fees, fees for transport to and from a venue, and hotel fees related to the event. In most cases, covered causes of loss exclude a change of heart or a case of cold feet, but for an additional premium, some policies will provide limited coverage.

Moreover, couples can seek additional coverage for expenses incurred to arrange for alternative services for an event or the booking of another venue to a cancellation or postponement.

For an extra premium, additional coverage options include retaking photos and videos that were damaged, stolen, or not taken because the photographer did not show up; wedding gifts that are damaged or stolen; rented property; rented or purchased wedding attire and jewelry; deposits paid to a vendor but rendered non-refundable because they go out of business; and professional counseling in light of an event cancellation, should a medical doctor prescribe it. Lastly, you may also want to consider a wedding presents floater to cover your gifts.

Besides property coverage, an equally important part of a wedding insurance policy is liability coverage. It typically covers any incidents that result in bodily injury, personal injury, or property damage. If required, the venue can also be added as an insured party.

One crucial aspect of liability coverage is the host liquor liability, which provides protection should someone become intoxicated at the wedding and cause bodily injury or property damage while in that state. What is important is not so much payment for the damages, but the provision of claim defense, should an insured party be sued as a result of a covered cause of loss. Lastly, as with a homeowner’s policy, there is coverage for medical payments without regard to fault.

Buying Wedding Insurance

At this point, you might be thinking, I am spending so much on my wedding, how much more do I have to spend to get wedding insurance? In most cases, the premium you pay will depend on the number of guests and the type of coverage that you choose. Generally, wedding insurance packages are affordable and might cost less than 2% of the cost of your entire wedding.

There are options for buying wedding insurance directly from a company website without having to speak to anyone, however, it is important to speak to a licensed insurance agent to make sure you understand the coverages included in any package that you choose.

Conclusion

Because wedding insurance only provides coverage during the event and the cost is quite low – some policies cost less than $100 – the premium paid for it represents only a small fraction of an average wedding budget. Obviously, more coverage would bring the cost up, but it would be a small price to pay to protect yourself against the heavy losses that you could incur.