One Purchase Can Save Your Wedding From Ruin–Here’s How

Weddings are more expensive than ever, with many couples taking out personal loans to fund their special day. As a result, it makes sense to purchase wedding insurance to protect your finances if something goes wrong. A wedding insurance policy reimburses you for lost deposits, damages, cancellation fees, and more, so you won’t suffer a complete financial setback if your wedding is postponed or delayed.

What Wedding Insurance Covers

In a nutshell, wedding insurance protects you financially if something goes wrong with the wedding. Specifically, the various coverage options can include:

• Wedding cancellation or postponement: If you’ve had to cancel or adjust your big day because of severe weather, sudden illness, or an unexpected event.
• Vendor issues: You’re covered if a vendor backs out because of weather, illness, or poor business practices. Also, if the vendor goes out of business, wedding insurance can help you recover your deposits.
• Property damage: If a guest or vendor damages the event venue or someone’s personal property, wedding insurance can pay for damages.
• Injury: If you’re hosting the wedding, you’re liable for accidents that happen during it. Wedding insurance can protect against injury claims if a guest or vendor gets hurt.
• Lost, stolen, or damaged personal items: Weddings feature a lot of valuable items, so rest assured that wedding insurance covers wedding clothes, gifts, and jewelry, as well as your photos and wedding video. Be sure to read through your policy for any specific limitations.

What Wedding Insurance Doesn’t Cover

Wedding insurance is fairly comprehensive, but there are some critical things it doesn’t cover. Mainly, you can’t file a claim if the wedding was canceled because someone had a change of heart.

Also, wedding insurance does not cover your honeymoon. To get financial protection for your big trip, consider travel insurance instead. You may get some minor travel insurance coverage through your credit card.

If you don’t find the specific coverage you’re looking for, look for an insurance provider that allows you to add endorsements. For instance, you might be able to add call to duty coverage if a member of the wedding party is in the military and gets called up.

Do You Need Wedding Insurance?

It’s your choice whether or not to buy wedding insurance. However, some event venues require you to purchase liability insurance before booking their space.

To decide if you need this insurance, consider the wedding from a financial standpoint. How much are you spending? Are you concerned you could lose money if a vendor backs out or the weather disrupts your plans?

Reviewing your wedding budget can help you determine if wedding insurance is right for you.

How Much Does Wedding Insurance Cost? 

Although the exact price you’ll pay for wedding insurance varies, expect to pay anywhere from $125 to $600, with an average cost of $275. The price you pay depends on things like:

• The insurance provider
• Event location
• Amount of coverage
• Number of guests
• Optional endorsements

Coverage Amounts

To buy a policy, find an insurance company that offers wedding insurance and request a quote. You can do this online, over the phone, or through a mobile app. You may need to select coverage amounts for the various coverages. The higher the amount of coverage, the more costly the policy.

Deductibles

Some coverages may have a deductible, which represents the amount you must pay out of pocket in the case of a covered event before your insurance pays the claim. For example, property damage may come with a choice of deductibles that range from $1,000 to $10,000.

If you choose a $5,000 deductible, and property damage occurs, you will pay the first $5,000, and the policy will pay the remaining repair costs. The smaller the deductible, the higher the insurance premium; the higher the deductible, the lower your insurance premium. If you’re happy with the quote, agree to the terms and make the payment.

The Bottom Line

Wedding insurance can provide priceless peace of mind for your big day, offering reimbursement for property damage, lost deposits, injury, and more. If you’re considering wedding insurance, be sure to request quotes from several insurance companies and compare the coverage to ensure you get a policy that meets your needs.