Wedding Insurance: What is It? and Should I Get It?
Purchasing wedding insurance was probably not the first thing on your mind when you first got engaged. In fact, it may not have crossed your mind at all. It’s simply not the most romantic subject to consider.
However, we live in changing times and insurance is one tool that helps us deal with change. Disasters can strike your wedding day and include anything from a cancelation to stolen gifts to a ruined wedding gown. Or, there could be a global pandemic that causes economic hardship, curtails air travel, and results in laws banning large gatherings. Sound familiar?
Wedding insurance can help protect you against the unforeseen, and can also afford you great peace of mind.
What is Wedding Insurance Coverage?
Wedding insurance is considered “special event insurance”. It provides coverage for wedding mishaps such as venues closing, vendor no-shows, extreme weather, damaged gifts, sickness or injury and more. Optional liability and liquor liability coverage are also available to protect your interests from unfortunate mishaps such as a slips and falls or damage to property at the event, like your cousin Marty dancing on top of a table in cowboy boots.
There are two types of insurance – liability and cancellation.
Liability helps protect things that are out of your control. And while coverage varies from policy to policy, many include the following:
· Guest injuries
· Liquor liability
· Vendor issues
· Lost or stolen items
· Venue damage
The other coverage is for protection against cancellation and postponement. For example, your wedding cannot be held on the day it was scheduled as a result of situations from bad weather to family emergencies. And, even pandemics. However, in light of COVID-19, you may need to expressly ask that this is included in the policy.
Here are a few more things typically covered:
Wedding Video/Photo Coverage Wedding insurance includes coverage for photos and videos. That means, if your photographer or videographer doesn't show up for the event, or does not deliver photos and videos when promised, you're covered.
Protection for Wedding Gifts Wedding Insurance can provide coverage for wedding gifts (excluding cash and gift cards).
Special Attire and Jewelry Coverage Wedding Insurance can include coverage for lost or damaged dresses or attire and special jewelry coverage that includes lost or damaged wedding rings.
Coverage for Lost Deposits Wedding insurance protects lost deposits, such as those paid to bakers, caterers, bridal boutiques and wedding venues that go out of business.
Additional Wedding Expenses Wedding insurance can provide coverage for additional and unexpected expenses that come up, such as replacing a damaged wedding cake, spoiled food and other glitches in catering and entertainment.
What’s Not Covered?
A change of heart. In other words, cold feet don't count.
How Much Does It Cost?
A basic insurance policy that covers loss of photos, videos, attire, gifts, rings and deposits usually costs anywhere between $155 and $550, depending on the amount of coverage you want. General liability insurance, which covers up to $1,000,000 for accidents, costs around $185. If you’re having a destination wedding, policies can reach up to $1,000. Wedding insurance cost can vary significantly, so shop around. And, also consult your homeowner’s policy if you own a home or if your parents are paying for the wedding. Some of the issues with loss may fit under that policy as well.
The nature of insurance is that there are unknowns and you should protect yourself from it. With what we’ve all been through in the last few months, insurance makes good sense. Just remember to read the fine print and get a few quotes.
And not only are we capable of advising you on your event planning activities, but we also have a relationship with United States Liability Insurance (USLI). So, we’d be glad to answer questions on what we’ve seen done with wedding insurance programs and introduce you to the fine people at USLI.