Starting Your Marriage on Solid Footing
Weddings are never cheap, and they seem to get even more expensive year after year! A report from The Knot shows that in 2019, the average cost of a wedding in the US was a whopping $33,900. This figure includes expenses related to the wedding such as the engagement ring, ceremony and reception, but does not include the honeymoon (an extra $5,000!). Given the high cost, the financial and logistical planning of your wedding is especially prudent because there is so much at stake. Despite all your best efforts, your perfect day can sometimes be marred by an eventuality, natural or man-made. That’s why it’s always a good idea to get wedding insurance for your big day.
In this article
What is Wedding Insurance?
Wedding insurance protects you from financial losses incurred on your wedding day or from events leading up to it. Such events include bodily injury at the wedding, property damage, vendor issues, lost or damaged wedding attire, postponement of the event, stolen gifts and other circumstances.
Types of Wedding Insurance
There are two basic type of wedding insurance:
1. Liability Insurance
Wedding liability insurance protects you from property damage caused by your ceremony. It will also provide coverage for bodily injury or alcohol-related accidents caused at your wedding. The policy will pay for medical costs and will also pay out on the off-chance you are sued for damages caused by guests. Typical wedding liability insurance limits are $500,000 to $2 million, but may be as high as $5 million per NerdWallet.
2. Cancellation or Postponement Insurance
In 2019, the highest number of claims (38%) to Aon Affinity’s WedSafe program was for needing to cancel or postpone their wedding. There’s a multitude of reasons why you’d need to cancel or postpone your wedding, and no, we’re not talking about the bride or groom getting cold feet. Whether it’s a natural disaster, or a sudden death in the family, it’s always a good idea to include cancellation or postponement coverage when purchasing wedding insurance.
According to the Insurance Information Institute, additional wedding insurance riders may also include coverage for:
- Military Deployment: Provides coverage in the event the bride and/or groom are called for immediate military deployment.
- Wedding Attire: Wedding attire can be expensive. If the gown and/or tuxedo are damaged, the policy will replace or repair them.
- Gifts: Provides protection against damages to or theft of your wedding gifts.
- Honeymoon: When you have to postpone or cancel your honeymoon due to illness or any other covered event. It will reimburse your prepaid trip expenses, medical costs, provides assistance and costs to return home in the event of an emergency while you’re away.
- Professional Counseling: Covers the cost of professional counseling due to emotional distress caused by postponement or cancellation of the event.
- Liability: Depending on your state, you may have to add host liquor liability insurance which covers any alcohol-related accidents.
- Engagement Ring: Worried about your gem? You can add a separate p0licy to ensure its covered in case of theft.
What Does Wedding Insurance not Cover?
Each provider has their own insurance package. The insurance provides you coverage against almost everything that is beyond your control. However, there are certain exclusions built into your policy:
When you can’t afford your wedding all of sudden. Though some cancellation policies may provide coverage if it is due to lack of funds or an unexpected job loss.
A change of heart. Unfortunately, if the bride or groom call the wedding off due to cold feet they’re still on the hook for expenses.
Like the engagement ring, high value jewelry, watches or pearls must be insured separately against theft.
According to The Balance, some wedding insurance policies cover liability for 24 hours, and others only cover you until midnight or 2 a.m. If you have a rehearsal dinner or other events, make sure to ask how many events are covered and what happens if your wedding runs past midnight.
When to Purchase Wedding Insurance
It’s always a good idea to buy wedding insurance sooner rather than later. Preparation and proper planning will help you be a step ahead of uncertainty. For instance, let’s say six months before your wedding you book a caterer for your reception. You find out two months later that the caterer has gone out of business and is not returning your calls. This is where wedding coverage steps in. The insurance policy will cover the cost by repaying you back your deposited amount.
How Much Does it Cost?
Like any other insurance, costs will vary depending on the policy provider and the wedding itself. The Knot states that a basic insurance policy that covers the 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. These are general figures, so don’t hesitate to shop around. Ask questions and get the best coverage to suit your needs and budget.
Do you Really Need Wedding Insurance?
Of course, purchasing wedding insurance depends on factors such as your budget and the circumstances of your ceremony. When you are already spending so much on your wedding, buying liability or cancellation coverage could be a drop in the bucket given your total expenditures. Weddings are seen as a luxury and spending a few extra hundred dollars for a policy will grant you some peace of mind. With everything that can go wrong at such a big event, you can’t afford not to.
Are There any Alternatives to Wedding Insurance?
If you’re having the wedding at your house, your homeowners’ insurance may provide liability coverage. Homeowners insurance will cover your personal property and liability. For example, it may cover any stolen or damaged gifts.
The Bottom Line
Wedding insurance will protect you and your future spouse from unforeseen financial losses so that you can start your marriage off right. The bigger the wedding, the more fun, but also the more risk that something could go seriously wrong. With the insurance policy, you’ll be able to focus on the important parts of your day knowing that any mishaps will be covered by your insurance. A wedding insurance policy can be tailor-made to cover your unique wedding and ensure that you’re protected financially. Make the decision together to choose to protect your wedding and begin married life free of unexpected wedding costs.