While you may have heard about ring insurance for your new sparkly addition, you might not have heard about insurance for your big day. While many vendors and venues are insured internally, wedding insurance is a great way to protect the financial investments you put toward your wedding. With the average U.S. wedding costing tens of thousands of dollars (and often more), there’s certainly a risk for loss. While it’s not the most fun thing to think about, it's important to be aware of your options. Here's what you need to know about wedding insurance.
Why You Would Need It
As with most experiences in life, unfortunately, not everything always goes according to plan. Whether it's a natural disaster, structural issues, liability issues, cancellations, vendor no-shows, or other complications, there are numerous potential variables for disaster on your big day. With the proper protection plan, you can be covered and prepared. If your venue and vendors are properly and acceptably insured, you may not need the added expense of wedding insurance, but you still might want to consider it.
Questions to Ask
Before deciding if venue, vendor, and private or contracted insurance policies are right for you, make sure you are properly informed. Read contracts closely prior to signing, but also inquire about liability insurance, additional fees and protections, cancellation and refund policies, and more. In regard to wedding insurance plans, look for customized plans versus a "one size fits all" policy, and be sure to understand liability and cancellation clauses of the policy, as those are likely what you'd be most concerned about. There are various forms of coverage, for everything ranging from site to sickness, weather, and beyond. Being informed will help you make the best decision.
What It Costs
Generally speaking, basic wedding liability insurance can cost a few hundred dollars, depending on the total cost and size of your celebration. Cancellation (on the venue/vendor behalf) insurance is typically about the same, and a small number of companies even offer “change of heart” policies, which protect your investment if you or your fiancé decide to call off your wedding. While we would never wish any of the above scenarios on any bride, the unexpected does sometimes happen, unfortunately. Weddings are a big investment, one that may warrant wedding insurance—just in case.