For wedding couples, or their parents, who have lovingly
planned every detail and budgeted down to the last penny, even a relatively small loss can
feel devastating, while a large loss or liability claim can bring true financial disaster.
Disasters can happen anywhere and anytime, including your
wedding day. When something unexpected goes wrong, it can be frightening how quickly
the costs can add up. This is where wedding insurance can help you.
There are companies that exclusively sell wedding
insurance, as well as large providers that offer wedding insurance such as Allstate or USAA.
Cancellation or Postponement Insurance
When planning your wedding day, it’s hard to imagine a
scenario where you’d want to cancel or postpone a wedding. The truth is, this happens all the
time. An unexpected illness, a pregnancy or a military deployment may all make you reconsider your
When dealing with a life-altering event, worrying over
deposits should be the least of your concerns. This insurance will cover your paid deposits
while you take time to figure out next steps.
Some couples may feel hesitant to purchase this type of
insurance, as if they are betting against their own wedding. No need to feel this way. This type of
insurance doesn’t cover someone getting “cold feet,” but rather can help couples facing
major life changes or setbacks.
Liability insurance is the second type of insurance you
may need and can cover a number of scenarios. General wedding and event liability can cover
property damage or personal injury.
Additional Insured Liability coverage is sometimes
required by venues in their wedding agreements. Whether it’s a requirement or not, this
liability insurance will protect against any damage that may happen during the course of your wedding
as caused by you or your guests.
If you’ve hired an event planner or decor production
company, there’s a good possibility they are securing this type of coverage in advance. Many venues will
require DJ’s, lighting companies, and event decor companies to carry this insurance to
protect the venue from any damage during loading in and out of the venue, as well as during
Obtaining Alcohol Liability Insurance certainly has its
advantages. How important it is for you to obtain this type of liability insurance depends on your
wedding. If your caterer is providing the alcohol for your wedding, they’ll likely already need
insurance in order to get a permit to serve at your wedding. If you’re at a
venue that does not hold a liquor license and you’re bringing in all your own alcohol, this insurance is recommended and may
even be required by the venue.
When it comes to honeymoons, check before purchasing
travel insurance. Your credit card company or homeowner’s insurance may cover you if your
luggage is stolen or your trip is delayed or cancelled. If not, you can buy separate
trip-only insurance but some agencies do include travel insurance for your honeymoon.
Like every type of insurance, the investment to purchase
insurance far outweighs the loss you could incur through cancellations, damage, and injury.
Peace of mind when planning a wedding is worth a lot to couples and makes the process of
wedding planning far more enjoyable.
You’ll likely get the best rates if you get an insurance
policy through your current provider should they offer one. The final cost of your plan varies
greatly depending on how much insurance you purchase.
A basic host liquor liability policy can range between
$75 - $125, with a full general liability policy upwards of $185. A cancellation and deposit
policy, which often includes coverage for items like your jewelry, wedding photos and gifts, ranges
between $130 - $350.
Before you buy wedding insurance, check to see which of
your vendors have their own insurance and what it covers to avoid paying for
overlapping coverage. Once you have this information, you can decide what you
should look into with your insurance agent.
Every insurance policy and every wedding scenario is
different. Be sure to sit down and discuss all the details with your insurance agent and tailor a
policy that fits your needs. Ask questions and shop around to get the best deals.