In the midst of planning for your wedding, someone may have suggested that you look into wedding insurance. If the idea seems excessive to you, you might be underplaying the risks. The bigger your wedding celebration, and the more expensive it is, the more worthwhile it is to have a policy in place.
The cost of wedding insurance will depend on the number of guests attending, what types of coverage you purchase, and the limits of your policy. In some cases, it can cost you under $200, and, in other cases, you may need to shell out $1,500 for peace of mind. Still, other people may not need to purchase any insurance at all.
An insurance agent can clarify the price of each wedding insurance policy and recommend the level of coverage you may need. However, if you want an unbiased opinion from someone who isn’t making money off your event insurance purchase, ask your wedding planner what they recommend. Likely, they know how to find the best deal on the insurance policy that’s right for you. They also may have their own wedding planner insurance policy, and they could connect you with the same insurance provider they use.
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Do You Need Insurance Coverage?
This will all depend on the size and location of your wedding ceremony, as well as the amount of money you could stand to lose if things don’t go as planned.
If your wedding will take place on your property, or the property of someone in your social network, liability for the event may be covered by an existing homeowner’s policy. Call the insurance company and find out if your wedding will be excluded from coverage before you start shopping for a policy.
If you’re doing DIY decor and throwing a potluck wedding, you probably haven’t put down deposits. If that’s the case, you won’t need to worry about cancellation or postponement insurance. If you have vendors showing up with the wedding cake or to photograph the event and you’ve already made some deposits, you may consider purchasing a modest policy.
If you’re looking at a wedding venue, liability coverage might be included in the price. Others may require you to purchase your own and provide them with a certificate of event insurance before they let you hold your event there.
Once you identify any gaps you have in coverage, you decide whether or not you need to purchase an insurance policy to cover your wedding day.
A cancellation or postponement policy will reimburse you for the cost of your wedding if it’s canceled, up to the policy limit. If it is postponed, you can make a claim, and the insurance company will pay the cost of rescheduling it. These policies may have limits anywhere from $7,500 to $175,000. Common reasons for cancellation that are covered include extreme weather, injury, or illness of a bride or groom, immediate family, or anyone in the wedding party. Depending on your limits, these policies commonly cost between $150 to $600.
Cancellation limits should be close to your overall wedding budget. Otherwise, you may not be able to afford to reschedule. However, you should take note of the sub-limits on the policy. If your event isn’t canceled or postponed, there are still some instances where you can be covered if things go wrong.
For example, one level of wedding insurance coverage may protect you in regards to damages to any special wedding attire up to $1,000. In contrast, the next level of coverage may pay up to $1,500. There are similar sub-limits for wedding rings, gifts, and photos or videos. If you lose your rings, or if a vendor fails to show up, your special day may not be postponed, but you can still get some of your money back.
If your funds are running low and you need to save emergency cash, you may consider a no-deductible policy. If you choose a policy with a deductible you aren’t able to meet, you won’t be able to get any payout if you make a claim. This will likely increase the cost of your premium. Still, it won’t matter how cheap your insurance is if you have an unrealistic deductible for your wedding budget.
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This policy will protect you if you’re liable for any bodily injury or property damage that happened during the ceremony or reception. It does not cover any of your personal property, nor does it cover either of you if you are injured. Wedding liability insurance often comes with liquor liability policies. There will be a payout if one of your guests gets into an alcohol-related accident. If you aren’t serving alcohol at your wedding, you may be able to get a better deal on a wedding liability policy that doesn’t charge for liquor liability.
Liability limits can be anywhere from $500,000 to five million dollars. When choosing a limit, consider how many people will be there and the value of the premises. It’s not just the guests that are covered, either. You may also be held liable for any of the staff you hire at the wedding. The wedding venue you select may require you to have a specific limit in place to hold your ceremony there.
Expect to spend at least $180 if you need to purchase a general liability policy. It may seem like a lot, but it can save you from thousands of dollars of debt if something unfortunate were to happen. It can also protect any of your assets. If someone decides to sue you, it may also help you cover any legal fees.
Honeymoon Travel Insurance
If you’re spending more money on your honeymoon than you’ll see in your account anytime soon, it’s a good idea to get a protection plan. It will be crushing if you have to cancel the trip without getting any of your booking fees back. The cost of a cancellation insurance policy depends on the price tag of the trip and the type of policy you purchase. Some people opt for a standard policy, while others prefer a “cancel for any reason policy.” At most, you shouldn’t have to pay more than 10 percent of the cost of your trip.
You can also add medical coverage, if you’ll be traveling outside the US. These plans will generally cover any medical expenses you need, up to the policy limit, and, in some cases, they will pay for emergency evacuation.
Vendor issues make up a third of wedding insurance claims. The more vendors you are dealing with at your wedding, the more likely you’re to run into a problem. Photographers, florists, officiants, and catering services might cancel at the last minute, fail to show up to the wedding, or suddenly go out of business. Things may not go as smoothly as you’d like to under these circumstances. However, there are still ways to make the event happen, and an insurance policy will make sure you aren’t paying for someone else’s mistake.
Wedding rings are often included in your cancellation insurance policy, as well as any special attire. However, if you have an heirloom engagement ring, it might not be covered. Some insurance agencies will let you add it to the policy. Otherwise, you might consider leaving it out of the wedding ceremony.
There are some things that no policy will cover. If either of you has a last-minute change of heart, your insurance provider won’t pay out any premiums. You may still be able to recoup some of your losses, though. Some services can help you sell off parts of your wedding that you won’t be needing anymore.
A rainy day isn’t considered extreme weather. If you’re planning an outdoor wedding in a rainy season, make sure the venue has an indoor space to use as a backup plan. Additionally, insurance companies generally exclude anything that is considered a known issue. For example, if you or someone in your wedding party has a pre-existing medical condition that could interfere with the ceremony, your policy won’t cover it.
Your wedding insurance policy is meant to cover your special day, and there are limits to the time frame you can make claims on. The rehearsal dinner and any other events you have scheduled outside the wedding day will only be covered if you purchase a separate policy for them.
If you have a plan in place for the worst possible outcomes on your wedding day, it will be so much simpler to relax and enjoy the big day when it finally arrives. For some couples, that means having a policy that thoroughly protects them, even if it’s only for the minor annoyances that may come up.