Wedding Insurance: What You Need to Know

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Wedding insuranceThere is an increasing trend toward couples purchasing wedding insurance.  This protects against disastrous scenarios, such as the wedding venue burning down 2 days before the wedding.  I guess this makes sense, given the average cost of a wedding these days, but you must watch out for pitfalls.

What Wedding Insurance Covers

First off, you need to understand what exactly wedding insurance covers.  Generally it reimburses you for deposits or money that you’ve incurred or paid that would typically be lost if an unforeseen circumstance results in a postponement of the big day.  For example, if one of the key vendors closes shop right before the wedding, or if some chain of events prevents out of town guests from attending, wedding insurance will cover the costs associated with cancelling and rescheduling.  Some specific examples of covered costs include those associated with gifts, attire, deposits, photography, transportation, rented venues, and a host of others.  Note that you can also buy wedding liability insurance that would cover injuries and/or property damage incurred during the event.

What Wedding Insurance Does Not Cover

Of course, all insurers and policies are different, so it’s important to read the fine print.  There might be restrictions of coverage on specific types of expenses or events.  For example, no policies cover basic weather inconveniences like rain – they are all limited to natural disasters.  Also, even if you have coverage for attire, expenses related to jewelry are typically not covered.  Broken wedding gifts, subpar photos and runaway brides are also typically not covered!  So the bottom line is that you absolutely must make sure you know what is covered and what is not.  Again, read the fine print!

How Much Does It Cost?

The cost of wedding insurance will vary depending on your state, the size of the guest list, time of year, the insurer, your deductable, and possibly other factors.  That said, I can give you some rough averages.  A policy that covers up to $7,500 in postponement fees would cost roughly $150 with no liability coverage, and about $240-$300 with liability coverage.  The most expensive policies cover up to $175K in postponement expenses and have at least $1 million in liability coverage.  These policies can cost anywhere from $900-$1,200.


Of course, all of this begs the question: is wedding insurance really necessary?  Well, that unfortunately is not something that can be answered here as it is a highly personal decision.  That said, you will need to consider your wedding budget, the risks involved, and the overall scope of the wedding in order to decide.  Additionally, check your existing homeowner’s or renter’s policy, or consult with your insurance agent, as you might be covered for certain items or events already.  Finally, make sure you do your homework so you can make an informed decision.  Good luck!

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