What is wedding insurance and do you need it?
Even though you have planned your wedding carefully, accidents could still happen and ruin your big day. Imagine if you order a wedding dress from another town and it gets lost during shipping? Or what if there was a fire at your reception venue a few days before your wedding and you would have to book another place for 3 times the price? Or your father in law was injured in an accident right before the wedding and you had to cancel? Wedding insurance can give you more peace of mind by ensuring that your wedding investment is protected.
What is wedding insurance?
Just like any other kind of insurance, wedding insurance basically protects you financially against mishap and accidents. It protects the wedding couple by reimbursing any costs arising from unfortunate events that are beyond the couple’s control. For example in the case when your wedding dress gets lost during shipments and you have to buy or rent another dress a day before your wedding, the insurance policy will cover that additional cost.
What does wedding insurance cover?
You should read the insurance policy carefully to know exactly what it covers as every insurance policy differs in their coverage. Usually wedding insurance covers the following factors:
Weather: if there is a storm (or any bad weather condition) that hits the city and prevents the bridal party or/and the majority of your guests from coming to the wedding, the insurance will cover the costs of rescheduling the wedding, including all the expenses such as venue, food, flowers, etc.
Venue: Some venues are already insured for the couple. However if it is not, the wedding insurance also protects the couple from any cost arising from unavoidable cancellations. In our example, if your wedding venue happened to be caught in a fire and could not hold your event, the insurance would cover any costs related to finding a new venue.
Vendor not showing up: It could happen that your officiant or caterer (the vendors that are critical to your wedding) did not show up for their mission at your wedding. The wedding insurance then will cover the costs for postponing the wedding because of this mishap.
Any illness or injury: If any people essential to your wedding get injured or sick and the wedding has to be postponed, the insurance will cover expenses involved in the postponement.
Above are the core items that a typical wedding insurance policy covers. However you can also buy additional coverage for practically anything else related to your wedding. For example bridal attire (gowns and tuxedos) can be insured against damages or being lost or stolen. You could also buy insurance coverage for your wedding gifts against theft or damages; a police report is usually required for stolen gifts. However you usually have to report the loss or damage of the gifts within 7 days before or after your event in order to be reimbursed. Honeymoons could also be insured in case your trip gets delayed or you get injured, sick and have to cancel.
What it does not cover…
Cancelling due to a change of heart
Cancelling due to reasons that you already knew when you took the insurance policy
Engagement rings are normally not covered in wedding insurance policy, even though wedding bands are.
Watches, precious jewelry may not be covered, even if the jewelry or gemstones are attached to the attire
How much does wedding insurance cost?
A basic policy costs anywhere between $110 and $550, depending on the desired coverage. As wedding insurance is relatively inexpensive compared to your wedding budget, it is recommended that you take up an insurance policy that best fits to your needs. Before taking up any insurance, check with your venue manager and vendors if they already have their own insurance so you would not have to pay any overlapping coverage.
Which wedding insurance to buy?
There are many wedding insurance options to choose from in the market. WedSafe, a unit of Aon is a company that offers a big variety of wedding insurance policies. Fireman’s Fund also released insurance policies for weddings and other private events a few years ago. Remember to read the policy coverage carefully before and ask the insurance agent any possible questions you may have before buying. Do not assume anything as every policy may be different from each other.