Show What exactly is wedding insurance—and how does it work? Here's the inside scoop. Samuel Borges Photography/Shutterstock.com
Though you might not want to think about it, disasters can strike your wedding day. From a sudden cancelation to stolen gifts to a damaged gown, wedding insurance can help protect you against the unforeseen, and can also afford you great peace of mind. But what exactly is wedding insurance—and how does it work? Here's the inside scoop. Overview of Wedding InsuranceSo what is wedding insurance? Basically, wedding insurance protects a couple's investment from circumstances beyond their control, and reimburses expenses incurred. For example, what if your limo driver doesn't show up and you have to book another one the morning of the wedding—for three times the price? Or what if the groom's custom-made tuxedo is lost in airport baggage, and he has to buy a new one the day before the wedding? What if your reception space goes out of business a month before the wedding, and you lose your deposit and have to book another space? These are the types of wedding day financial losses that wedding insurance can help to protect. Why Get Wedding Insurance?Consider these scenarios:
The Two Types of Wedding InsuranceInsurance can be complicated business, and wedding insurance is no exception. Similar to how your car insurance has both liability and comprehensive options, wedding insurance typically comes in two flavors: liability and cancelation. Liability insurance protects you from responsibility from any accidents or injuries during your ceremony or reception. This extends to alcohol-related incidents. Some venues require this, and your local jurisdiction may also require it for a liquor permit. Rehearsal dinners are not always covered, but can sometimes be added on as an option. Cancelation insurance reimburses you for all money spent in the event your wedding has to be called off. There is a very important caveat to this: nearly all policies do not cover a change of heart. There are some exceptions to this and they almost exclusively apply to a third party paying for the wedding. How Much Do You Have to Spend?A basic insurance policy that covers loss of photos, videos, attire, gifts, rings and deposits usually costs anywhere between $155 and $550, depending on the amount of coverage you want. General liability insurance, which covers up to $1,000,000 for accidents, costs around $185. Wedding insurance cost can vary significantly, so shop around. Do You Really Need Wedding Insurance?Before you buy wedding insurance, check with your each of your vendors to see how well they're covered—your reception site or your caterer may already have their own insurance, so you wouldn't want to pay for overlapping coverage out of your own pocket. Ask your vendors for a copy of their policy, and then figure out where you aren't fully covered. If a venue doesn't have its own insurance, liability insurance is a must and may even be required. You do not want to be held responsible for any accidents, especially if you have alcohol at your wedding. Cancelation is a good idea in general, but especially relevant depending on your location. For instance, a beach wedding during the hurricane season has a much higher probability of being canceled. You may not have to buy wedding insurance on its own; if you own a home, ask your insurer if they can add on a rider for your wedding. For instance, items like your rings may be covered under your existing property insurance. Your parents or other family members should also do this if they're paying for the wedding. It's best to check with your insurance provider for details around jewelry and other high-value items. When Should You Get Wedding Insurance?The sooner the better. Let's say you put a deposit on your wedding reception hall 12 months prior to your wedding date and then it burns to the ground a few weeks before the big day. With wedding insurance, you'll be sure to get your deposit back. But note: Most insurance companies have limitations on how far in advance you can purchase insurance. What Does Wedding Insurance Cover?Problems with the site, weather, vendors, key people, sickness or injury are the top concerns come wedding day. There's usually a specified maximum amount, which can be claimed under each section, and a deductible also applies. Be sure to find out the details of your insurance plan.
Wedding Insurance Doesn't Cover...
Additional CoverageCouples can take out supplemental policies to defend against damages incurred by other wedding-related items such as photography, videography and gifts.
Things to ConsiderEvery insurance policy and every wedding scenario is different. Be sure to talk to your insurance agent—and have him or her explain the nuts and bolts to you. You want to make sure you understand every detail of your policy. |