What is Wedding Insurance? You can recoup your expenses if you have a bad experience. With an average wedding budget of $20,000, the ceremony and reception are likely to be the most costly events you and your partner ever plan.
It’s a smart decision to purchase wedding insurance, as so much money is at stake. It’s crucial to understand the coverage of your policy before you purchase it.
What is Wedding Insurance?
Special event insurance, also known as wedding insurance, provides financial protection for your celebration. There are two types:
- Liability insurance for weddings. Liability insurance can help you cover any property damage or injuries that may occur at your wedding. Liability coverage can pay for the replacement or repair of damaged windows and glass if guests are too enthusiastic about the open bar.
- Cancellation or postponement of a wedding. If the reception or ceremony has to be canceled, or postponed because of circumstances beyond your control, you will receive reimbursement from your insurance. Your policy may cover you if the ceremony is canceled due to extreme weather conditions (e.g. a hurricane, severe snowstorm), illness, injury, or because a vendor has gone out of business.
Wedding Insurance Riders
Although wedding insurance covers specific circumstances, you can also purchase optional insurance riders to increase your coverage. Several common riders might be available:
- Service in the military. A military service rider will cover costs for rescheduling if you or your partner are serving in the military, active reserve, or other branches of the military.
- Bridal gowns, tuxedos. This rider covers the cost of new clothes if the store where you purchased your wedding gown or your tuxedo goes out of business.
- Honeymoon. A honeymoon rider may be able to reimburse you for travel costs if you need to cancel your honeymoon due to inclement weather.
What does not wedding insurance cover?
The coverage of wedding insurance does not cover every possibility. Although policy terms may vary from insurer to insurer, these exclusions are usually in effect:
- Cost. Wedding insurance does not cover cancellations or postponements for reasons other than cost. Let’s say you realize the cost of your wedding and decide to cut back. Your wedding insurance policy will not reimburse you for any deposits or other expenses.
- Change of heart. Your policy won’t usually cover cancellation costs if you or your partner change their mind about getting married.
- Bad weather is normal. You will not be reimbursed by your wedding insurance for cancellations or postponements caused by extreme weather conditions. This means that your partner or at least half of your guests are unable to reach the venue due to severe weather. The policy will not reimburse you for more common weather conditions, such as rain on your wedding day.
You should carefully read the exclusions and terms before you purchase a policy. This will help you to understand what is covered and what is not.
What is the cost of wedding insurance?
Many factors influence the cost of wedding insurance.
- Your location
- The issuing insurer
- Limitations on coverage
- Wedding size
- Optional riders
A basic cancellation or postponement policy costs between $100 and $500. For $125, you can get a general liability policy with up to $1,000,000 in coverage for injuries or accidents.
It is a smart idea to compare quotes from different insurance companies and shop around. Check out our list of the top 2021 wedding insurance companies.
Is Wedding Insurance Available for Gifts?
A basic policy of wedding insurance doesn’t usually cover stolen or lost gifts unless you add a gift rider to the plan when you purchase it.
Is Wedding Insurance Coverable for Breakups?
Wedding insurance doesn’t usually cover cancellations because of the couple splitting up.
Where can I buy wedding insurance?
Some major insurance companies sell wedding insurance, while others specialize in this niche.
The bottom line
If things do not go according to plan, a wedding insurance policy will help you cover your expenses. A policy for a standard ceremony can cost several hundred dollars, but considering the average wedding’s current price, it might be worth it.
As soon as you start planning your wedding, it is a good idea to begin looking for wedding insurance policies. Compare rates and policies from different companies. Also, be sure to review the exclusions and restrictions as policies can vary greatly in terms of what they cover.