If your wedding budget is $30,000 or more (official average American wedding budget), you will probably need wedding insurance to prepare for risks. But there are a variety of options available on the market, not to mention that a lot of wedding insurance contracts are created individually for every couple, so it’s ok to be confused. We’ll try to help you find your feet. Let’s specify a little the risks wedding insurance works with and common wedding insurance coverage issues. As usual, the main advice is, read your contract thoroughly before signing so that you know what coverage you can count on.
Wedding insurance is a special event insurance specifically made for weddings. It helps the couples to mitigate the risks regarding a wedding. What are the main risks in this matter? It could be wedding vendor issues, property damage, weather problems, illnesses and injuries to the couple, bridal party, or wedding guests, and other mishaps that can happen on the wedding day and ruin a wedding. Unfortunately, wedding insurance doesn’t cover most COVID-19 related situations (which a lot of couples have already found out the hard way), but, as you see, there are many other significant issues that can be covered by wedding insurance.
The brides and grooms-to-be often get confused about whether they need to purchase wedding insurance or can go without it. This is what we have to say. Most of the wedding planners and insurance specialists advise to buy insurance if your wedding costs more than $10,000. Considering that the average American wedding budget is about $30,000 or more, wedding insurance can be useful for a lot of couples. The basic wedding insurance policy usually costs somewhere around $100-500 (even premium options start from $175 and go up to $1,000), which is not much. So, even if nothing bad happens, you will lose only a couple hundred bucks, but in case something goes sideways and you do need financial support, the coverage may go up to $200,000 or even to $1,000,000.
Wedding insurance protects you from untrustworthy wedding vendors. It happens sometimes that they don’t show up with your order or cancel said order days before the wedding (or any other problems with vendors occur). And rarely, they return a deposit of their own volition. Sure, you could sue them, but it means a ton of time, effort, and money, and even then, there is no guarantee you’ll win. So, it’s much easier to get the money back through insurance. This concerns food vendors, wedding photographers, wedding dress makers, florists, etc.
Of course, the insurance price and coverage depend on the conditions mentioned in your contract. In every particular case, the conditions and issues written in the contract can vary. First of all, you can choose either event cancellation coverage (helps you get back some costs in case of postponing or canceling the wedding) or event liability coverage (will be useful in case of smaller mishaps during the wedding day). Also, you can mention which issues you want to include in your insurance policy. And this is great news because you don’t have to overpay for something that isn’t relevant for you.
Wedding insurance coverage issues in detail
This type of wedding insurance is meant to protect you from losses connected to the cancellation or postponement of your wedding. These situations lead to the biggest loss of money (not mentioning the psychological trauma) and so the payments should be large. The insurance coverage has to be no less than the wedding’s overall cost, as it covers your deposits, wedding attire, wedding rings, food and drinks, gifts, sometimes even your honeymoon expenses, etc.
This policy is active only for the duration of the event (rehearsal dinner, wedding ceremony, wedding reception). Often, the wedding venues ask to be listed as additional insured and require a Certificate of Insurance. That’s because their property is at risk during the wedding day. The event liability coverage is about any damage done to the equipment, accommodation, furniture, wedding décor, etc.
Host liquor liability
This particular insurance coverage is about protecting your wedding guests from any bodily harm and the location from any property damage caused by alcohol. A wedding is an event with plenty of drinking, and so some people might get ill or injured because of large quantities of beverages. Or they might break furniture, plumbing, décor, etc. If such unpleasant things happen, your insurance will cover the hospital bills and wedding venue repair expenses.