Should I Secure My Wedding with Insurance?

By Joy Mali.

Staging a wedding ceremony is a milestone in and of itself. The whole production is basically a ten-foot high, 12-tier upside-down-cake, teetering on the edges of falling apart. In fact, your big day turning into a disaster straight out of a bad romantic comedy is really not too far from reality and, often times, it’s an expensive nightmare.

The possibility of nature, your guests, or both ruining your big day highlight the importance of wedding insurance, especially given the amount of money poured into these events. As this is the case, it’s a good idea to remember to monitor your credit report as this could spell the difference between getting good coverage for your wedding or not.

What you Should Know

Wedding insurance usually costs a few hundred dollars but could save you tens of thousands if and when the inevitable happens. Weddingstats.org estimates the average cost of a U.S. weddingto be anywhere between $27K-$28K and this doesn’t even include the honeymoon. They also estimate that around half of the 2.6 million or so weddings held in the U.S. annually will overshoot their budget, further increasing the possible losses for some couples.

Comprehensive wedding insurance is available from many companies and these policies will often cover many things, as long as they are within the limitations. However, remember to read the fine print carefully as coverage options, costs, and limitations vary widely. Pay special attention to deductibles, maximum coverage limits, exclusions, and deadlines for purchasing various options. Also make sure you are buying the right policy for your state.

Things to Remember when Buying Wedding Insurance

  1. If you already have a homeowner’s insurance policy and you are holding the wedding or parts of it at home, check how much coverage your homeowner’s insurance policy provides and whether it applies to wedding events. You may need to augment your existing policy with a special rider.
  2. Make sure all major wedding suppliers (caterer, limousine service, etc.) maintain their own liability insurance. Ask for a copy of their certificate of insurance before signing the contract.

What are Common Wedding Insurance Options?

  • Personal liability insurance. Probably the most important insurance, as you can be held responsible if someone is injured at your wedding.
  • Extreme weather. If severe weather conditions (e.g., major snowstorm, earthquake, hurricane, etc.) will, in some way, cause the cancellation of the wedding, costs for rescheduling the event will be covered.
  • Wedding party coverage. Rescheduling costs will be covered if a member of the wedding party or immediate family cannot attend the wedding because of serious injury, previously undiagnosed illness, and/or death.
  • Vendor coverage. If the caterer, florist, or person conducting the ceremony can’t or doesn’t show up, you’re covered for any deposits paid and possibly for the complete cost to reschedule the event, within policy limits.
  • Photographer/videographer option. Some policies will pay to restage the wedding (including travel costs, cake, flowers, etc.) if the photographer/videographer is a no-show or botches up his/her work somehow. Note that some companies may only pay an allowance toward reshoots.
  • Gift coverage. Pays, within the policy’s coverage, for the repair and/or replacement of non-monetary gifts that are lost, stolen, or damaged within a limited time period.
  • Wedding attire coverage. Similar to the gift coverage only this covers the bridal gown, tuxedo, and other special attire bought or rented for the bride, groom, or attendants, when lost, stolen or damaged.
  • Military absence coverage offers protection if one of the couple getting married is suddenly deployed.

The importance of wedding insurance cannot be stressed enough. The above-mentioned are only some of the coverages offered by wedding insurance companies. However, the next question is, will you be able to take out a wedding insurance policy? Remember to monitor your credit report regularly. Some policy vendors may impose higher rates for you and/or reject you outright.

We hope we helped you understand more about the importance of wedding insurance. If you enjoyed this article and you learned from it, please share your thoughts in the comments below.

Joy Mali is a staff writer on The Washington Times and Examiner. Her work is also published on Lifehack, Yahoo and other mainstream sites. She likes to share interesting tips to help people manage their personal finances & credit.

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