The Truth About Wedding Insurance, And Why It Is A Wise Investment In Your Big Day
When my couples become part of our family, they get immediate access to our comprehensive planning software, Aisle Planner (click here to watch a video where I give you a sneak peek of an Aisle Planner board!). One of the features of Aisle Planner is a checklist where we walk our clients through everything they will need to do during the planning process, step by step.
One of those important steps that we always advise our clients to do is purchase wedding insurance. Every single client reads that checklist item and has a question for me about it! I thought it would be helpful for my current clients, future clients, and anyone else reading this little blog to talk about wedding insurance today. I know it isn't a sexy topic, but it is something every bride and groom should be informed about.
Having an at-home wedding? Make a smart investment by purchasing wedding insurance!
Photo | Chris Isham
What is wedding insurance?
Wedding insurance is exactly what it sounds like – just like you would insure any other large purchase, insuring your wedding protects you financially from mishaps and hiccups that can happen on the wedding day. You are likely investing a LOT of money on your wedding – the average wedding costs more than I spent on my car – so why wouldn’t you want to protect that investment? If a wedding-related accident were to leave you out of pocket for any reason, wedding insurance would help soften the blow by relieving financial loss.
Why should I purchase a wedding insurance policy?
I am sure you have heard horror stories about accidents that can happen on a wedding day. Our hope is that each and every vendor responsible for making your day run smoothly does their job and doesn’t run into any obstacles, and we do everything in our power to make that happen (a good wedding planner is another great way to protect your investment on your wedding, but that is a different post for a different day!). The reality is that accidents happen.
Imagine that you have planned your wedding for a beautiful October day in your grandparents’ backyard, and a tropical storm comes through on your wedding day. This is a real story that happened to one of my clients this year! Hey... Fall is hurricane season, and this year was a doozy when it came to weather impacting the flow of our Fall weddings. If this were to happen to you, wouldn’t you be glad you spent the time and money purchasing an insurance policy to help you recover any money you would have lost otherwise? ... And don’t worry – that day turned out beautifully, even though many of our plans had to change and evolve!
Wedding insurance can protect you financially from a variety of accidents: weather-related delays/cancellations, moving your wedding due to the unforeseen illness, a damaged wedding dress, lost photographs, stolen wedding gifts and cards, a vendor that doesn’t show up or perform their contracted duties… I could go on and on! If any number of these things were to happen to you, recovering some of the financial loss would help provide some relief to you.
How is wedding insurance different from the insurance my vendors already have?
Most vendors have liability insurance and professional insurance to protect their businesses in the event that something goes wrong on that vendor’s watch, or if someone were to sue the vendor. These policies would also help the vendor with any legal fees resulting from claims against their business. Basically, you want your vendors to be insured, but it doesn’t necessarily protect you from the aforementioned financial loss that can occur from accidents related to the wedding. There isn't much overlap there.
How do I get a policy for my wedding?
You can get a wedding insurance policy by either adding a special rider onto your existing homeowner’s policy, or you can get a policy through wedding/event-specific insurance companies like Wedsafe or Wedsure. The cost of your policy will depend on the unique circumstances of your wedding, the guest count, and the amount you are spending on the wedding. Most policies range from around $100 up to about $300 or $400 (on the higher end), depending on your event. You can also add on other wedding related events (like the rehearsal dinner) to your policy, which would add to your cost. Obviously, the liability associated with a backyard, tented wedding is greater than a turn-key hotel ballroom. To me, wedding insurance looks pretty inexpensive compared to the loss you could be faced with resulting from any number of accidents, especially if you are hosting the wedding under a tent, outdoors, at home, etc.!
What type of insurance should I consider?
Your insurance provider will be your best resource when you are shopping for policies. You will want to consider both wedding liability insurance (sometimes required by your venue) and cancellation insurance. Some providers break these down even further, so be sure they walk you through everything that they offer so that you can decide on a combination that is best for your wedding.
Wedding liability insurance is sometimes required by the venue, and will protect you and the venue from injuries, property damage, and (if needed) alcohol related instances. In some cases, venues, caterers, and/or bar services will have insurance to protect them from accidents that can happen related to the bar service. Basically, if they are providing and serving the alcohol, they may have a policy to protect them from the inherent liability that accompanies alcohol service. You wouldn’t need to get insurance to protect yourself as well in that case. If you are providing alcohol to your guests at a family/personal property (not a wedding venue), you would want to make sure that you are protected with liquor liability insurance. If you are unsure about whether or not you need this, ask your planner or whomever is providing alcohol service and they will be able to help you.
Cancellation insurance will protect you in the event of cancellation or postponement due to illness, weather, lost deposits, etc. Depending on the policy you select, it can also protect you from things like lost photos/videos, damaged attire, stolen presents, etc.
Remember that, in most cases, you cannot purchase this type of insurance (or at least it won’t be valid) if you are a week out from the wedding and know a hurricane is on its way, or if you have any knowledge of an impending accident/illness that could impact the wedding, so purchase this early on in the planning process for peace of mind in the months leading up to the big day.
The bottom line: you should absolutely purchase wedding insurance, no matter the circumstance, to protect yourself financially. Weddings are very expensive! The cost of protecting your investment is next to nothing compared to your overall spend. If you are planning your wedding, look into these policies today! It shouldn't take you too much time, and you will be able to rest easy knowing that you are protected.
For more wedding planning tips, browse our blog! To get in touch with us and see how we can help you avoid planning pitfalls, enjoy your engagement, and plan the best wedding ever, click the button below and fill out our contact form! We'd love to help you navigate your engagement with ease and excitement!
