EVERYTHING YOU NEED TO KNOW ABOUT WEDDING INSURANCE

What do hurricanes, missing vendors, a wedding cake falling over and a lost deposit because the venue closed a week ago all have in common? They are all things that can be covered by wedding insurance. That’s right guys, today we are going to be talking about good ole wedding insurance or really just event insurance in general, why you should consider it and some pros and cons to having it.

Disclaimer: This blog post is not meant to serve as legal advice or take precedence over what your insurance agent has told you. This is meant to just be a guide to help you decide if wedding insurance is beneficial for you and what it may cover. Talk to your agent directly for more detailed advice. Now with that out of the way, let’s get back to the good stuff.

So first, what is wedding or event insurance? Basically it’s just like any other insurance policy meant to protect you against the unknown. You’ve likely heard of event insurance from maybe your venue, your wedding planner or even just a concerned family member. It’s important to note that wedding insurance doesn’t cover cold feet. If either the bride or the groom has a change of heart, you’re out of luck both financially and otherwise. There are generally two types of event insurance, and they are liability and cancellation.

If your venue requires insurance, it is likely liability. This type of insurance helps protect you and your new spouse if someone causes damage to the venue or is injured at your event or on their way home from maybe having one too many cocktails. Liability policies are a little more limited in their scope, but extremely valuable for the sole reason they take the responsibility off of you when it comes to your guests. Policies usually start around $75 and go up from there.

Cancellation Insurance

The other type of event insurance is cancellation insurance. This type provides coverage against lost deposits and non-refundable payments made towards your wedding. It also covers your wedding against unforeseen and extreme circumstances that could result in the postponement or cancellation of your wedding such as:

• Your venue closing down
• Major accidents or illnesses
• Extreme weather conditions (i.e hurricanes, tornadoes, etc.)
• Fires
• Unknown and immediate military deployment
• Hospitalization
• Worldwide pandemics, (cough cough) COVID-19
• And so much more.

I will say though that most insurance companies have likely put a clause in their policies that exclude COVID-19 from their coverages since so many couples have postponed or cancelled due to recent events. Insurance is really meant to be proactive instead of reactive, so if you are currently seeking insurance because your wedding has been cancelled due to COVID-19, I can’t say that you’ll find much luck getting coverage for that specifically. BUT you should still look into it for when you reschedule your wedding just in case, and I pray there isn’t, but in the truly unfortunate instance there is another crazy pandemic that arises around your next event, you’ll be covered.

Cancellation insurance can also protect you if you still have your event, but some extenuating circumstance causes a glitch along the way. Examples of this may include:

• The ring bearer lost the wedding rings
• The photographer shoots with film and her camera was ruined
• Your caterer didn’t show up
• Someone fell into the gift table and damaged all your gifts
• Or maybe you fell into the swimming pool and now your wedding gown is ruined.

Cancellation policies are generally more customizable and your insurance agent can really personalize them to be what you need. You can choose how much coverage you would like, but I recommend consulting with an insurance agent to really get an idea of the amount they recommend based on your overall wedding budget. These types of policies usually start around $100 and go up from there.

So there are some pros and cons to having event insurance that are worth mentioning. See those below.

Cons: Budget, Coverage and Use

1. It will take money out of your overall budget. If you are working with a tight budget, $200 may be a chunk of your budget. If that is the case, definitely talk with your agent about the options you have and if you even need insurance.

2. There are things that wedding insurance doesn’t cover, so you could pay for the insurance, something goes wrong, and your policy doesn’t cover it. This is why it’s super important to talk with your agent and really understand what is and isn’t covered under your policy.

3. You may not use it. This is a con for wedding insurance, but a pro for your overall wedding day. I HOPE you don’t have to use your policy because that means your wedding went off without a hitch, but it does suck to pay for something and not have needed it.

Pros: Peace of Mind, Relatively Inexpensive and Customization

1. It gives you peace of mind. It’s similar to reserving a tent for your outdoor wedding. You have a “just in case” backup plan against anything that might happen. I know couples today that purchased insurance prior to the COVID-19 pandemic are REALLY thankful they did because they are not going to lose any of their money if they have to cancel or postpone.

2. It’s rated according to how much you will spend on your wedding. This means that if you have a lower budget, the price of your policy will also be cheaper. Most weddings will not need a policy of over $200, and as unromantic as it is, a lot of disasters can happen during your engagement or on your wedding day that you will want to be prepared for.

3. It’s highly customizable. You can pick and choose what you want covered and how much coverage you would like. This means that you are in control if something does go wrong, and you know exactly what your other options are. I recommend that you create a list of the most important aspects of your big day and do some research on how much coverage you should get.

Overall, having event insurance can really make all the difference if something goes wrong on your wedding day. For only a couple hundred dollars, I highly recommend that you purchase it or at least consider it. It is also worth noting that your current homeowners insurance plan could protect you against some wedding related expenses, and some policies have an add-on that you can use to cover your wedding as well. Whatever you decide, I really hope that you don’t even need the policy, but having that peace of mind can really help a stressed out bride.