Everything You Need to Know About Wedding Insurance
While wedding insurance is not always top of mind for couples while planning the wedding it is becoming increasingly more popular. The average cost of weddings in the US topped $35,000 in 2016 (yikes), as one of the biggest expenses you’ll ever endure it makes sense to spend a little extra money to ensure you are protected. Wedding day insurance is affordable and essential to having true piece of mind in the days leading up to your wedding and even can help alleviate stress on the the big day!
So what is wedding insurance anyways? A wedding insurance policy usually covers postponement of the wedding, cancellation, and a slew of other unforeseen circumstances that are outside of the couples control. It protects the couple’s investment in deposits, non refundable purchases, lost or stolen items, illness and even injury. We break down the basics about wedding insurance below.
How much does wedding insurance cost?
The cost of the wedding insurance policy is based on your overall wedding budget. Couples can expect to pay anywhere from $150-$600. Note this is not part of your general liability policy which covers injuries of guests or vendors on your wedding day. A general lability policy for your wedding is usually required by your venue and will cost $150-200.
What does wedding insurance cover?
Wedding insurance typically covers unexpected cancellations, natural disasters, weather that prevents key members in the wedding to attend, vendor no shows, illness or sickness of the bride or groom, and military leave. It also can cover damaged items like your wedding dress, lost tuxedos, and other major purchases that are essential to the wedding.
When should you buy your insurance policy?
The best time to buy your wedding insurance policy is right after you book your wedding venue! Once your the wedding date is locked in, you are likely to start writing checks for vendor deposits . Those checks can add up as many vendors and the venue require a sizable portion of the budget upfront.
While many vendors have their own insurance policies their coverage may not be protective of you as the client. Always ask for a copy of their insurance policies and compare deposit or funds given to that vendor.
What does wedding insurance NOT cover?
Cold feet! If you have a change of heart don’t expect your policy to cover you. Additionally, a wedding insurance policy does NOT cover your engagement ring and we highly recommend purchasing engagement ring insurance as well.
With all insurance it is key that you READ THE FINE PRINT. Make sure you talk over all the details of your policy with your insurance agent.
Thinking about getting a policy? Click here to get a quote.