Why you Should Reconsider Wedding Insurance

Now more than ever, couples are opting to insure their weddings to protect themselves from the unexpected. Here’s a rundown of what wedding insurance is and why you should definitely put it at the top of your to-do list.

During these times, an unprecedented number of couples–nearly a million and counting–are dealing with the heartbreak of postponing their special day. If anything can be taken away from this staggering statistic, it is that its best to err on the side of caution, especially when it comes to an investment as substantial as a wedding.

Although the idea of wedding insurance is still fairly uncommon compared to car, home, or even engagement ring insurance, we are seeing more and more couples opting for this added protection, above all, for peace of mind. 

As a way to demystify wedding insurance and all that it entails, here’s a quick run-through of what exactly it is, and what the next steps are if you decide it’s worth the investment.

What is Wedding Insurance?

Generally speaking, wedding insurance protects a couple from any losses that may occur due to various factors, whether it’s from unforeseen events that cause damage to your venue or injury that occurs at or after your wedding.

There are two main types of event insurance: general liability insurance and cancellation coverage. General liability insurance covers the couple for accidents at the wedding, such as injuries or property damage to the venue. (Note: Some venues will even require this to cover the set-up and breakdown of your event.)

Cancellation coverage protects the couple’s costs, like lost deposits and payments, due to postponement or cancellation as a result of an unexpected event (like a hurricane, deployment, etc.). It could also cover for vendor no-shows and vendor bankruptcy.

Can I Get Wedding Insurance Now in Case I Have to Postpone Later?

Generally speaking, yes–but in the event that your wedding is postponed because of restrictions due to COVID-19, it would not be covered under insurance because it is considered a previously declared pandemic, and a known cause for cancellations. If your wedding was to be postponed because of unknown circumstances, then that’s when your policy would cover the costs.

When Should I Purchase Wedding Insurance?

The earlier, the better. If you get an umbrella policy to cover yourself during the planning process, you’ll be covered for all of the potential loss in costs before things get a little hectic.

How Much Does Wedding Insurance Cost? Where do I Purchase It? 

If peace of mind isn’t a complete selling point, the fact that wedding insurance for both cancellation and liability typically range from 1–5% of your total wedding budget should be the kicker. 

Wedsure and Wedsafe are reputable online wedding insurance vendors, but check if your current homeowner’s (or even your car) insurance provider can provide an umbrella policy that can include your special day as well.

Note: What we state your wedding insurance policy should include is a general idea, taken from multiple wedding expert websites. It is by no means, an actual insurance outline that should be taken verbatim.