what you need to know about wedding insurance · choosing the right wedding insurance policy...
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5/1/20, 12:33 AMWhat Is Wedding Insurance — and Do I Need It? | WalletJoy
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Casey Bond | March 20, 2020
What You NeedTo Know AboutWeddingInsurance
Planning a Wedding
A nyone who has planned a wedding knows that endless hours and a
good chunk of change can go into it. So, leading up to the big day, one
of the last things you want is for something unexpected to derail your
wedding — leaving you stuck with the bill.
“Most couples would rather not imagine something going wrong at their own
weddings, but the reality is anything can happen,” says David Berke, founder
of eWed Insurance, a wedding insurance company.
In fact, the coronavirus pandemic and increasing government restrictions on
social gatherings have forced many people to rethink any weddings scheduled
over the next few months. Engaged couples are struggling with the di!cult
decision to keep, postpone, or cancel their wedding dates.
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“It’s better to be prepared than to be blindsided by something that can very
easily ruin everything you’ve planned for with such care,” Berke says.
So, how can you prepare? For many couples, wedding insurance provides that
peace of mind.
What Is Wedding Insurance?
Wedding insurance, also known as special event insurance, covers couples
against losses due to circumstances outside of their control. Depending on
the type of coverage you purchase, you can protect yourself "nancially from a
wide range of circumstances, such as problems with vendors, illness or injury,
extreme weather, military deployment, lost or stolen gifts, and damage to
wedding attire.
Don’t Miss: Smart Ways to Save on Your Wedding
Emilie Dulles, owner of Dulles Designs, which prints custom stationery and
invitations, recommends wedding insurance to 100% of her clients. For one,
many venues require couples to show proof of insurance in case they become
liable for bodily injury or property damage. It’s also a relatively small price to
pay for protection against the unknown, according to Dulles.
“It should be factored into every wedding budget as a line item right up there
with venue, invitations, #owers, food and beverage, etc.,” she says.
What Does Wedding Day Insurance Cover?
5/1/20, 12:33 AMWhat Is Wedding Insurance — and Do I Need It? | WalletJoy
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In 2010, a Dulles Designs client was planning a formal wedding at the Kiawah
Island Golf Resort near Charleston, South Carolina, when the unexpected
struck.
“We had designed and letterpress-printed her beautiful wedding invitations
and were ready to hand-cancel and mail her calligraphy-addressed envelopes
out to all invitees,” Dulles says. However, right as the team was stamping the
envelopes, it learned via local news that the client’s wedding reception venue
was on "re.
“Sadly, the River Course Clubhouse was so severely damaged in the "re that it
was clear no wedding would be taking place there anytime soon,” Dulles says.
The good news was that the bride had wedding insurance. Not only was she
able to switch venues, but her initial investment in custom stationery was also
protected. Dulles Designs printed a new reception insert card explaining the
change in venue and mailed everything to her guests as quickly as possible.
That’s just an example of how wedding insurance protected one couple
leading up to their big day. However, what’s actually covered by insurance
depends on the policy you purchase. There are two types of wedding
insurance, according to Berke.
Wedding liability insurance
Berke says liability insurance is typically required by your venue. It safeguards
both you and the venue in the event of damage caused by your party, or if
there’s an injury that you’re responsible for.
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These insurance policies often include host liquor liability insurance, which is
necessary if you’re catering the wedding yourself or if the venue or catering
company doesn’t have it. Host liquor liability insurance protects you in case
alcohol consumption at your wedding leads to any charges.
Liability insurance usually covers a 24- to 48-hour period that ends once the
reception is over. So, while you may be able to insure the rehearsal dinner,
your post-wedding brunch likely won’t be covered.
Related: What You Need to Know About Catering Costs
Wedding cancellation insurance
Cancellation insurance protects you from unforeseen events that could force
you to postpone the wedding and lose your deposits.
“Examples are extreme weather, a "re or #ood at your wedding venue, vendor
no-shows, loss or damage of wedding day photos and videos, replacement
bridal dress, rush alterations, stolen or damaged gifts, and more,” Berke says.
What’s Not Covered By Wedding Event Insurance?
Wedding insurance covers many things, but understand that you aren’t
protected in every instance. Most importantly, you should know that you
won’t be covered if you call o$ the wedding due to a change of heart,
according to Berke. So, if you get cold feet and decide to pull the plug on your
big day, you’ll be fully responsible for the costs.
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Additionally, while wedding insurance may cover your wedding rings, your
engagement ring might not be protected. Considering that the average cost of
an engagement ring was $5,900 in 2019, according to WeddingWire’s 2020
Newlywed Report, it’s possible that you’re worried about potential damage,
theft, or loss of your ring. In that case, purchasing separate engagement ring
insurance could help give you peace of mind.
Finally, jewelry and watches worn by the wedding party and guests might not
be covered by wedding insurance, according to The Knot.
How Much Wedding Insurance Costs
What you’ll pay for wedding insurance is in#uenced by a few factors, including
the number of guests in attendance. General liability insurance providing $1
million in coverage will cost about $185, according to The Knot. However, the
"nal cost of your wedding insurance policy could end up being much lower or
higher, depending on your situation and the amount of coverage you buy. Of
course, adding cancellation insurance will bring the cost up. A basic policy
covering losses such as photos and videos, gifts, wedding attire, rings, and
various deposits typically runs from $155 to $550.
Choosing the Right Wedding Insurance Policy
Insurance is generally purchased as soon as you start paying deposits to your
venue and vendors, according to Berke. “This is the time you start to be at risk
for a loss,” he says.
Deciding on the best wedding insurance policy for your situation might seem
overwhelming. But don’t stress — there are a few steps you can follow to
determine the coverage you need.
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1. Start with the venue
The "rst thing you should do is go over your venue’s contract. Find out if the
venue has its own liability coverage or if you’ll need to buy it.
“Liability insurance can be purchased closer to the event date, once you have
"nal details and guest counts con"rmed,” Dulles says.
Either way, liability insurance isn’t something you want to skip, as a major
injury or damage to the venue could leave you with a bill for thousands of
dollars.
2. Decide on liability, cancellation, or both
Next, "gure out what type of policy you’ll need based on the losses you want
to protect against. We’ve established that wedding liability insurance is
important to have, but you’ll want to carefully weigh the decision to add
cancellation insurance. After all, shelling out a few hundred dollars for this
type of coverage might mean you’ll need to trim the budget for #owers or cut
a couple of people from the guest list. Most couples purchase insurance in an
amount roughly equal to their wedding budget, Berke says.
When deciding whether to get cancellation insurance, consider di$erent
factors at the time of your wedding. Are snowstorms a possibility, or is it
during hurricane season? Could you or your future spouse be deployed
before getting the chance to tie the knot? What would you do if an important
member of your family became ill and couldn’t make the ceremony?
If you decide to purchase cancellation insurance, Dulles says you should do so
before making any big payments, such as purchasing the dress, booking the
venue and band, or designing and printing the invitations. This helps ensure
5/1/20, 12:33 AMWhat Is Wedding Insurance — and Do I Need It? | WalletJoy
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By Casey Bond
Casey is a seasoned personal "nance writer and editor. Her work has appeared in a number of major nationalpublications including Yahoo Finance, MSN, Forbes and others.
that each payment receipt or invoice date is well within the coverage period.
3. Find the right insurance company
Once you’ve decided on how much coverage to get, it’s time to pick an insurer.
There are plenty of wedding insurance companies out there, so how do you
choose the best one? Like with your policy, the right insurer for your situation
will change depending on several factors, like the size of your wedding, the
venue location, and existing coverage.
“You should research wedding insurance with your existing insurance provider
and also inquire from large nationwide companies that might have more
competitive rates,” Dulles says.
The Bottom Line
No matter your budget, your wedding day is usually a memorable one. Make
sure you remember it for all the right reasons by protecting yourself against
life’s unknowns. Whether you want to cover the bare minimum or protect
every possible aspect of your wedding, there’s a policy out there that’s right
for you.
5/1/20, 12:33 AMWhat Is Wedding Insurance — and Do I Need It? | WalletJoy
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