What is a Wedding Insurance & How Does Wedding Insurance Work
Your wedding is a once-in-a-lifetime event that you will most certainly remember for the rest of your life. With this in mind, many couples choose extravagant wedding selections, such as wedding gowns and rings.
With the typical wedding budget hanging around $20,000 these days, your ceremony and reception will most likely be the most costly event you and your partner will ever arrange.
If you’re intending to spend tens of thousands of dollars or more on your dream wedding, it’s a good idea to get the insurance that will compensate you if portions of your wedding don’t go as planned or if your event has to be canceled or postponed.
However, before purchasing a policy, it is critical to understand what it will and will not cover.
What Is Wedding Insurance?
Wedding insurance is intended to protect you against a variety of potential losses related with your special day. These occurrences are typically covered by liability coverage or cancellation coverage.
Wedding Insurance covers the following;
- Injuries or accidents that occur during the ceremony or reception might be covered by wedding liability insurance.
- Wedding cancellation or postponement insurance will reimburse you for expenses incurred if you have to cancel or postpone the wedding due to inclement weather, injury, illness, or a vendor issue.
There are two main kinds of Wedding Insurance:
- Wedding Liability Insurance – Liability insurance will assist you in covering the costs of property damage and injuries sustained during your event. For example, if a wedding guest overindulges in the open bar and breaks the venue’s window, liability coverage may cover the cost of replacing or repairing the window.
- Wedding cancellation/postponement – If the ceremony or reception must be canceled or postponed due to reasons beyond your control, wedding cancellation or postponement insurance will reimburse you. For example, your policy may cover you if the ceremony was canceled due to extreme weather (such as a hurricane or heavy snowstorm), illness, injury, or the failure of a vendor.
How Does Wedding Insurance Work?
When you set up your wedding insurance policy, you must determine your coverage limits and deductibles. These will decide the cost of your insurance, the incidents it will cover, and the amount you will have to pay out of pocket if something does occur.
What does Wedding Insurance Cover?
Because every wedding insurance policy is unique, always read the fine print. Wedding insurance does not cover every eventuality. While policy conditions vary by insurer, the following exclusions are typically in effect:
- Cost- In general, wedding insurance does not cover cancellations or postponements due to financial constraints. Assume you discover that the ceremony and reception have exceeded your budget and decide to cut back. In that situation, your wedding insurance policy would not compensate you for any lost deposits or other expenses.
- A change in heart- If you or your spouse decides to call off the wedding, your policy will usually not cover the costs incurred as a result of the wedding’s cancellation.
- Bad Weather- You will only get reimbursed by your wedding insurance company for cancellations or postponements caused by extreme weather, which means conditions that are so severe that you, your partner, or at least half of your guests are unable to reach the wedding venue.:
Compare insurance coverages from several firms to ensure you understand what they will pay for and under what conditions.
What Is the Cost of Wedding Insurance?
The price of wedding insurance is determined by a number of factors:
- Your location
- The issuing insurer
- Coverage amounts
- Size of wedding
- Optional riders
Liability insurance for weddings normally costs between $165 and $200. A $185 insurance will normally cover $1 million in damages in the event of an accident. The cost of wedding cancellation insurance ranges from $95 to $1,000.
Does Wedding Insurance have Breakups or Gifts cover?
A standard wedding insurance policy normally does not cover lost or stolen gifts unless you add a wedding gift rider to your insurance policy when you purchase it.
Also, wedding insurance usually does not cover wedding cancellations due to a couple’s divorce.
What must be included in a Wedding Insurance?
- Liability insurance should safeguard the wedding couple from a costly lawsuit by covering damage to the wedding site or injury to guests.
- Service providers are addressed by cancellation insurance. If a vendor goes out of business or fails to show up on the wedding day after deposits have been made, cancellation insurance should cover the costs of finding a last-minute substitute.
- If photography, videography, formalwear, jewelry, wedding gifts, or hired property (tents, tables, or chairs) are destroyed or lost, additional coverage is bought to safeguard the bridal couple. Every policy is different in terms of what it includes or excludes, so always read the fine print.