What Is Wedding Insurance and Do I Really Need It?

February 04, 2019

What Is Wedding Insurance and Do I Really Need It?

From renting a venue to hiring a photographer, catering company, DJ and more, planning a wedding is expensive. If something goes wrong during your big day, you could be left with a hefty bill. This has led many couples to purchase wedding insurance. Like other forms of insurance, it provides financial compensation in the event of unforeseen disasters. If you’re thinking about purchasing wedding insurance, though, you should understand what it covers and how it works.

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How Wedding Insurance Works

Wedding insurance is a guarantee by an insurance company that if something goes wrong on your wedding day – assuming it’s covered by the policy – you’ll be reimbursed for the cost. Maybe your photographer never arrives, or perhaps you or your partner breaks both legs! Regardless, wedding insurance will reimburse you so that you can cancel and reschedule your wedding for a different day.

 

The 2 Types of Wedding Insurance Policies

Most insurance companies offer types of wedding insurance policies:

  1. Liability Wedding Insurance: This policy covers damage to the wedding venue that you or a guest cause as well as medical costs associated with injury that occurs on the venue’s property. Liability wedding insurance usually has a maximum payout of $500,000 to $3 million.
  2. Cancelling Wedding Insurance: The most common type of wedding insurance, this policy provides financial compensation if you’re forced to cancel your wedding due to circumstances that are out of your control. Vendor no-shows, bad weather and illness are some of the most common reasons for cancelling a wedding, all of which are covered with a cancellation wedding insurance policy.

cancelled wedding, snow stopped wedding

Check With the Venue

If you’re interested in purchasing wedding insurance, check with the venue to see if they offer any policies. You can always purchase wedding insurance from a traditional insurance company, but many venues offer their own in-house policies – and choosing a policy from your venue may save you money. The only way you’ll know, however, is by contacting the venue and ask whether they offer wedding insurance.

 

Is Wedding Insurance Worth the Cost?

With an average cost of $100 to $600, wedding insurance is relatively inexpensive, especially when you consider the total cost of a traditional wedding. In most cases, couples will never need to use wedding insurance. Even if you don’t use it, though, a wedding insurance policy can provide peace of mind knowing that if something goes wrong on your big day, you’ll be financially compensated so that you can reschedule your wedding.






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