How much is your peace of mind worth? That's the big question behind wedding insurance. Whether or not wedding insurance is worth it might depend on the couple and the wedding. But for certain weddings, it's a must-have. Here's why.
Lavish Weddings: Protect Your Investment
If you've invested in a lavish wedding with a long guest list, wedding insurance can give you peace of mind that you won't lose any of your money even if things don't go perfectly well. The bigger the wedding, the more things can go wrong. So as weddings get bigger, fancier, and more complex, the value of protecting yourselves from financial loss goes up. That's why experts always recommend wedding insurance for high-budget affairs.
What Does Wedding Insurance Cover?
Just as car insurance can have different levels of coverage, what wedding insurance protects depends on the package you get. Mainly, basic packages cover two things: liability and cancellation coverage.
Most packages include some level of financial protection if there are issues with the venue, if vendors don't show, or if the bride or groom are injured. Other coverages might include taking care all your re-booking costs in the case of severely inclement weather ruining your occasion. Many policies also offer injury coverage, up to a certain limit, to reimburse medical bills for injuries that happen during the ceremony or reception. In addition to that, below are some other aspects of the wedding you can protect with a premium wedding insurance package:
- Wedding Gifts: It could rain on the gifts. A hotel guest could snag one of the boxes. Or a drunken uncle could stumble into the gift pile, smashing vases and ceramic bowls as the stack of boxes tumbles down.
- Gowns & Tuxes: From spilled wine to splashed mud, a lot can happen to your wedding attire. The right wedding insurance policy includes coverage for gowns, tuxes, and other fancy wedding clothing and accessories.
- Photography: It's one thing if you aren't happy with the photos. But if memory cards get corrupted, negatives get exposed, or cameras get wet, what should have been the best record of your perfect day could be ruined. Some insurance policies just ensure you get reimbursed, while others actually pay to gather key wedding party members and re-stage the event after the fact.
What About Honeymoon Insurance?
Honeymoon insurance is a great idea as well. However, it will probably need to be bought separately from wedding insurance. Honeymoon insurance covers you if unforeseen events threaten to ruin your once-in-a-lifetime trip. It primarily covers canceled flights, lost luggage, and injuries, but some honeymoon insurance packages also include hotel reimbursement if there is an issue with your booking. For adventure honeymooners, special insurance designed specifically for outdoor activities is a good option.
What Does Wedding Insurance NOT Cover?
Just as it's important to know what your policy covers, it's critical to know what is NOT covered as well. All couples should know that getting cold feet -- that is, deciding at the last minute you've made the wrong choice, and don't want to get married -- is not covered by any wedding insurance plan. Second thoughts regarding the marriage don't qualify you for reimbursement. In addition to that, you'll have to go through the awkward situation of losing deposits and other payments due to bailing on the wedding. If you do decide to buy insurance, do so as early as possible, before booking venues and vendors.
How Much Does Wedding Insurance Cost?
The cost of wedding insurance varies greatly depending on the level of coverage. For basic packages, $175 is pretty standard. Higher levels of coverage, with coverage limits as high as $1 million, are significantly more expensive. Expect to pay $500-$600 for premium plans with low deductibles and high coverage limits.
Questions to Ask Before You Buy Wedding Insurance
Before buying wedding insurance, ask your vendors and venue what is already covered. This way, you will avoid paying for coverage that would end up being redundant. Always read contracts before you sign them -- this should be obvious, but many people don't -- and make a spreadsheet with all your chosen vendors that shows cancellation deadlines, cancellation penalty fees, what insurance each vendor provides, and other key information. This will make it easier to figure out what kind of additional coverage you will need to buy.
Do I Need Wedding Insurance?
The key take-away here is, whether or not you need wedding insurance is entirely up to you as a bride and groom. However, the more money you spend on your wedding, and the more complex it becomes, the more wedding insurance will be worth it. The big question is, how much are you willing to pay for peace of mind? Unforeseen events occur all the time, and if they ruin the biggest day of your life, well...you'll wish you had insurance. And the whole point of insurance is, better to buy it and not need it, than NOT buy it, and wish you had!