Considering Wedding Insurance
Planning a wedding is a huge investment. For some couples, it’s the biggest financial decision they will ever make, aside from purchasing a home. After the dress is purchased, the invitations are ordered, the reception hall is reserved, and all the decorations and food are secured, the cost of a wedding can add up quickly. Whether you are planning for something simple and intimate or “going all out”, even the less lavish of weddings can cost thousands of dollars, but it’s worth it, right?
While no soon-to-be-wed couple wants to think about any unexpected surprises or “disasters” on the momentous day, such unfortunate events occur. Does it mean your future together is destined for failure? Not likely, but it all depends on how you look at it. If you’ve got some extra money to spend, you may want to consider wedding insurance.
What is Wedding Insurance?
These days it seems as though one can insure pretty much anything and wedding insurance seems like a good idea, particularly for those who are working with “variables” or “what ifs” (or if they’re just prone to worry). Perhaps you were invited to an outdoor wedding that was abruptly cancelled due to inclement weather, which prevented a majority of guests from attending. If your friend had wedding insurance, he or she most likely had coverage for the unexpected weather. Before you commit to insurance, here are some things that wedding insurance typically covers, but you’ll want to get all the details from the insurance provider of your choosing:
- Wedding Site: Depending on where you’re having the wedding and/or reception, your special day may already be insured. If not, wedding insurance often covers the cost of an unavoidable cancellation due to the location. For example, if the reception hall closes down or there is damage that makes it inaccessible, it won’t be a total loss for you.
- Inclement Weather: If an unexpected ice storm puts your wedding on hold, insurance may cover rescheduling the wedding, ceremony flowers, rentals, and reception costs (such as food).
- Sickness, Injury, or Military: If the bride or groom becomes ill, injured, or suddenly deployed for military duty, insurance can cover postponement.
- Other Coverages: What happens if your caterer flakes out or your wedding officiant is a no-show? Your insurance will most likely cover if you need to reschedule or cancel.
Like most insurances, the costs can vary based on location, details, and the desire of coverage. For example, from a quote from WedSafe, a wedding insurance provider, a wedding on Valentine’s Day in Florida with 250 guests, a reception that serves alcohol at no cost to guests, $500,000 liability insurance, and a wedding budget of around $25,000, will equal a premium of around $330.
Depending on your budget, it may seem like a little or a lot, but it may be inexpensive security when you’ve already investing a large amount of money.
What Wedding Insurance Doesn’t Cover
Although wedding insurance does cover some of the major investments, it will not cover if the bride or groom gets “cold feet”. If you’re left at the alter, your insurance won’t cover the costs of the wedding, but they may cover the emotional counseling you may require. Some other items that may not be covered include jewelry that is lost or stolen, including the engagement ring or any pearls or semi-precious stones attached to the wedding clothing.
While your wedding day can be special, with or without insurance, you may feel a little more relaxed knowing your wedding day is covered.