Is Wedding Insurance Worth Buying?

December 9, 2014 No Comments »
Is Wedding Insurance Worth Buying?

If you’re in the process of getting married, I feel for you. It’s a long, arduous process filled with highs and lows. It’s also really expensive.

The good news is you’ll have a nice party at the end of it, but until then, it’s work, work, and more work.

One thing you’ll likely come across on your fun-filled journey is “wedding insurance.” And you might be wondering if it’s worth paying for.

Well, first off, many venues will require you to pay for wedding insurance out of your own pocket. So it’s not necessarily an option for everyone, but a requirement.

In fact, there will probably be something in the contract from the venue provider regarding liability insurance, and there’s a good chance they’ll have a preferred provider that you must use to obtain it.

Additionally, they’ll likely direct you to buy a certain type of policy for your wedding with certain limits and coverages, along with additional insureds to add to the policy.

This pretty much makes the process a lot more streamlined. Since you can’t shop around or pick your policy, you’ll save some time.

The wedding insurance they require will likely cover personal liability, host liquor, medical payments to others, and so on. It will also come with a deductible in the event of a claim (this too will probably have a required low dollar amount from the venue).

And while it’s great to have this coverage, it does nothing for you in the event that your wedding is cancelled.

Wedding Cancellation/Postponement Insurance Is Optional

You’ll probably be told that on top of the insurance you already have to buy, wedding cancellation/postponement insurance is also highly recommended.

What it does is pay for non-refundable expenses tied to your wedding if it must be cancelled or postponed for various reasons.

It covers things like venue costs, catering costs, transportation, hotel accommodations, photographer and florist fees, and so on.

Assuming your wedding cancellation is covered, some insurance providers will also cover your honeymoon expenses too.

However, it’s important to note that wedding cancellation insurance contains many exclusions.

In other words, if you can’t make your wedding for faults of your own, such as taking part in “hazardous sports” like skiing or skydiving, you may not receive any compensation.

Same goes for bad weather. The show must go on unless it really cannot. Extreme weather may qualify for a claim, but rain won’t. Other standard exclusions like nuclear action, war, and riots are also included in most policies.

Also watch out for exclusions related to pregnancy, criminal conduct, or a simple change of heart. The takeaway here is to read the policy and understand what type of coverage you’re actually getting before you pay for it.

Don’t just assume you’re covered in any situation.

Cost of Wedding Insurance

For the liability portion of wedding insurance, you might be looking at anywhere from $100 to $300, depending upon what coverage you select.

If you choose a policy with the lowest liability limits, a high deductible, and no med pay coverage, your policy might be closer to $100.

Conversely, if you choose the highest liability limits offered, the lowest deductible available, and med pay, the policy might be closer to $300.  And there’s a good chance the venue will want you to buy the latter policy.

As for the cancellation/postponement coverage, you might be looking at another $200 or so for $20,000 in coverage.

Some providers will also give you additional expense coverage (25% of the main limit) to pay for back-up services to avoid a postponement.

There are also additional coverage options under cancellation/postponement including things like:

– Change of heart (if the wedding is cancelled more than a year before the event)
– Gift coverage
– Jewelry coverage
– Photographer coverage
– Attire coverage
– Rental coverage
– Loss of deposits

Some companies will let you purchase coverage à la carte to cover certain items that might not be included in cancellation/postponement, or simply to allow you to fine-tune what you actually want covered.

Just be careful not to get too carried away. Insurance is great to have in place, especially for an important day, but it can get to a point where you might be spending too much on it.

To sum it up, wedding insurance is often a necessity, not an option. As far as the cancellation portion goes, a couple hundred bucks could be worth the peace of mind.

But take the time to shop around and tinker around with available options to ensure you get what you want/need. And be sure you understand what is and is not covered before you proceed!

Tip: The vendors you work with might already provide some protection should things go awry. If you’re already covered, buying additional insurance may not be necessary.

(photo: Kim Marius Flakstad)

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