When planning your big day, the last thing you want to think about is a nightmare scenario. Extreme weather may mean your guests can’t get to the wedding location. One of your key vendors may not show up as planned and you may need to pay an exorbitant amount of money on the morning of to acquire a replacement. These things do happen! Keeping these possibilities in mind, it may be tempting to look into getting wedding insurance coverage for your celebration. But is it really worth it? Here are some things to know as you decide what’s best for you and your big day.
There Are Two Types of Coverage
When people talk about “wedding insurance” they really mean two types of potential coverage: cancellation/postponement coverage and liability coverage. Cancellation coverage is meant to cover postponement of your wedding due to events beyond your control such as extreme weather conditions, additional costs incurred due to vendor no-shows, and even sometimes postponement due to sickness or injury to the couple. Liability coverage is provided in case someone is injured during the wedding or if there ends up being unexpected property damage. It’s important to know that both of these parts are options for wedding insurance—also known as special event insurance—because there are different reasons why you may want to consider each type. Most wedding insurance also offers a variety of additional policies that can be taken out for more specific concerns, such as for attire (hello, wedding gown!), photography, or other specific issues.
Are You In a Weather Danger Zone?
Are you holding your wedding in a region that has a history of extreme weather or storms? In that case, cancellation insurance may be useful here. If you know it’s a potentially hurricane-heavy year for your state, it might give you peace of mind to have some insurance in place. Keep in mind, however, that bad weather alone (such as a rainy wedding day) would not be considered a valid reason to make an insurance claim—it would need to be enough that either a state of emergency was called, which we will discuss later, or that important members of your party or over half of your guests were unable to reach the event.
Consider Liability Insurance for Home Weddings
If you’re hosting the wedding at your own home, that might be a reason to consider wedding coverage for the purposes of obtaining liability coverage for your location. Another option if you’re hosting a home wedding would be to get umbrella coverage on your homeowners or renters insurance, which would increase your liability coverage in a similar way. It’s a good idea to call your insurance carrier and find out exactly what is already covered on your current policy to see if getting additional coverage would truly be necessary or worth it for your event.
Coverage May Only Be Honored at Certain Times
One of the trickier aspects of wedding insurance is knowing that, even if you purchase coverage, there may be very specific times it will be honored. This is most noticeable in cases of extreme weather, as a localized storm may not be considered applicable to the coverage unless a state of emergency has been called. But truly, every circumstance is different and therefore it can be tricky to know what exactly would be covered for your exact policy. As you’re calling companies to get more information, really make sure you go over the nitty gritty details of the policies you’re looking at so you know what you’re truly getting if you do choose to purchase additional coverage. The last thing you want is to purchase insurance, have an issue arise that you thought would be covered, and have that coverage not honored because you misunderstood the parameters of your policy.
Know What You Already Have Under Current Policies
With homeowners or renters insurance you are likely already covered for events like theft of wedding-related items, such as gifts, from your vehicle or home, so consider what your concerns are when you begin to look through insurance. If theft of items is high on your list, check out your current coverage and confirm that you aren’t already covered before you purchase any additional insurance. Also, it’s a good idea to check with your venue locations and vendors to see what kind of coverage they may already provide. Your venue location as well as many vendors like caterers and photographers will likely have their own policies and there’s no need to double-up on that coverage, so ask them for that information ahead of time to avoid paying for unneeded insurance.
Consider the Cost Into Your Wedding Budget
Ultimately, wedding insurance tends to cost between $150-$500+ dollars, depending on the nuts and bolts of the coverage provided, so it’s an important factor to consider as you think about whether wedding insurance is worth it for you and your partner. Another important part of this equation is how much you would realistically be able to cover, out of pocket, if there was an issue like the ones honored by special event insurance. Your ability to handle the cost of issues that could possibly arise will greatly impact your need or desire for wedding insurance.
It May Be Worth it for Peace of Mind
For some couples, whether or not wedding insurance is worth it has less to do with the actual details around their circumstances and more to do with the peace of mind it will help them feel as they move forward with planning their big day. If the cost of insurance isn’t prohibitive for you and it will help you feel less anxiety around the potential for unforeseen circumstances, it may be worth it for you to purchase even a relatively small policy to calm your nerves and help you feel more secure and confident in your wedding day plans.